Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ekiya, who is single, has been offered a position as a city landscape consultant. The position pays $ 1 2 5 , 0 0 0

Ekiya, who is single, has been offered a position as a city landscape consultant. The position pays $125,000 in wages.
Assume Ekiya has no dependents. Ekiya deducts the standard deduction instead of itemized deductions, and she is
not eligible for the qualified business income
deduction. (Use the tax rate schedules.)
Required:
b-1. Suppose Ekiya receives a competing job offer of $120,000 in wages and nontaxable (excluded) benefits worth $5,000. What is the
amount of Ekiya's after-tax compensation for the competing offer?
b-2. Which job should she take if taxes are the only concern?
Complete this question by entering your answers in the tabs below.
Suppose Ekiya receives a competing job offer of $120,000 in wages and nontaxable (excluded) benefits worth $5,000. What
is the amount of Ekiya's after-tax compensation for the competing offer?
Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. 2023 Tax Rate Schedules
Individuals
Schedule X-Single
If taxable income is over: But not over: The tax is:
$ 0 $ 11,00010% of taxable income
$ 11,000 $ 44,725 $1,100 plus 12% of the excess over $11,000
$ 44,725 $ 95,375 $5,147 plus 22% of the excess over $44,725
$ 95,375 $ 182,100 $16,290 plus 24% of the excess over $95,375
$ 182,100 $ 231,250 $37,104 plus 32% of the excess over $182,100
$ 231,250 $ 578,125 $52,832 plus 35% of the excess over $231,250
$ 578,125 $174,238.25 plus 37% of the excess over $578,125
Schedule Y-1-Married Filing Jointly or Qualifying surviving spouse
If taxable income is over: But not over: The tax is:
$ 0 $ 22,00010% of taxable income
$ 22,000 $ 89,450 $2,200 plus 12% of the excess over $22,000
$ 89,450 $ 190,750 $10,294 plus 22% of the excess over $89,450
$ 190,750 $ 364,200 $32,580 plus 24% of the excess over $190,750
$ 364,200 $ 462,500 $74,208 plus 32% of the excess over $364,200
$ 462,500 $ 693,750 $105,664 plus 35% of the excess over $462,500
$ 693,750 $186,601.5 plus 37% of the excess over $693,750
Schedule Z-Head of Household
If taxable income is over: But not over: The tax is:
$ 0 $ 15,70010% of taxable income
$ 15,700 $ 59,850 $1,570 plus 12% of the excess over $15,700
$ 59,850 $ 95,350 $6,868 plus 22% of the excess over $59,850
$ 95,350 $ 182,100 $14,678 plus 24% of the excess over $95,350
$ 182,100 $ 231,250 $35,498 plus 32% of the excess over $182,100
$ 231,250 $ 578,100 $51,226 plus 35% of the excess over $231,250
$ 578,100 $172,623.5 plus 37% of the excess over $578,100
Schedule Y-2-Married Filing Separately
If taxable income is over: But not over: The tax is:
$ 0 $ 11,00010% of taxable income
$ 11,000 $ 44,725 $1,100 plus 12% of the excess over $11,000
$ 44,725 $ 95,375 $5,147 plus 22% of the excess over $44,725
$ 95,375 $ 182,100 $16,290 plus 24% of the excess over $95,375
$ 182,100 $ 231,250 $37,104 plus 32% of the excess over $182,100
$ 231,250 $ 346,875 $52,832 plus 35% of the excess over $231,250
$ 346,875 $93,300.75 plus 37% of the excess over $346,875
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management Control Systems Performance Measurement Evaluation And Incentives

Authors: Kenneth Merchant, Wim Van Der Stede

4th Edition

1292110554, 978-1292110554

More Books

Students also viewed these Accounting questions

Question

Define self-esteem and discuss its impact on your life.

Answered: 1 week ago

Question

Discuss how selfesteem is developed.

Answered: 1 week ago