Question
Elton Weiss and Reyna Herrera-Weiss are married and report the following income items: Eltons salary $ 254,000 Reynas Schedule C net profit 50,000 The income
Elton Weiss and Reyna Herrera-Weiss are married and report the following income items:
Eltons salary $ 254,000
Reynas Schedule C net profit 50,000
The income tax deduction for Reyna's SE tax was $3,532.
Elton contributed the maximum to a Section 401(k) plan, and Reyna contributed the maximum to a SEP plan. Both spouses contributed $2,750 to their IRAs. Required: Compute their AGI?
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Frank Woods Business Accounting An Introduction To Financial Accounting
Authors: Alan Sangster, Lewis Gordon, Frank Wood
15th Edition
1292365439, 9781292365435
