Question
Elton Weiss and Reyna Herrera-Weiss are married and report the following income items: Eltons salary is $ 254,000 Reynas Schedule C net profit 50,000 The
Elton Weiss and Reyna Herrera-Weiss are married and report the following income items:
Eltons salary is $ 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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Financial Accounting Reporting Analysis And Decision Making
Authors: Shirley Carlon, Rosina Mcalpine, Chrisann Lee, Lorena Mitrione, Ngaire Kirk, Lily Wong
7th Edition
0730395294, 978-0730395294
