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Im not sure if my calculations are correct? Required information [The following information applies to the questions displayed below.) Rick, who is single, has been
Im not sure if my calculations are correct?
Required information [The following information applies to the questions displayed below.) Rick, who is single, has been offered a position as a city landscape consultant. The position pays $125,000 in cash wages. Assume Rick has no dependents. Rick deducts the standard deduction instead of itemized deductions and he is not eligible for the qualified business income deduction. (Use the tax rate schedules a. What is the amount of Rick's after-tax compensation (ignore payroll taxes)? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) Description $ Amount 125,000 0 $ (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Taxable income (6) Income tax liability 125,000 12,000 $ 113,000 $ 21,410 After-tax compensation $ 103,590 Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,700 10% of taxable income $ 9,700 $ 39,475 $970 plus 12% of the excess over $9,700 $ 39,475 $ 84,200 $4,543 plus 22% of the excess over $39,475 $ 84,200 $160,725 $14,382.50 plus 24% of the excess over $84,200 $160,725 $204,100 $32,748.50 plus 32% of the excess over $160,725 $204,100 $510,300 $46,628.50 plus 35% of the excess over $204,100 $510,300 $153,798.50 plus 37% of the excess over $510,300Step by Step Solution
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