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Mr. and Mrs. Weiss had the following income items: Mr. Weiss's salary: 105,000 Mrs. Weiss earnings from self-employment: 50,000 The income tax deduction for Mrs.
Mr. and Mrs. Weiss had the following income items:
Mr. Weiss's salary: 105,000
Mrs. Weiss earnings from self-employment: 50,000
The income tax deduction for Mrs. Weiss's SE tax was $3,532. Mr. Weiss contributed to the maximum to his Section 401(K) plan, and Mrs. Weiss contributed to the maximum Keogh profit-sharing plan. Both spouses contributed $2,750 to their IRAs. Compute their AGI.
*Please note, the new tax bill applies to this AGI I believe.
I thought the AGI was: 155,000 - [18,500 + 3,532 + 11,000 + 2,750 + 2,750] = $116,468
Thank you!
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