Question
Mr. and Mrs. Weiss had the following income items: Mr. Weisss salary $ 105,000 Mrs. Weisss earnings from self-employment 50,000 The income tax deduction for
Mr. and Mrs. Weiss had the following income items:
| Mr. Weisss salary | $ | 105,000 | |
| Mrs. Weisss earnings from self-employment | 50,000 | ||
The income tax deduction for Mrs. Weisss SE tax was $3,532. Mr. Weiss contributed the maximum to his Section 401(k) plan, and Mrs. Weiss contributed the maximum to her Keogh profit-sharing plan. Both spouses contributed $2,750 to their IRAs. Compute their AGI. (Round your intermediate calculations to the nearest whole dollar amount.)
THE AGI IS NOT 124,174 or 125,174
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Frank Woods Business Accounting Volume 1
Authors: Alan Sangster Lewis Gordon Frank Wood
14th Edition
1292208627, 9781292208626
