Question
Rick, who is single, has been offered a position as a city landscape consultant. The position pays $110,000 in cash wages. Assume Rick files single
Rick, who is single, has been offered a position as a city landscape consultant. The position pays $110,000 in cash wages. Assume Rick files single and is entitled to one personal exemption. Rick deducts the standard deduction instead of itemized deductions. (use the tax rate schedules.) (Do not round intermediate calculations. Round "Income tax liability" and "After-tax compensation" to 2 decimal places. Enter deductions as negative amounts)
MUST USE 2015 TAX RATE !!!!!!!!!!!!!!!!!!!!!!!!!!!
1) What is the income tax liability and after tax compensation?
1) | Gross income | $110,000 | ||
(2) | For AGI deductions | 0 | ||
(3) | Adjusted gross income | $110,000 | ||
(4) | Standard deduction | (6,300) | ||
(5) | Personal and dependency exemptions | (4,000) | ||
(6) | Taxable income | $99,700 | ||
(7) | Income tax liability | |||
After-tax compensation |
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