### Problem 4-31 (LO 4-1) (Algo)**[The following information applies to the questions displayed below.]**Emily, who is single, has been offered a position as a city landscape consultant. The position pays $145,400 in cash wages. Assume Emily has no dependents. Emily deducts the standard deduction instead of itemized deductions, she is not eligible for the qualified business income deduction, and she did not make any charitable donations. (Use the tax rate schedules.)---### Problem 4-31 Parts b-1 to b-2 (Algo)#### b-1. Suppose Emily receives a competing job offer of $137,000 in cash compensation and nontaxable (excluded) benefits worth $8,400. What is the amount of Emily’s after-tax compensation for the competing offer? *(Round your intermediate calculations and final answers to the nearest whole dollar amount.)*#### Answer is complete but not entirely correct:**Description | Amount**--- | ---(1) Gross income | $145,400 ❌(2) For AGI deductions | $0 ✔️(3) Adjusted gross income | $145,400 ❌(4) Standard deduction | $12,400 ❌(5) Taxable income | $133,000 ❌(6) Income tax liability | $26,000 ❌**After-tax compensation** | $119,400 ❌---#### b-2. Which job should she take if taxes are the only concern?- Competing job- Landscape consultant---### Explanation of Graphs or Diagrams:In this problem, there is a table that shows the step-by-step calculation of Emily's taxable income, income tax liability, and after-tax compensation for the city landscape consultant job. The table includes the following:1. **Gross income:** The total amount of money earned before any deductions or taxes.2. **For AGI deductions:** Deductions applied before calculating the adjusted gross income.3. **Adjusted gross income:** Gross income minus For AGI deductions.4. **Standard deduction:** A specific amount deducted from gross income for tax purposes.5. **Taxable income:** The amount of income subject to taxes.6. **Income tax liability:** The amount of taxes owed based on taxable income.7. **After-tax compensation:** The final amount of money Emily will take home after all taxes are

Particular Amount Gross income $137,000 For AGI DEDUCTION - Adjusted gross income $137,000…

b-1. Suppose Emily receives a competing job offer of $137,000 in cash compensation and nontaxable (excluded) benefits worth $8,400. What is the amount of Emily's after-tax compensation for the competing offer? (Round your intermediate calculations and final answers to the nearest whole dollar amount.)

b-1. Suppose Emily receives a competing job offer of $137,000 in cash compensation and nontaxable (excluded) benefits worth $8,400. What is the amount of Emily's after-tax compensation for the competing offer? (Round your intermediate calculations and final answers to the nearest whole dollar amount.)

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter13: Tax Credits And Payment Procedures

Section: Chapter Questions

Problem 30P

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Ekiya, who is single, has been offered a position as a city landscape consultant, the position pays $127,400 in wages. Assume Ekiya has no dependents. Ekiya deducts the standard deduction instead of itemized deductions, she is not eligible for the quailed business income deduction, and she did not make any charitable donations.
Required information [The following information applies to the questions displayed below.] Ekiya, who is single, has been offered a position as a city landscape consultant. The position pays $151,400 in wages. Assume Ekiya has no dependents. Ekiya deducts the standard deduction instead of itemized deductions, and she is not eligible for the qualified business income deduction. (Use the tax rate schedules.) a. What is the amount of Ekiya's after-tax compensation (ignore payroll taxes)? Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. X Answer is not complete. Description (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Taxable income (6) Income tax liability After-tax compensation Amount $ 151,400✔ $ 151,400 (20,800) X $ 130,600
Required information [The following information applies to the questions displayed below.] Emily, who is single, has been offered a position as a city landscape consultant. The position pays $137,000 in cash wages. Assume Emily has no dependents. Emily deducts the standard deduction instead of itemized deductions, and she is not eligible for the qualified business income deduction. (Use the tax rate schedules.) (Round your intermediate calculations and final answer to the nearest whole dollar amount.) a. What is the amount of Emily's after-tax compensation (ignore payroll taxes)? (5) (6) (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction Taxable income Income tax liability After-tax compensation Description Amount $ $ 0 0
Ekiya, who is single, has been offered a position as a city landscape consultant, the position pays $127,400 in wages. Assume Ekiya has no dependents. Ekiya deducts the standard deduction instead of itemized deductions, she is not eligible for the quailed business income deduction, and she did not make any charitable donations.
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Required information Skip to question [The following information applies to the questions displayed below.] Emily, who is single, has been offered a position as a city landscape consultant. The position pays $143,000 in cash wages. Assume Emily has no dependents. Emily deducts the standard deduction instead of itemized deductions, she is not eligible for the qualified business income deduction, and she did not make any charitable donations. (Use the tax rate schedules.) a. What is the amount of Emily’s after-tax compensation (ignore payroll taxes)? (Round your intermediate calculations and final answers to the nearest whole dollar amount.) 2021 Tax Rate Schedules IndividualsSchedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,950 10% of taxable income $ 9,950 $ 40,525 $995 plus 12% of the excess over $9,950 $ 40,525 $ 86,375 $4,664 plus 22% of the excess over $40,525 $ 86,375 $ 164,925 $14,751 plus 24% of the excess…
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Ekiya, who is single, has been offered a position as a city landscape consultant. The position pays $125,000 in wages. Assume Ekiya has no dependents. Ekiya deducts the standard deduction instead of itemized deductions, and she is not eligible for the qualified business income deduction. (Use the tax rate schedules.) a. What is the amount of Ekiya's after-tax compensation (ignore payroll taxes)? Description (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Taxable income (6) Income tax liability After-tax compensation Amount $ 125,000 $ 125,000 $ 125,000