Ekiya, who is single, has been offered a position as a city landscape consultant. The position pays $133,400 in wages. Assume Ekiya has no dependents. Ekiya deducts the standard deduction instead ofitemized deduction a. What is the amount of Ekiya's after-tax compensation (ignore payroll taxes)?Description Amount (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standarddeduction (5) Taxable income (6) Income tax liability After-tax compensation

Gross income = $133,400 2. For AGI deduction = $0 3. Adjusted Gross income = Gross income…

Answered: Ekiya, who is single, has been offered…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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- Required information [The following information applies to the questions displayed below.] Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt works as a history professor at a local university and earns a salary of $69,100. Meg works part time at the same university. She earns $43,900 a year. The couple does not itemize deductions. Other than salary, the Comers' only other source of income is from the disposition of various capital assets (mostly stocks). (Use the tax rate schedules, Dividends and Capital Gains Tax Rates.) Note: Round your final answers to the nearest whole dollar amount. a. What is the Comers' tax liability for 2023 if they report the following capital gains and losses for the year? Short-term capital gains Short-term capital losses Long-term capital gains Long-term capital losses Total tax liability $ 9,450 (2,450) 15,200 (6,900)
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Ekiya, who is single, has been offered a position as a city landscape consultant. The position pays $150,200 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. What is the amount of Ekiya's after-tax compensation (ignore payroll taxes)? Solve for sub-questions 2, 4, and 6.

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