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 qualified business income deduction, and she did not make any charitable donations. -what is the amount of Ekiya’s after-tax compensation (ignore payroll taxes)?
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 qualified business income deduction, and she did not make any charitable donations. -what is the amount of Ekiya’s after-tax compensation (ignore payroll taxes)?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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 qualified business income deduction, and she did not make any charitable donations.
-what is the amount of Ekiya’s after-tax compensation (ignore payroll taxes)?
-suppose Ekiya receives a competing job offer of $122,000 in wages and non taxable (excluded) benefits worth $5,400. What is the amount of Ekiyas after tax compensation for the competing offer?
Transcribed Image Text:2022 Tax Rate Schedules
Individuals
Schedule X-Single
If taxable income is over: But not over:
$
0
$ 10,275
$ 41,775
$ 89,075
$ 170,050
$ 215,950
$ 539,900
$ 10,275
$ 41,775
$ 89,075
$ 170,050
$215,950
$ 539,900
$ 20,550
S 83,550
$ 178,150.
S 340,100
The tax is:
Schedule Y-1-Married Filing Jointly or Qualifying Widow(er)
If taxable income is over: But not over:
$
0
$ 20,550
$ 83.550
$ 178,150
$ 340,100
$ 431,900
$ 647.850
S 431,900
S 647,850
10% of taxable income
$1,027.50 plus 12% of the excess over $10,275
$4,807.50 plus 22% of the excess over $41,775
$15,213.50 plus 24% of the excess over $89,075
$34,647.50 plus 32% of the excess over $170,050
$49,335.50 plus 35% of the excess over $215,950
$162,718 plus 37% of the excess over $539,900
The tax is:
10% of taxable income
$2,055 plus 12% of the excess over $20,550
$9,615 plus 22% of the excess over $83,550
$30,427 plus 24% of the excess over $178,150
S69,295 plus 32%
S98,671 plus 35%
of the excess over $340,100
of the excess over $431,900
$174.253.50 plus 37% of the excess over $647,850
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