Elton Weiss and Reyna H
Chapter12: Alternative Minimum Tax
Section: Chapter Questions
Problem 24CE
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Question
am.101.
![Elton Weiss and Reyna Herrera-Weiss are married and report the following income items:
Elton's salary
$ 254,000
Reyna's Schedule C net profit 50,000
The income tax deduction for Reyna's SE tax was $3,532. Elton contributed the maximum to a Section 401(k) plan, and Reyna contributed the maximum to a SEP plan. Both
spouses contributed $2,750 to their IRAS.
Required:
Compute their AGI.
Note: Round your intermediate calculations to the nearest whole dollar amount.
The answer is not: $300,468](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5530702d-6790-4cdb-9381-0e4cc4cd389e%2Ffb489b67-5f95-453d-8ee9-7866673d13ab%2Fdpvx7n_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Elton Weiss and Reyna Herrera-Weiss are married and report the following income items:
Elton's salary
$ 254,000
Reyna's Schedule C net profit 50,000
The income tax deduction for Reyna's SE tax was $3,532. Elton contributed the maximum to a Section 401(k) plan, and Reyna contributed the maximum to a SEP plan. Both
spouses contributed $2,750 to their IRAS.
Required:
Compute their AGI.
Note: Round your intermediate calculations to the nearest whole dollar amount.
The answer is not: $300,468
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