Elton Weiss and Reyna Herrera-Weiss are married and report the following income items: Elton's salary Reyna's Schedule C net profit 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. $ 254,000 50,000 Required: Compute their AGI. Note: Round your intermediate calculations to the nearest whole dollar amount. AGI Answer is complete but not entirely correct. $ 304,000
Elton Weiss and Reyna Herrera-Weiss are married and report the following income items: Elton's salary Reyna's Schedule C net profit 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. $ 254,000 50,000 Required: Compute their AGI. Note: Round your intermediate calculations to the nearest whole dollar amount. AGI Answer is complete but not entirely correct. $ 304,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Elton Weiss and Reyna Herrera-Weiss are married and report the following income items:
Elton's salary
Reyna's Schedule C net profit
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.
$ 254,000
50,000
Required:
Compute their AGI.
Note: Round your intermediate calculations to the nearest whole dollar amount.
AGI
Answer is complete but not entirely correct.
$ 304,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8f6b9bf3-9222-4e20-9362-1764c39421ae%2Ff47e1b96-9ccc-4311-96f8-8e614cfb7a84%2Fe6acj2dj_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
Reyna's Schedule C net profit
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.
$ 254,000
50,000
Required:
Compute their AGI.
Note: Round your intermediate calculations to the nearest whole dollar amount.
AGI
Answer is complete but not entirely correct.
$ 304,000
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