Problem 15-30 (Static) [LO 15-6, 15-7] 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. $ 309,500X

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Problem 15-30 (Static) [LO 15-6, 15-7]
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.
$
309,500 >
Transcribed Image Text:Problem 15-30 (Static) [LO 15-6, 15-7] 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. $ 309,500 >
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