Mr. and Mrs. WD had the following income items: Mr. WDs salary $105,000 Mrs. WDs earnings from
Question:
Mr. WD’s salary ………………………………………$105,000
Mrs. WD’s earnings from self-employment …………. 50,000
The income tax deduction for Mrs. WD’s SE tax was $3,532. Mr. WD contributed the maximum to his Section 401(k) plan, and Mrs. WD contributed the maximum to her Keogh profit-sharing plan. Both spouses contributed $2,750 to their IRAs. Compute their AGI.
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Mr and Mrs WDs total income 155000 Mr WDs Section 401k contribution 18000 Deduction for SE tax 3...View the full answer
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Related Book For
Principles Of Taxation For Business And Investment Planning 2016 Edition
ISBN: 9781259549250
19th Edition
Authors: Sally Jones, Shelley Rhoades Catanach
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