Barney is a salaried employee making $85,200 annually. He gets 2 weeks of paid vacation each year,
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Barney is a salaried employee making $85,200 annually. He gets 2 weeks of paid vacation each year, and he gets paid twice a month (on the 1st and the 15th). He contributes 10% of his gross income to his 401(k). He owns a home, so he paid $11,000 in mortgage interest last year, $4,600 in property taxes, and $400 in DMV fees. He will file his taxes as a single.
a) What is Barney’s gross income for the year?
b) After his 401(k) contributions, what is Barney’s AGI (adjusted gross income)?
c) After deductions, what is Barney’s taxable income?
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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