Mr. and Mrs. Weiss had the following income items. Mr. Weiss's salary ................................................................. $105,000 Mrs. Weiss's earnings

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Mr. and Mrs. Weiss had the following income items.

Mr. Weiss's salary ................................................................. $105,000
Mrs. Weiss's earnings from self-employment ..................     50,000

The income tax deduction for Mrs. Weiss's SE tax was $3,532. Mr. Weiss contributed the maximum to his Section 401(k) plan, and Mrs. Weiss contributed the maximum to her Keogh profit-sharing plan. Both spouses contributed $2,750 to their IRAs. Compute their AGI.

Assume the taxable year is 2018.

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Principles Of Taxation For Business And Investment Planning 2019 Edition

ISBN: 9781260161472

22nd Edition

Authors: Sally Jones, Shelley C. Rhoades Catanach, Sandra R Callaghan

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