Elton Weiss and Reyna Herrera-Weiss are married and report the following income items: Elton's salary Reyna's...

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Elton Weiss and Reyna Herrera-Weiss are married and report the following income items: Elton's salary Reyna's Schedule C net profit $ 254,000 50,000 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. Required: Compute their AGI. Note: Round your intermediate calculations to the nearest whole dollar amount. AGI Answer is complete but not entirely correct. $ 206,468 Elton Weiss and Reyna Herrera-Weiss are married and report the following income items: Elton's salary Reyna's Schedule C net profit $ 254,000 50,000 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. Required: Compute their AGI. Note: Round your intermediate calculations to the nearest whole dollar amount. AGI Answer is complete but not entirely correct. $ 206,468

Answer rating: 100% (QA)

To compute their adjusted gross income AGI we need to calculate the following 1 Eltons salary 25400... View the full answer