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.

Answer rating: 100% (QA)

Solution Particulars Amount Mrs Weiss earnings from selfemployment 5... View the full answer