Elton Weiss and Reyna H
Chapter1: Federal Income Taxation—an Overview
Section: Chapter Questions
Problem 64P: Leroy and Amanda are married and have three dependent children. During the current year, they have...
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am.101.
Transcribed Image Text:Elton Weiss and Reyna Herrera-Weiss are married and report the following income items:
Elton's salary
$ 254,000
Reyna's Schedule C net profit 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.
The answer is not: $300,468
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