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
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
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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A18.
Transcribed Image Text: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
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