Required information [The following information applies to the questions displayed below.] Emily, who is single, has been offered a position as a city landscape consultant. The position pays $125,000 in cash wages. Assume Emily has no dependents. Emily deducts the standard deduction instead of itemized deductions, she is not eligible for the qualified business income deduction, and she did not make any charitable donations. (Use the tax rate schedules.) b-1. Suppose Emily receives a competing job offer of $120,000 in cash compensation and nontaxable (excluded) benefits worth $5,000. What is the amount of Emily's after-tax compensation for the competing offer? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) Description Amount (1) Gross income (2) For AGI deductions (3) Adjusted gross income 2$ (4) Standard deduction (5) Taxable income 2$ (6) Income tax liability After-tax compensation
Required information [The following information applies to the questions displayed below.] Emily, who is single, has been offered a position as a city landscape consultant. The position pays $125,000 in cash wages. Assume Emily has no dependents. Emily deducts the standard deduction instead of itemized deductions, she is not eligible for the qualified business income deduction, and she did not make any charitable donations. (Use the tax rate schedules.) b-1. Suppose Emily receives a competing job offer of $120,000 in cash compensation and nontaxable (excluded) benefits worth $5,000. What is the amount of Emily's after-tax compensation for the competing offer? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) Description Amount (1) Gross income (2) For AGI deductions (3) Adjusted gross income 2$ (4) Standard deduction (5) Taxable income 2$ (6) Income tax liability After-tax compensation
Chapter1: Federal Income Taxation—an Overview
Section: Chapter Questions
Problem 41P
Related questions
Question
![!
Required information
[The following information applies to the questions displayed below.]
Emily, who is single, has been offered a position as a city landscape consultant. The position pays $125,000 in cash
wages. Assume Emily has no dependents. Emily deducts the standard deduction instead of itemized deductions, she is
not eligible for the qualified business income deduction, and she did not make any charitable donations. (Use the
tax rate schedules.)
b-1. Suppose Emily receives a competing job offer of $120,000 in cash compensatic
$5,000. What is the amount of Emily's after-tax compensation for the competing offer? (Round your intermediate calculations and
final answer to the nearest whole dollar amount.)
and nontaxable
ded) benefits worth
Description
Amount
(1) Gross income
(2) For AGI deductions
(3) Adjusted gross income
2$
(4) Standard deduction
(5) Taxable income
2$
(6) Income tax liability
After-tax compensation](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F87f377c8-556b-40c3-ad73-583aac17d9d0%2Fdd74d3ca-2e91-47db-995d-04b54e4d46e7%2Fhkkgzvj_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
Emily, who is single, has been offered a position as a city landscape consultant. The position pays $125,000 in cash
wages. Assume Emily has no dependents. Emily deducts the standard deduction instead of itemized deductions, she is
not eligible for the qualified business income deduction, and she did not make any charitable donations. (Use the
tax rate schedules.)
b-1. Suppose Emily receives a competing job offer of $120,000 in cash compensatic
$5,000. What is the amount of Emily's after-tax compensation for the competing offer? (Round your intermediate calculations and
final answer to the nearest whole dollar amount.)
and nontaxable
ded) benefits worth
Description
Amount
(1) Gross income
(2) For AGI deductions
(3) Adjusted gross income
2$
(4) Standard deduction
(5) Taxable income
2$
(6) Income tax liability
After-tax compensation
Transcribed Image Text:Individuals
Schedule X-Single
If taxable income is over:But not over:
The tax is:
$
2$
9,950
10% of taxable income
$ 9,950
$ 40,525
$ 86,375
$ 164,925
$ 209,425
$ 523,600
$ 40,525
$995 plus 12% of the excess over $9,950
$4,664 plus 22% of the excess over $40,525
$14,751 plus 24% of the excess over $86,375
$33,603 plus 32% of the excess over $164,925
$47,843 plus 35% of the excess over $209,425
$157,804.25 plus 37% of the excess over $523,600
86,375
$ 164,925
$ 209,425
$ 523,600
Schedule Y-1-Married Filing Jointly or Qualifying Widow(er)
If taxable income is over:But not over:
The tax is:
$ 19,900
$ 81,050
$ 172,750
$ 329,850
$ 418,850
$ 628,300
$
10% of taxable income
$ 19,900
$ 81,050
$ 172,750
$ 329,850
$ 418,850
$ 628,300
$1,990 plus 12% of the excess over $19,900
$9,328 plus 22% of the excess over $81,050
$29,502 plus 24% of the excess over $172,750
$67,206 plus 32% of the excess over $329,850
$95,686 plus 35% of the excess over $418,850
$168,993.50 plus 37% of the excess over $628,300
Schedule Z-Head of Household
If taxable income is over:But not over:
The tax is:
$ 14,200
$ 54,200
$ 86,350
$ 164,900
$ 209,400
$ 523,600
10% of taxable income
$1,420 plus 12% of the excess over $14,200
$6,220 plus 22% of the excess over $54,200
$
$ 14,200
$ 54,200
$ 86,350
$ 164,900
$ 209,400
$ 523,600
$13,293 plus 24% of the excess over $86,350
$32,145 plus 32% of the excess over $164,900
$46,385 plus 35% of the excess over $209,400
$156,355 plus 37% of the excess over $523,600
Expert Solution
Income Tax liability:
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Recommended textbooks for you
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT