80.2K

Verified Solution

Link Copied!

pls help me with after-tax compensation with detail explanation

Required information Problem 4-31 (LO 4-1) (Algo) (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 $128,600 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.) Problem 4-31 Parts b-1 to b-2 (Algo) b-1. Suppose Emily receives a competing job offer of $123,000 in cash compensation and nontaxable (excluded) benefits worth $5,600. What is the amount of Emily's after-tax compensation for the competing offer? (Round your intermediate calculations and final answers to the nearest whole dollar amount.) Amount $ 123,000 Description (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction 0 $ 123,000 12,550 $ (5) Taxable income (6) Income tax liability After-tax compensation 110,450 20,529 $ Required information Problem 4-31 (LO 4-1) (Algo) [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 $128,600 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.) Problem 4-31 Part-a (Algo) a. What is the amount of Emily's after-tax compensation (ignore payroll taxes)? (Round your intermediate calculations and final answers to the nearest whole dollar amount.) Amount $ $ Description (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Taxable income (6) Income tax liability After-tax compensation 128,600 0 128,600 12,550 116,050 21,873 $ $

Answer & Explanation Solved by verified expert

See Answer