Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. rick, who is single, has been offered a position a

Rick, who is single, has been offered a position as a city landscape consultant. The...

70.2K

Verified Solution

Question

Accounting

Rick, who is single, has been offered a position as a city landscape consultant. The position pays $87,500 in cash wages. Assume Rick files single and is entitled to one personal exemption. Rick deducts the standard deduction instead of itemized deductions. (use the tax rate schedules.) (Do not round intermediate calculations. Round "Income tax liability" and "After-tax compensation" to 2 decimal places. Enter deductions as negative amounts)

"MUST USE THE 2015 TAX RATE SCHEDULE"

A) What is the amount of Ricks after-tax compensation (ignore payroll taxes)?

1) GROSS INCOME

2) for agi deductions

3) agi

4) STANDARD DEDUCTIONS

5) Personal and dependancy deductions.

6) Taxable Income

7) Income tax liability

8) after tax COMPENSATION

B)

Suppose Rick receives a competing job offer of $82,500 in cash compensation and nontaxable (excluded) benefits worth $4,050. What is the amount of Ricks after-tax compensation for the competing offer?

1) Gross income

2 ) for agi deductions

3) AGI

4) Standard deduction

5) personel and dependancy exemptions

6) taxable income

7) income tax liability

8) after tax compensation

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students