Rick, who is single, has been offered a position as a city landscape consultant. The position pays $92,500 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.)
2017 Tax Schedule : https://ezto-cf-media.mheducation.com/Media/Connect_Production/bne/accounting/spilker_9e/taxrateschedulea.jpg
A. What is the amount of Rickâs after-tax compensation (ignore payroll taxes)? (Do not round intermediate calculations. Round income tax liability and After-tax compensation to 2 decimal places. Enter deductions as negative amounts)
Description Amount (1) Gross income $92,500 (2) For AGI deductions 0 (3) Adjusted gross income (4) Standard deduction (5) Personal and dependency exemptions (6) Taxable income (7) Income tax liability After-tax compensation
b-1. Suppose Rick receives a competing job offer of $87,500 in cash compensation and nontaxable (excluded) benefits worth $4,950. What is the amount of Rickâs after-tax compensation for the competing offer? (Do not round intermediate calculations. Round income tax liability and After-tax compensation to 2 decimal places. Enter deductions as negative amounts)
Description Amount (1) Gross income $92,500 (2) For AGI deductions 0 (3) Adjusted gross income (4) Standard deduction (5) Personal and dependency exemptions (6) Taxable income (7) Income tax liability After-tax compensation
Rick, who is single, has been offered a position as a city landscape consultant. The position pays $92,500 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.)
2017 Tax Schedule : https://ezto-cf-media.mheducation.com/Media/Connect_Production/bne/accounting/spilker_9e/taxrateschedulea.jpg
A. What is the amount of Rickâs after-tax compensation (ignore payroll taxes)? (Do not round intermediate calculations. Round income tax liability and After-tax compensation to 2 decimal places. Enter deductions as negative amounts)
| |||||||||||||||||||||||||||||||||||||
b-1. Suppose Rick receives a competing job offer of $87,500 in cash compensation and nontaxable (excluded) benefits worth $4,950. What is the amount of Rickâs after-tax compensation for the competing offer? (Do not round intermediate calculations. Round income tax liability and After-tax compensation to 2 decimal places. Enter deductions as negative amounts)
| |||||||||||||||||||||||||||||||||||||
Related questions
Rick, who is single, has been offered a position as a citylandscape consultant. The position pays $110,000 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 intermediatecalculations. Round "Income tax liability" and "After-taxcompensation" to 2 decimal places. Enter deductions as negativeamounts)
Suppose Rick receives a competing job offer of $105,000 in cashcompensation and nontaxable (excluded) benefits worth $4,350. Whatis the amount of Rickâs after-tax compensation and income taxliability for the competing offer?
| (1) | Gross income | $105,000 | ||
| (2) | For AGI deductions | 0 | ||
| (3) | Adjusted gross income | $105,000 | ||
| (4) | Standard deduction | (6,300) | ||
| (5) | Personal and dependency exemptions | (4,000) | ||
| (6) | Taxable income | $94,700 | ||
| (7) | Income tax liability | |||
| After-tax compensation | ||||
Rick, who is single, has been offered a position as a citylandscape consultant. The position pays $85,000 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 intermediatecalculations. Round your final answer to the nearest whole dollaramount.) |
| a. | What is the amount of Rickâs after-tax compensation (ignorepayroll taxes)? |
| b-1. | Suppose Rick receives a competing job offer of $80,000 in cashcompensation and nontaxable (excluded) benefits worth $4,500. Whatis the amount of Rickâs after-tax compensation for the competingoffer? |
