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 Rick’s 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 Rick’s 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