Question

Required information The following information applies to the questions displayed below.) Rick, who is single, has been offered a position as a city landscape consultant. The position pays $141,800 in cash wages. Assume Rick has no dependents. Rick deducts the standard deduction instead of itemized deductions and he is not eligible for the qualified business income deduction. (Use the tax rate schedules.) a. What is the amount of Rick's after-tax compensation (ignore payroll taxes)? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) Answer is complete but not entirely correct. (1) (2) (3) Description Gross income For AGI deductions Adjusted gross income Standard deduction Taxable income Income tax liability After-tax compensation Amount $ 141,800 0 $ 141,800 12,962 % $ 128,838 $ 23,334 $ 118,466

Answer 1

Gross Income	141800
For AGI deduction	0
Adjusted gross income	141800
Standard Deduction	12200
Taxable Income	129600
Income Tax Liability	25279
After Tax Compensation	116521

2019 Tax Rates
	$0 to $9,700	970	10%
	$9,701 to $39,475	3573	12%
	$39,476 to $84,200	9839.5	22%
	$84,201 to $129,600	10896	24%
Tax Liability calculation		25278.5