What is taxable income and annual compensation

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Reference no: EM13849734

Steven is 32 and his annual compensation is $125,000. What is the maximum amount that Steven may contribute to a Section 401(k) plan on his behalf in 2013?

During 2013, Erik, a single taxpayer, 42 years old, had Schedule C income of $82,000. His self-employment tax was $8,000. He also had itemized deductions of $4,000. What is Erik's AGI? What is Erik's taxable income?

Reference no: EM13849734

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