Question

Find the AGI and taxable income:

A) $23670 and $8200
B) $31870 and $23,670
C) $23670 and $15,470
D) $15,470 and $8200

Answer 1

C) $23670 and $15,470

Explanation:

Just took the semester test

Answer 2

`\$23670` and
`\$15470`

Explanation:

Given: Gross Income=
`\$23670`

Exemption=
`\$8200`

As there is no other income is given or any tax been paid yet, so the Annual gross income (AGI) will be
`\$23670`

AGI=
`\$23670`

Now, to find the taxable income

There is 1 exemption is given
`\$8200`

∴ Taxable income = AGI minus Exemption

Taxable income =
`23670 - 8200`

=
`\$ 15470` is the taxable income.