Question

4.E.19 Question Help A man eamed wages of $50,000, received $2900 in interest from a savings account, and contributed $2800 to a tax-deferred retirement plan. He was entitled to a personal exemption of $2700 and had deductions totaling $5120 Find his gross income, adjusted gross income, and taxable income His gross income was SP (Simplify your answer)

Answer 1

Wages + Interests - Taxes + Personals - Deductions =

= 50000 + 2900 - 2800 + 2700 - 5120 =

Gross income = 55600 - 7920 = 47680

Answer is

Gross income= $ 47680. dollars

Adjusted gross income= 50000 + 2900

Taxable income=$ 5120