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A man earned wages of ​$52 comma 800​, received ​$2200 in interest from a savings​ account, and contributed ​$4000 to a​ tax-deferred retirement plan. He was entitled to a personal exemption of ​$3800 and had deductions totaling ​$7020. Find his gross​ income, adjusted gross​ income, and taxable income.

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Answer:

gross​ income:$55000

adjusted gross​ income: $51000

taxable income: $40180

Explanation:

Given:

  • Wage:  ​$52 comma 800 = $52800
  • Interest received: $2200
  • tax-deferred retirement: $4000
  • Personal exemption : ​$3800  
  • Deductions totaling: $7020

As we know that,

  • Gross income = Wage +  interest received  

= $52800 + $2200

= $55000

  • Adjusted gross​ income = gross​ income - adjustment

= $55000  - $4000

= $51000

  • taxable income = Adjusted gross income - (Exemption + Deductions )

= $51000 - ($3800 + $7020)

= $40180

Hope it will find you well

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