The individual must have had a gross income in 2022 of no more than $4,400. In 2021, this sum was $4,300.
Your gross income is comprised of your salary, dividends, capital gains, business revenue, retirement benefits, and other sources of income. Income can be modified to account for expenses like college tuition, student loan interest, alimony payments, or retirement plan contributions.
Yes, gross income is the whole amount of income produced by an individual or business before any deductions are made. The whole amount of revenue earned before deducting costs, interest, and taxes is referred to as gross income.
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