Question

Determine Betty’s adjusted gross income for the year given the following information: Salary: $78,000 Child care...

Determine Betty’s adjusted gross income for the year given the following information:

Salary: $78,000

Child care credit: $1,000

Personal and Dependency exemptions: $12,000

Investment interest: $4,000

IRA contribution: $5,500

Municipal bond interest: $500

Federal income taxes withheld: $6,000

Itemized deductions: $15,300

  1. $82,500
  2. $82,000
  3. $76,500
  4. $77,000

Please do not copy from Chegg otherwise I have to report the answer. Explain the answer throughly by showing each step of the calculation.

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Answer #1

What is Adjusted Gross Income (AGI)??

Ans-:Adjusted Gross Income is a total income minus certain deductions given by tax authorities.

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