Question

Find the AGI and taxable income:

A) $30106 and $19,606
B) $29,586 and $18,505
C) $28,863 and $17,636
D) $31,200 and $20,601

Answer 1

AGI = gross income - adjustments:

$30,856 - $750 = $30,106

Taxable income = gross income - adjustments - deductions - exemptions:

$30,856 - $750 - $8,200 - $2,300 = $19,606

The answer is A.