Question

Kathy and Jeff Miller have a combined income of $93,366. They have 1099 forms which report $1,200 in interest. They also have $4,922 income from rental property. They are able to reduce their income by $3,500. What is their adjusted gross income?

Answer 1

$ 95,988

Explanation:

Given,

The combined original income of Kathy and Jeff Miller = $ 93,366,

Interest they get = $ 1,200

Also, their additional income = $ 4,922

And, the amount they can expend = $ 3,500

Hence,

Their adjusted gross income = Original income + interest + additional income - expenditure

= 93366 + 1200 + 4922 - 3500

= 99488 - 3500

= $ 95,988

Answer 2

Gross income accounts for your total income without deductions that may come from tax. In this case, we will not account the 1099 forms and the reduction of income. Thus, the gross income is

Gross income = $93,366 + $4,922 = $98,288

I hope I was able to help you with this question.