Question

Find the AGI and taxable income:

Gross Income $30,856
Adjustments $750
1 Exemption $8200
Deduction $2,300

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

Answer 1

The student's adjusted gross income (AGI) is $30,106, which is calculated by subtracting adjustments from the gross income. From the AGI, the taxable income is determined by subtracting the sum of deductions and exemptions, resulting in a taxable income of $19,606.

Step-by-step explanation:

In order to calculate the student's adjusted gross income (AGI) and taxable income, we follow a simple formula. First, we start with the gross income and subtract any adjustments to get the AGI. Then, we calculate the taxable income by subtracting the deductions and exemptions from the AGI.

Here's how the calculations work out for the provided figures:

Adjusted Gross Income (AGI) = Gross Income - Adjustments
AGI = $30,856 - $750
AGI = $30,106

Taxable Income = AGI - (Deduction + Exemption)
Taxable Income = $30,106 - ($2,300 + $8,200)
Taxable Income = $30,106 - $10,500
Taxable Income = $19,606

So the correct answer is B. $30,106 and $19,606.

Answer 2

The correct answer to this question is this one: "B. $30106 and $19,606."

Alright, so its asking for the adjusted gross income. Your current gross income is $30,856. and adjust means to subtract. so It seems that it would be the second one. Hope this helps answer your question.