Question

Max has earnings from his salary of $30,000. He contributes $600 toward his retirement account. He receives interest on his savings of $600 and dividends on mutual funds of $300. What is his adjusted income?

Answer 1

$30,000 is Max's adjusted income

Answer 2

$30,300

Step-by-step explanation:

Given formation:

Salary of Max = $30,000

Contribution in Retirement account = $600

Interest on his savings = $600

Dividends on mutual funds = $300

Formula for adjusted income:

Adjusted income = Salary - Contribution in Retirement account + Interest on his savings + Dividends on mutual funds

Adjusted income = $30,000 - $600 + $600 + $300

Adjusted income = $30,300

Therefore, the adjusted income of Max is $30,300.