Question 6 of 10

Social Studies

2 answers:

Gemiola [76]2 years ago

4 0

The person that has the lowest gross income is : ( A ) Person A

<h3>What is gross income ?</h3>

Gross income is the total income earned over a time ( usually monthly ) before taxes or any form of deductions are made on the income. therefore the persons that earns $50,000 per year has the lowest gross income as the deductions are ignored when determining gross income.

Hence we can conclude that The person that has the lowest gross income is : ( A ) Person A

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DerKrebs [107]2 years ago

3 0

In this scenario, <u>a. person A</u> has the lowest gross income of $50,000 but not the lowest adjusted gross income (AGI).

<h3>What is the difference between gross income and taxable income?</h3>

Gross income refers to the total earnings before taxable deductions and allowances.

After deducting tax-allowed deductions from the gross income, the net is called the AGI. Tax rates are applied to the AGI to arrive at a taxpayer's tax liability.

<h3>Data and Calculations:</h3>

Person A Person B Person C Person D

Annual gross income $50,000 $60,000 $90,000 $100,000

Annual deductions 5,000 10,000 30,000 60,000

Adjusted gross income $45,000 $50,000 $60,000 $40,000

Thus, <u>person A</u> has the lowest gross income in this scenario.

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