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max2010maxim [7]
3 years ago
7

Joe is a single, self-employed individual who owns his own business. During 2019, Joe reported $200,000 gross income and $60,000

of business expenses. He also paid $30,000 in alimony to his former spouse, $4,000 mortgage interest on his personal home, $6,000 for health insurance premiums, and $2,000 for medicine and doctors. Ignoring any self-employment tax on the business income, what is Joe’s AGI?
Business
1 answer:
Soloha48 [4]3 years ago
5 0

Answer:

Adjusted Gross Income =$ 102,000

Explanation:

Gross Income $ 200,000

Business Expenses $ 60000

Gross income earned from your self-employment $140,000

Less alimony to his former spouse $30000

Less Health Insurance Premium $6000

Less Medicine and Doctor fees $ 2000 (Assuming its under Qualified Medical Expenses)

Adjusted Gross Income =$ 102,000

Since mortgage interest relates to personal home, it is not deductiable.

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