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Alecsey [184]
3 years ago
11

Marsha is single, had gross income of $50,000, and incurred the following expenses: Charitable contribution - $2,000 Taxes and i

nterest on home - 7,000 Legal fees incurred in a tax dispute - 1,000 Medical expenses - 3,000 Penalty on early withdrawal of savings - 250 Her AGI is:
Business
1 answer:
Contact [7]3 years ago
6 0

Answer:

Adjusted gross income = $51000

Explanation:

given data

gross income = $50,000

Charitable contribution = $2,000

Taxes and interest  =  $7,000

Legal fees  = $1,000

Medical expenses = $3,000

Penalty = $250

to find out

Adjusted gross income AGI

solution

we get here Adjusted gross income AGI is express as

Adjusted gross income = gross income + Taxes and interest - Charitable contribution - Legal fees - Medical expenses  ............................1

put here value we get

Adjusted gross income = $50,000 +  $7,000 - $2,000 - $1,000 - $3,000

Adjusted gross income = $51000

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1 year ago
Sold clothing manufacturing equipment for $31,000. originally purchased the equipment for $95,000, and depreciation through the
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Answer:

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7 0
3 years ago
Read 2 more answers
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