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fiasKO [112]
3 years ago
12

Hello please help i’ll give brainliest thanks :)

Social Studies
1 answer:
natta225 [31]3 years ago
3 0
Opposing forces that work in harmony
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I will give you brainliest and 5 star and thanks if its correct
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Brice is a single, self-employed electrician who earns $60,000 per year in self-employment income. Brice paid the following expe
svetoff [14.1K]

Answer:

The correct answer is  all of them. Options "A", "B", and "C" are correct.

Explanation:

AGI stands for Adjusted Gross Income. It is a term fro the internal revenue code that refers to a number used on the Form 1040 U.S. individual tax return.  AGI helps to determine a person's income taxes due. The formula for the AGI is:

<em>(Gross Income from taxable sources - allowable deductions)</em>

Among those above the line deductions, we can find:

  • <em>Some retirement plan investments, such as Individual Retirement Accounts (IRA), SIMPLE IRA, SEP IRA.</em>
  • <em>Healthcare savings account (HSA).</em>
  • <em>Part of of the tax on self-employment.</em>
  • <em>Early withdrawal penalties levied by financial institutions.</em>
  • <em>Losses resulting from the selling or transfer of assets.</em>
  • <em>School tuition, fees and interest in student loans.</em>

As we can see, all the choices given in our case are eligible to be deducted in the AGI.

6 0
3 years ago
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