Jed earned wages of $65,000, received $840 in interest from a savings account, and contributed $2,300...

Jed earned wages of $65,000, received $840 in interest from a savings account, and contributed $2,300 to a tax-deferred retirement plan. He was entitled to a personal exemption of $3,500 and had deductions totaling $5,680.

What is his gross income?

What is his adjusted gross income?

What is his taxable income?

Expert Solution

Gross Income = wages earned + interest on saving

= 65000+840

= $ 65840

Adjusted gross income =Gross income - tax-deferred retirement plan

= 65840 - 2300

= 63540

Taxable income = Adjusted gross income - perosnal exemption-deductions

= 63540-3500-5680

= 54360

ekkarill92 answered 1 year ago

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