Question

looking at the table below, calculate jordans adjusted gross income:

income

• salary: $46,000
• interest income: $630
• dividends income: $3,000

expenses and payments

• student loan interest paid: $1,200
• gym membership: $100
• traditional ira contribution: $2,500
• medical expenses: $3,000
• parking violation fine: $250
• charitable contributions: $900
• groceries and rent: $18,000
• credit card interest: $650

based on the information provided, jordans adjusted gross income is type your answer...

Explanation:

Step1: Calculate total income

Add all sources of income:
$\$60,000 + \$600 + \$3,600 = \$64,200$

Step2: Identify eligible adjustments

Only student loan interest and Traditional IRA contribution are above-the-line deductions for adjusted gross income:
$\$1,200 + \$2,500 = \$3,700$

Step3: Compute adjusted gross income

Subtract total adjustments from total income:
$\$64,200 - \$3,700 = \$60,500$

Answer:

$\$60,500$