a woman earned wages of $41,200, received $2200 in interest from a savings account, and contributed $3800 to…

a woman earned wages of $41,200, received $2200 in interest from a savings account, and contributed $3800 to a tax - deferred retirement plan. she was entitled to a personal exemption of $4050 and had deductions totaling $7160. find her gross income, adjusted gross income, and taxable income. her gross income was $ (simplify your answer.)

a woman earned wages of $41,200, received $2200 in interest from a savings account, and contributed $3800 to a tax - deferred retirement plan. she was entitled to a personal exemption of $4050 and had deductions totaling $7160. find her gross income, adjusted gross income, and taxable income. her gross income was $ (simplify your answer.)

Answer

Explanation:

Step1: Calculate gross income

Gross income is the sum of wages and interest. So, gross income = wages + interest. $41200 + 2200=43400$

Step2: Calculate adjusted gross income

Adjusted gross income = gross income - contributions to tax - deferred retirement plan. $43400-3800 = 39600$

Step3: Calculate taxable income

Taxable income = adjusted gross income - personal exemption - deductions. $39600-4050 - 7160=28390$

Answer:

Gross income: $43400$ Adjusted gross income: $39600$ Taxable income: $28390$