1. bob earned $44,300 in salary last year and $3,200 in interest income from investments. he also made a…

1. bob earned $44,300 in salary last year and $3,200 in interest income from investments. he also made a $4,000 contribution to a retirement plan that is a valid adjustment to gross income. what is bobs adjusted gross income?

1. bob earned $44,300 in salary last year and $3,200 in interest income from investments. he also made a $4,000 contribution to a retirement plan that is a valid adjustment to gross income. what is bobs adjusted gross income?

Answer

Explanation:

Step1: Calculate gross income

Gross income is the sum of salary and interest income. So, gross income = $44300 + 3200$. $44300+3200 = 47500$

Step2: Calculate adjusted gross income

Adjusted gross income is gross income minus valid adjustments. So, adjusted gross income = gross income - contribution to retirement plan. $47500 - 4000=43500$

Answer:

$43500$