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A woman earned wages of $48,200, received $2100 in interest from a savings account, and contributed $3200 to a tax - deferred retirement plan. She was entitled to a personal exemption of $4050 and had deductions totaling $6400. Find her gross income, adjusted gross income, and taxable income.

A woman earned wages of $48,200, received $2100 in interest from a savings account, and contributed $3200 to a tax - deferred retirement plan. She was entitled to a personal exemption of $4050 and had deductions totaling $6400. Find her gross income, adjusted gross income, and taxable income.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A woman earned wages of $48,200, received $2100 in interest from a savings account, and contributed $3200 to a tax - deferred retirement plan. She was entitled to a personal exemption of $4050 and had deductions totaling $6400. Find her gross income, adjusted gross income, and taxable income.
Transcribed Image Text:A woman earned wages of $48,200, received $2100 in interest from a savings account, and contributed $3200 to a tax - deferred retirement plan. She was entitled to a personal exemption of $4050 and had deductions totaling $6400. Find her gross income, adjusted gross income, and taxable income.
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