Cost Account Question - man earned wages of $48,300, received $1300 in interest from a savings account, and contributed $3700 to a tax-deferred retirement plan. He was entitled to a personal exemption of $3400 and had deductions totaling $5010. Find his gross income, adjusted gross income, and taxable income.
Cost Account Question - man earned wages of $48,300, received $1300 in interest from a savings account, and contributed $3700 to a tax-deferred retirement plan. He was entitled to a personal exemption of $3400 and had deductions totaling $5010. Find his gross income, adjusted gross income, and taxable income.
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 4DQ
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Transcribed Image Text:Cost Account Question - man earned wages of $48,300, received
$1300 in interest from a savings account, and contributed $3700 to
a tax-deferred retirement plan. He was entitled to a personal
exemption of $3400 and had deductions totaling $5010.
Find his gross income, adjusted gross income, and taxable income.
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