Marcus (32) is married filing jointly. He earned $48,500 in salary and received $2,800 in unemployment benefits. He also won $500 from a radio contest and paid $1,500 in deductible traditional IRA contributions. Additionally, he paid $1,200 in eligible student loan interest during the year. What is Marcus's adjusted gross income? a) $48,500 b) $49,100 c) $51,300 d) $49,600
Marcus (32) is married filing jointly. He earned $48,500 in salary and received $2,800 in unemployment benefits. He also won $500 from a radio contest and paid $1,500 in deductible traditional IRA contributions. Additionally, he paid $1,200 in eligible student loan interest during the year. What is Marcus's adjusted gross income? a) $48,500 b) $49,100 c) $51,300 d) $49,600
Chapter13: Tax Credits And Payment Procedures
Section: Chapter Questions
Problem 30P
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Transcribed Image Text:Marcus (32) is married filing jointly. He earned $48,500 in salary and
received $2,800 in unemployment benefits. He also won $500 from a radio
contest and paid $1,500 in deductible traditional IRA contributions.
Additionally, he paid $1,200 in eligible student loan interest during the year.
What is Marcus's adjusted gross income?
a) $48,500
b) $49,100
c) $51,300
d) $49,600
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