What is adjusted gross income and what influence does it have on other elements in the tax return such as the medical deduction, etc.
What is adjusted gross income and what influence does it have on other elements in the tax return such as the medical deduction, etc.
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter3: Preparing Your Taxes
Section: Chapter Questions
Problem 2LO
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What is adjusted gross income and what influence does it have on other elements in the tax return such as the medical deduction, etc.
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Adjusted gross income is calculated by deducting the specific deduction from the total gross income. It is used for the calculation of taxable income where the personal exemptions and itemized deductions are deducted.
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