Paul is single,age 63,and has gross income of $70,000.His deductible expenses are as follows: What is Paul's AGI?

Question

Paul is single,age 63,and has gross income of $70,000.His deductible expenses are as follows:  What is Paul's AGI?

Quizplus · Accepted Answer

Based on the deductible expenses provided, Paul's AGI can be calculated as follows:
Gross income - Deductible expenses = AGI
$70,000 - ($3,000 + $12,000 + $12,500 + $500 + $1,000 + $1,500 + $500 + $2,500 + $2,000) = $42,500
Therefore, Paul's AGI is $42,500, which corresponds with choice letter B.

Paul Is Single,age 63,and Has Gross Income of $70,000