Solve the problem. Refer to the table if necessary.
-Jim earned wages of $89,118, received $5002 in interest from a savings account, and contributed $ 6342 to a tax deferred retirement plan. He was entitled to a personal exemption of $3900 and had
Deductions totaling $8797. Find his adjusted gross income.

Question

Solve the problem. Refer to the table if necessary. 
-Jim earned wages of $89,118, received $5002 in interest from a savings account, and contributed $ 6342 to a tax deferred retirement plan. He was entitled to a personal exemption of $3900 and had
Deductions totaling $8797. Find his adjusted gross income.

Quizplus · Accepted Answer

Jim's adjusted gross income is calculated by subtracting his retirement plan contribution from his wages and adding the interest income: $89,118 - $6,342 + $5,002 = $87,778.

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