Al single, age 60, and has gross income of $140,000.His deductible expenses are as follows: What is Al's AGI?

Name: Al single, age 60, and has gross income of $140,000.His deductible expenses are as follows: What is Al's AGI?
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Question

Al single, age 60, and has gross income of $140,000.His deductible expenses are as follows:  What is Al's AGI?

Quizplus · Accepted Answer

AGI (Adjusted Gross Income) is calculated by subtracting deductible expenses from gross income.

So, AGI = Gross Income - Deductible Expenses

AGI = $140,000 - $32,500

AGI = $107,500

Therefore, the correct option is C) $107,500.

Al Single, Age 60, and Has Gross Income of $140,000