Marvin and Simone are a retired couple living on income from their investments and Social Security benefits.During the current year,they receive the following:
$\begin{array} { l r }
\text {Consulting fee from Burton Industries } &\$ 35,000 \
\text {Interest on municipal bonds } &7,000 \
\text { Social Security benefits } &20,000
\end{array}$
Marvin and Simone's adjusted gross income is:

Question

Marvin and Simone are a retired couple living on income from their investments and Social Security benefits.During the current year,they receive the following:
$\begin{array} { l r } 
 \text {Consulting fee from Burton Industries  } &\$ 35,000 \
 \text {Interest on municipal bonds  } &7,000 \
 \text { Social Security benefits } &20,000
\end{array}$
Marvin and Simone's adjusted gross income is:

Quizplus · Accepted Answer

To calculate the adjusted gross income, we need to add up all the sources of income and then subtract any adjustments made to arrive at AGI. In this case, Marvin and Simone's adjusted gross income would be:

$35,000 + $7,000 + $20,000 = $62,000

However, we need to subtract any adjustments made. Assuming they do not have any adjustments to make, the AGI would be:

$62,000 - $14,200 (standard deduction for married couples filing jointly) = $47,800

Therefore, the answer is B.

Marvin and Simone Are a Retired Couple Living on Income