Your neighbor earned wages of $30,200, received $130 in interest from a savings account, and contributed $1100 to a tax-deferred retirement plan.  He was entitled to a personal exemption of $3800 and had deductions totaling $5450.   Find the gross income Find the adjusted gross income Find the taxable income.

Individual Income Taxes
43rd Edition
ISBN:9780357109731
Author:Hoffman
Publisher:Hoffman
Chapter5: Gross Income: Exclusions
Section: Chapter Questions
Problem 6CPA
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  1. Your neighbor earned wages of $30,200, received $130 in interest from a savings account, and contributed $1100 to a tax-deferred retirement plan.  He was entitled to a personal exemption of $3800 and had deductions totaling $5450.  
  1. Find the gross income
  2. Find the adjusted gross income
  3. Find the taxable income. 
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