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In 2022, Shim, who was a single individual, had $150,000 of gross income and made a $5,000 deductible contribution to his individual retirement account ("IRA"). Shim had $30,000 of deductible mortgage interest expense. What was Shim's 2022 adjusted gross income ("AGI")? Group of answer choices $150,000 $145,000 $115,000 $133,050

In 2022, Shim, who was a single individual, had $150,000 of gross income and made a $5,000 deductible contribution to his individual retirement account ("IRA"). Shim had $30,000 of deductible mortgage interest expense. What was Shim's 2022 adjusted gross income ("AGI")? Group of answer choices $150,000 $145,000 $115,000 $133,050

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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In 2022, Shim, who was a single individual, had $150,000 of gross income and made a $5,000 deductible contribution to his individual retirement account ("IRA"). Shim had $30,000 of deductible mortgage interest expense. What was Shim's 2022 adjusted gross income ("AGI")? Group of answer choices $150,000 $145,000 $115,000 $133,050
Transcribed Image Text:In 2022, Shim, who was a single individual, had $150,000 of gross income and made a $5,000 deductible contribution to his individual retirement account ("IRA"). Shim had $30,000 of deductible mortgage interest expense. What was Shim's 2022 adjusted gross income ("AGI")? Group of answer choices $150,000 $145,000 $115,000 $133,050
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