Asked by Hayden Spalding on Jul 15, 2024
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Kathy and Jeff Miller have a combined income of $93,366.They have 1099 forms which report $1,200 in interest.They also have $4,922 income from rental property.They can reduce their income by $3,500.What is their adjusted gross income?
Adjusted Gross Income
An individual's total gross income minus specific deductions allowed by the IRS, used to calculate taxable income.
1099 Forms
Documents used to report various types of income other than wages, salaries, and tips to the IRS.
Rental Property
Real estate property leased or rented out to tenants, often as an investment.
- Ascertain the net pay by taking into account numerous withholdings and deductions from the total gross income.
- Differentiate between income that is subject to taxation and income that is exempt from taxes.
Verified Answer
SR
Learning Objectives
- Ascertain the net pay by taking into account numerous withholdings and deductions from the total gross income.
- Differentiate between income that is subject to taxation and income that is exempt from taxes.