Calculate adjusted gross income for Primrose Palmer based on the following information. Label each item as Not Included (NI), Gross Income (GI), Deduction for Adjusted Gross Income (DAGI). Calculate Adjusted Gross Income, show all of your work. Salary $200,000 Bonus $50,000 Contribution to individual retirement account $1,000 Gift from mother Patti $100,000 Interest on City of Miami bond $10,000 Alimony paid $20,000. The divorce was signed in 2012 Sole proprietorship income $70,000 Treasury bill interest $10,000 Rental loss $30,000 Contribution to health savings account $2,000 Nike dividends $20,000 Capital loss $60,000 Workman's compensation $10,000 Legal settlement from fall in Macy's $60,000 Penalty from early withdrawal from timed savings account $1,000 Educator expenses $400. None of the expenses were for personal protective equipment. Primrose was the beneficiary of her late great grandfather Paul's life insurance policy $100,000 Partnership income $10,000 Interest from Citigroup bank account $5,000 Self employment tax paid $6,000 Primrose found a ring worth $5,000 on the beach. Primrose won $10,000 in a baking contest Primrose won $20,000 at the Preakness Horse Race Primrose's sister Petunia repaid a $30,000 loan from 2018 Primrose inherited $200,000 from her great grandmother Prudence. II. Do you think the Social Security wage cap should be eliminated? Read the attached Research on this this issue and write a one page essay supporting your position

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Answer To calculate Primrose Palmers adjusted gross income AGI we need to determine which items are included in her gross income and which items quali... View the full answer