A man earned wages of $40,800, received $1100 in interest from a savings account, and contributed $3600 to a tax deferred retirement plan. He was entitled to a personal exemption of $3800 and a standard deduction of $5950. The interest on his home mortgage was $8400 he contributed $2100 to charity, and he paid $1400 in state taxes. Find his gross income, adjusted gross income, and taxable income. Base the taxable income on the greater of a standard deduction or an itemized deduction.

His gross income is 

Answer rating: 100% (QA)

Calculation of Persons Gross Income Amount Particulars Explanation Given in A W... View the full answer