Alex earns an income of $60,000 this year as a sole proprietor. He pays the following amounts during the year: · Contribution to Roth IRA: $5,000 · Self-Employment Tax: $9,000 · Health Insurance Premiums: $3,000 What is Alex’s Adjusted Gross Income (AGI)? Group of answer choices $47,500. $51,000. $52,000. $52,500.
Alex earns an income of $60,000 this year as a sole proprietor. He pays the following amounts during the year: · Contribution to Roth IRA: $5,000 · Self-Employment Tax: $9,000 · Health Insurance Premiums: $3,000 What is Alex’s Adjusted Gross Income (AGI)? Group of answer choices $47,500. $51,000. $52,000. $52,500.
Chapter1: The Individual Income Tax Return
Section: Chapter Questions
Problem 4P: In 2019, Lou has a salary of $53,300 from her job. She also has interest income of $1,600 and...
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Alex earns an income of $60,000 this year as a sole proprietor. He pays the following amounts during the year:
· Contribution to Roth IRA: $5,000
· Self-Employment Tax: $9,000
· Health Insurance Premiums: $3,000
What is Alex’s Adjusted Gross Income (AGI)?
Group of answer choices
$47,500.
$51,000.
$52,000.
$52,500.
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