Jim is single and earned wages of $46,181 in 2019. He also earned $1,632 in tips and contributed $4,413 to a tax-deferred retirement plan. He will use his 2019 standard deduction of $12,400 rather than itemizing his deductions, and he claims no child/dependent tax credits. Calculate Jim's adjusted gross income.
Jim is single and earned wages of $46,181 in 2019. He also earned $1,632 in tips and contributed $4,413 to a tax-deferred retirement plan. He will use his 2019 standard deduction of $12,400 rather than itemizing his deductions, and he claims no child/dependent tax credits. Calculate Jim's adjusted gross income.
Chapter8: Taxation Of Individuals
Section: Chapter Questions
Problem 34P
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Jim is single and earned wages of $46,181 in 2019. He also earned $1,632 in tips and contributed $4,413 to a tax-deferred retirement plan. He will use his 2019 standard deduction of $12,400 rather than itemizing his deductions, and he claims no child/dependent tax credits.
Calculate Jim's adjusted gross income.
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