Math question help

Question

A man earned wages of ​$​45,600, received ​$2700 in interest from a savings​ account, and contributed ​$2600 to a​ tax-deferred retirement plan. He was entitled to a personal exemption of ​$4050 and a standard deduction of ​$6300. The interest on his home mortgage was ​$​9100, he contributed ​$2900 to​ charity, and he paid ​$1550 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 ​$__. ​(Simplify your​ answer.)

Answer 1

Income paid to man

Wages = $45,600

Savings Interest = $2700

Deductions

Personal Exemption = $4050

Standard Deduction = $6300

Mortgage Interest = $9100

Charity = $ 2900

Tax Deferred Contribution = $ 2600

Taxes Paid

State: $ 1550

Gross Income = Income paid to man = 45,600 + 2700 = $ 48,300

Adjusted Gross Income = Income - Tax Def Contribution = 48.300 - 2600 = $45,700

Taxable Income = AGI - Deductions - State Taxes = 45,700 - 22,350 - 1550 = $21,80