Question
Chris's gross income from wages is $26,500. Chris pays $2,300 towards student loans each year. This works out to approximately $1,000 in principal payments and
Chris's gross income from wages is $26,500. Chris pays $2,300 towards student loans each year. This works out to approximately $1,000 in principal payments and $1,300 in interest payments. Additionally, Chris made $100 in charitable contributions this year. Chris also paid $3,542 for health insurance through Chriss employer (employer sponsored health insurance plan). If this years standard deduction amounts are $25,900 for those filing married and $12,950 for those filing single, Chris should report_________adjusted gross income (AGI) for federal income tax purposes (assume that the budgeted amount of income represents Chriss before-tax income).
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