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Raymond is a self-employed taxpayer. His business generated $400,000 in gross revenues and incurred deductible business expenses of $280,000 during the current year. In addition,
Raymond is a self-employed taxpayer. His business generated $400,000 in gross revenues and incurred deductible business expenses of $280,000 during the current year. In addition, Raymond paid $6,000 in premiums for health insurance for himself and $4,500 in premiums for his bookkeeper's health insurance. Self-employment tax totaled $9,000 for the year. What is Raymond's AGI based on the information provided?
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To calculate Raymonds Adjusted Gross Income AGI we need to start with his gross income from selfempl...
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Advanced Accounting
Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng
11th edition
538480289, 978-0538480284
