Question
Suppose you make $75,000 every year as a mechanical engineer, you contribute $15,000 every year to a tax-deferred retirement fund, have a personal exemption
Suppose you make $75,000 every year as a mechanical engineer, you contribute $15,000 every year to a tax-deferred retirement fund, have a personal exemption of $3800, and have a standard deduction of $5950. You receive $700 in interest from a high-yield savings account. Assume you have no tax credits and any itemized deductions you have are lower than the standard deduction (so you take the standard deduction when calculating your taxes). Q2.1 5 Points Which of the following is your gross income? O $75,000 O $75,700 $85,000 O $80,950 O None of the above Q2.2 5 Points Which of the following is your adjusted gross income (AGI)? O $75,000 O $70,700 O $80,950 $85,000 O None of the above
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