Question

George Washburn had earnings from his salary of $40,000, interest on savings of $1,150, a contribution to a traditional individual retirement account of $1,200, and dividends from mutual funds of $380. George's adjusted gross income would be:___

Answer 1

Answer:

$40,330

Explanation:

Data provided in the question:

Earnings from salary = $40,000

Interest on savings = $1,150

Contribution to a traditional individual retirement account = $1,200

Dividends from mutual funds = $380

Now,

The George's adjusted gross income would be

= Salary + Interest on savings + Dividends from mutual funds -  Contribution

= $40,000 + $1,150 + $380 - $1,200

= $40,330