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Kevin has an annual salary of $41,732, and he earned $33.52 interest from his savings account. He also paid $1050 in student loan interest and contributed $3900 to an IRA retirement account. Calculate Kevin’s adjusted gross income.

Respuesta :

Kevin's adjusted gross income is $36, 815. 52

What is adjusted gross income?

Adjusted gross income is simply described as gross income minus certain adjustments from the income.

These adjustments includes;

  • Educator expenses
  • Student loan interest
  • Alimony payments
  • Contributions to an account, etc

It is calculated as;

Adjusted gross income = sum total of income - expenses

Now, let's substitute the values into the formula, we have;

Adjusted gross income = $(41,732 + 33.52) - $(1050 + 3900)

Add the values

Adjusted gross income = $(41, 765. 52 - 4950)

Subtract the values

Adjusted gross income = $36, 815. 52

Hence, the value is $36, 815. 52

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