find the gross income, the adjusted gross income, and the taxable income. base the taxable income on the…

find the gross income, the adjusted gross income, and the taxable income. base the taxable income on the greater of a standard deduction or an itemized deduction. a taxpayer earned wages of $196,500, received $1300 in interest from a savings account, and contributed $19,800 to a tax - deferred retirement plan. he had itemized deductions totaling $23,350, which is more than the standard deduction of $12,550 for his filing status. his gross income was $ (simplify your answer).

find the gross income, the adjusted gross income, and the taxable income. base the taxable income on the greater of a standard deduction or an itemized deduction. a taxpayer earned wages of $196,500, received $1300 in interest from a savings account, and contributed $19,800 to a tax - deferred retirement plan. he had itemized deductions totaling $23,350, which is more than the standard deduction of $12,550 for his filing status. his gross income was $ (simplify your answer).

Answer

Explanation:

Step1: Define gross income components

Gross income is the sum of wages and interest. Wages are $196500 and interest is $1300. $Gross\ income=196500 + 1300$

Step2: Calculate gross income

$196500+1300 = 197800$

Answer:

$197800$