question 2 (4 points) your gross income is $220,170.17. you deposited $12,000 into your tax - deferred…

question 2 (4 points) your gross income is $220,170.17. you deposited $12,000 into your tax - deferred retirement account for the year, and you made contributions to a charity account of $2,415.00. what is your adjusted gross income? enter the dollar amount rounded to the nearest cent. your answer answer

question 2 (4 points) your gross income is $220,170.17. you deposited $12,000 into your tax - deferred retirement account for the year, and you made contributions to a charity account of $2,415.00. what is your adjusted gross income? enter the dollar amount rounded to the nearest cent. your answer answer

Answer

Explanation:

Step1: Identify the formula

Adjusted gross income = Gross income - Deductions.

Step2: Calculate deductions

The deductions are the sum of the retirement - account deposit and the contribution to the charity account. So, deductions = $12000 + 2415=$14415$.

Step3: Calculate adjusted gross income

Gross income is $520170.17$. Adjusted gross income = $520170.17- 14415=$505755.17$. Rounding to the nearest one, it is $$505755$.

Answer:

$505755$