Questions: How did you calculate my 28,071 of total taxable income? Your 28,071 of total taxable income comes from your adjusted gross income of 49,971, minus your 21,900 of total deductions. Why is my adjusted gross income 49,971? How did you calculate my 21,900 of total deductions?

How did you calculate my 28,071 of total taxable income? Your 28,071 of total taxable income comes from your adjusted gross income of 49,971, minus your 21,900 of total deductions. Why is my adjusted gross income 49,971? How did you calculate my 21,900 of total deductions?
Transcript text: How did you calculate my $\$ 28,071$ of total taxable income? Your $\$ 28,071$ of total taxable income comes from your adjusted gross income of $\$ 49,971$, minus your \$21,900 of total deductions. Why is my adjusted gross income \$49,971? How did you calculate my $\$ 21,900$ of total deductions?
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Solution

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To answer your questions:

  1. Why is my adjusted gross income \$49,971?

    Your adjusted gross income (AGI) is calculated by taking your total gross income and subtracting any adjustments to income. These adjustments can include contributions to retirement accounts, student loan interest, tuition and fees, and other allowable deductions. Without specific details on your income sources and adjustments, I can only provide a general explanation. Your AGI of \$49,971 is the result of your total gross income minus any adjustments you are eligible for.

  2. How did you calculate my \$21,900 of total deductions?

    Your total deductions of \$21,900 could be a combination of standard deductions and itemized deductions. The standard deduction is a fixed amount that reduces the income you're taxed on, and it varies based on your filing status (single, married filing jointly, etc.). Itemized deductions, on the other hand, are specific expenses allowed by the IRS that can be deducted from your AGI, such as mortgage interest, state and local taxes, medical expenses, and charitable contributions. The total of these deductions is subtracted from your AGI to determine your taxable income.

In summary, your taxable income of \$28,071 is calculated by taking your AGI of \$49,971 and subtracting your total deductions of \$21,900.

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