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Cyril, who is 68 years of age, received Social Security benefits of $12,000, wages of $5,000, interest and dividends of $4,000, unemployment compensation of $3,000 and municipal bond interest of $1,500. Calculate Cyril's adjusted gross income.

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josealejandrocl

Answer:

Cyril's adjusted gross income is $12000.

Step-by-step explanation:

First, we have that the adjusted gross income is given by the sum of the income that is not taxable.  

For our case, we have the following data:

Social security:  12000 (This is not taxable)

Wages:  5000 (This is taxable)

Interest and dividends:  4000 (This is taxable)

Unemployment compensation:  3000 (This is taxable)

municipal bond interest: $1,500 (This is not taxable)

Then, adding up the income that's deductible, we have that Cyril's adjusted gross income is:

AGI=5000+4000+3000=$12000

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