BUSINESS ADMINISTRATION
BUSINESS MATHEMATICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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$3518.76
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$3357.14
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$2521.21
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$3518.74
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Detailed explanation-1: -The AGI calculation is relatively straightforward. It is equal to the total income you report that’s subject to income tax-such as earnings from your job, self-employment, dividends and interest from a bank account-minus specific deductions, or “adjustments” that you’re eligible to take.
Detailed explanation-2: -You can find your AGI on the form you used to file your last year’s return. Various versions of Form 1040 reflect the AGI amount on different lines: Line 11 on Form 1040 and 1040-SR (2020 tax year) Line 11 on Form 1040-NR (tax year 2020 form)
Detailed explanation-3: -The standard deduction amounts for 2022 are: Married Filing Jointly or Qualifying Widow(er) – $25, 900 (increase of $800)
Detailed explanation-4: -For the 2022 tax year (the return you’ll file in 2023), the standard deductions are: For single taxpayers and for those who are married but filing separate returns: $12, 950. For heads of households: $19, 400. If you’re married and filing jointly, or if you’re a qualifying surviving spouse with a dependent: $25, 9003.