BUISENESS MANAGEMENT
TAXES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Gloria is a single individual who lives in Massachusetts with an Adjusted Gross Income of $72, 341. What does she owe in state taxes?
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$3617.05
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$36, 170.50
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$3007.05
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Insufficient Information to Answer.
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Explanation:
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: -Yes, you will have to pay Massachusetts tax on your income from New Hampshire. Since you are a Massachusetts resident, you have to pay Massachusetts tax on all your income, no matter where the income is from.
There is 1 question to complete.