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How do you calculate agi

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Reference no: EM131715457

Good answers on taxable income. Here is a recap:

Taxable income is a result of subtracting adjustments to income, deductions, and exemptions from gross income.

An example is if you have your own small business like a pool route and you gross $30,000 dollars a year. You then have $8,000 dollars in gas expenses, chemicals, tools, truck insurance, truck payments, etc. You would then take 30,000 minus 8,000 and your taxable income would be 22,000 dollars.

Moving forward, what is adjusted gross income (AGI)? How do you calculate AGI?

Reference no: EM131715457

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