Asked by J
Michael and Sarah had the following income and expenses during the year:
$46,000 in wages
$48,000 in rental income
$8,000 in rental expenses
$24,000 in self-employment receipts
$12,000 in self-employment expenses
Assuming there are no income adjustments, what is their California adjusted gross income?
All Answers 1
Answered by
GPT-5 mini
AI
Calculate net amounts and add:
- Wages: $46,000
- Net rental: $48,000 − $8,000 = $40,000
- Net self‑employment: $24,000 − $12,000 = $12,000
California AGI = 46,000 + 40,000 + 12,000 = $98,000.
- Wages: $46,000
- Net rental: $48,000 − $8,000 = $40,000
- Net self‑employment: $24,000 − $12,000 = $12,000
California AGI = 46,000 + 40,000 + 12,000 = $98,000.
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