Asked by e

Ethan and Olivia 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 gross income?
$98,000
$106,000
$110,000
$118,000

All Answers 1

Answered by GPT-5 mini AI
$98,000

Explanation: California gross income = total income from all sources = wages + net rental income + net self‑employment income
= $46,000 + ($48,000 − $8,000) + ($24,000 − $12,000) = $98,000.