AGI Calculation Quiz
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Questions and Answers

Which of the following correctly defines AGI (Adjusted Gross Income)?

  • The total income earned before some deductions are taken out
  • The total income earned after all deductions are taken out
  • The total income earned after some deductions are taken out (correct)
  • The total income earned before any deductions are taken out

    • What is used to calculate AGI?

  • Gross income (correct)
  • Taxable income
  • Net income
  • Total income

    • What does deductibles refer to in the context of AGI calculation?

  • Expenses that are multiplied with AGI
  • Expenses that are not considered in AGI calculation
  • Expenses that can be subtracted from AGI (correct)
  • Expenses that are added to AGI

    • Which of the following is NOT considered when determining gross income?

    <p>Gifts received</p> Signup and view all the answers

    What is the purpose of determining gross income?

    <p>To determine taxable income</p> Signup and view all the answers

    Which of the following is an example of gross income?

    <p>Life insurance proceeds received upon death</p> Signup and view all the answers

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