Accountancy, asked by amruthaprasad2283, 1 year ago

What are adjusted gross income and taxable income?

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Answered by Dhivishvarshan

0

In the United States income tax system, adjusted gross income (AGI) is an individual's total gross income minus specific deductions. Taxable income is adjusted gross income minus allowances for personal exemptions and itemized deductions. For most individual tax purposes, AGI is more relevant than gross income.
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