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Questions tagged [adjusted-gross-income]

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1answer
106 views

Taxable scholarship is part of AGI. How do I calculate how much tax I have to pay?

I am filing taxes for the part time, and I don't know how much tax I have to pay. IRS says that taxable scholarship should be listed on the wages line, and this is eventually added to AGI. However, ...
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1answer
305 views

As a Sole Proprietor, will “employer” Solo 401k contributions count towards gross income?

With a Solo 401k, I can contribute up to 25% of my income as "employer contributions." Do these contributions count toward my adjusted gross income? Example I make $100,000 in 2015. I am 55 years ...
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1answer
880 views

Can AGI/MAGI ever be greater than gross income?

As I understand it, Adjusted Gross Income (AGI) is the gross income minus a number of deductions. Modified AGI (MAGI) is that number with some of the deductions added back in. Is the set of ...
2
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1answer
173 views

Am I being underpaid?

I earn £18000 pro rata for ten weeks. This full month I have just worked is gross pay of £1384, National Insurance was £85, Tax Code 1066L therefore PAYE = £0 Shouldn't my gross pay be £1500 though, ...
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2answers
1k views

My query about my CTC, Gross salary and net pay

I am working as Software professional in reputed private concern. After one year of my successful completion, they offered me 3 lakhs per annum package. But I am getting only Rs 20606 as net pay per ...
2
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2answers
671 views

Do I have to pay state taxes on income not earned while living or working in that state?

[All values are approximate] I moved to Pennsylvania, from Maine, last June 1st. I ceased all residency and employment in Maine on the 31st of May. In doing my taxes this year (using HR Block ...
3
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1answer
4k views

How do capital gains count towards gross income on your tax return?

In the US, when tallying gross income, do capital gains (short term or long term) count toward your gross income, before capital losses? OR do capital losses subtract from your capital gains before it ...