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Let's break down the information from the image to solve the problem step by step.

### Problem Summary:
- The taxpayer:
  - Earned wages of **$52,600**.
  - Received **$520** in interest from a savings account.
  - Contributed **$8,400** to a tax-deferred retirement plan.
  - Had **itemized deductions of $7,250**, which is less than the standard deduction.
- The standard deduction is **$12,550** for his filing status.

We need to find:
1. **Gross Income**
2. **Adjusted Gross Income (AGI)**
3. **Taxable Income**

---

### 1. Gross Income:
Gross income is the total income earned before any deductions. This includes wages and interest.

- **Wages**: $52,600
- **Interest**: $520

Thus, the **Gross Income** is:
\[
Gross\ Income = 52,600 + 520 = 53,120
\]

### 2. Adjusted Gross Income (AGI):
To calculate AGI, subtract any contributions to tax-deferred retirement plans (like a 401(k)) from the gross income.

- **Gross Income**: $53,120
- **Retirement Plan Contribution**: $8,400

Thus, the **Adjusted Gross Income (AGI)** is:
\[
AGI = 53,120 - 8,400 = 44,720
\]

### 3. Taxable Income:
Taxable income is the AGI minus either the standard deduction or itemized deductions, whichever is higher. In this case, the standard deduction is **$12,550**, which is greater than the itemized deductions of **$7,250**, so we use the standard deduction.

- **AGI**: $44,720
- **Standard Deduction**: $12,550

Thus, the **Taxable Income** is:
\[
Taxable\ Income = 44,720 - 12,550 = 32,170
\]

---

### Final Answers:
1. **Gross Income**: $53,120
2. **Adjusted Gross Income (AGI)**: $44,720
3. **Taxable Income**: $32,170

Would you like any further explanation on these steps?

---

Here are some additional questions to deepen your understanding:
1. How would the result change if the taxpayer had a higher retirement contribution?
2. What is the impact of choosing itemized deductions over the standard deduction in this scenario?
3. How would different tax brackets apply to the taxable income?
4. Can interest from other sources also affect the gross income? How?
5. What other deductions could lower the AGI for a taxpayer?

**Tip**: Always compare itemized deductions with the standard deduction to ensure you're maximizing your tax savings.

A taxpayer earned wages of $52,600, received $520 in interest from a savings account, and contributed $8,400 to a tax-deferred retirement plan. He had itemized deductions totaling $7,250, which is less than the standard deduction of $12,550 for his filing status. Find the gross income, the adjusted gross income (AGI), and the taxable income.

Learn how to calculate gross income, adjusted gross income (AGI), and taxable income based on wages, interest, and deductions. This example involves a taxpayer earning $52,600 in wages and receiving $520 in interest, contributing $8,400 to a retirement plan, and choosing between itemized and standard deductions. Suitable for high school students and those preparing for personal finance or accounting exams.

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