Find the gross income, the adjusted gross income and the taxable income based the taxable income on the greater of a standard deduction or an itemized deduction. Taxpayer earned wages of 213600 received 1600 in interest from a savings account and contributed 19600 to a tax deferred retirement plan, he had itemized deductions totaling 23910 which is more than the standard deduction of 12550 for his filing status 

To find the **gross income**, **adjusted gross income (AGI)**, and **taxable income**, let's go step-by-step:

### 1. **Gross Income**
Gross income includes all income the taxpayer received before any deductions. In this case:

- **Wages**: $213,600
- **Interest income**: $1,600

Thus, the **gross income** is:
\[
\text{Gross Income} = 213,600 + 1,600 = 215,200
\]

### 2. **Adjusted Gross Income (AGI)**
AGI is the gross income minus any adjustments or "above-the-line" deductions. The only adjustment provided here is the contribution to a tax-deferred retirement plan (which reduces taxable income):

- **Retirement contribution**: $19,600

So, the **AGI** is:
\[
\text{AGI} = 215,200 - 19,600 = 195,600
\]

### 3. **Taxable Income**
Taxable income is calculated by subtracting either the standard deduction or the itemized deduction (whichever is greater) from the AGI.

- **Itemized deductions**: $23,910
- **Standard deduction**: $12,550

Since the itemized deductions are greater than the standard deduction, we use the itemized deductions.

So, the **taxable income** is:
\[
\text{Taxable Income} = 195,600 - 23,910 = 171,690
\]

### Summary
- **Gross Income**: $215,200
- **Adjusted Gross Income (AGI)**: $195,600
- **Taxable Income**: $171,690

Would you like to explore more details on any of these steps or ask further questions?

Here are 5 related questions you might find helpful:
1. How do tax brackets affect the taxable income calculation?
2. What are other common "above-the-line" deductions that affect AGI?
3. How do different types of income (like capital gains or dividends) impact gross income and taxes?
4. Can retirement contributions to other types of plans affect AGI differently?
5. What happens if itemized deductions are lower than the standard deduction?

**Tip**: Keeping track of all possible itemized deductions (like mortgage interest, charitable contributions, and medical expenses) can sometimes save you more than using the standard deduction.

Find the gross income, the adjusted gross income and the taxable income based the taxable income on the greater of a standard deduction or an itemized deduction. Taxpayer earned wages of 213600 received 1600 in interest from a savings account and contributed 19600 to a tax deferred retirement plan, he had itemized deductions totaling 23910 which is more than the standard deduction of 12550 for his filing status.

Learn how to calculate gross income, adjusted gross income (AGI), and taxable income for a taxpayer with wages of $213,600, interest of $1,600, retirement contributions of $19,600, and itemized deductions of $23,910. Understand the steps in applying both itemized and standard deductions to arrive at the taxable income. Suitable for advanced high school or college students.

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