Definitions for adjusted gross income
ad·just·ed gross in·come

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1. Adjusted gross income

   In the United States income tax system, adjusted gross income (AGI) is an individual's total gross income minus specific deductions. It is used to calculate taxable income, which is AGI minus allowances for personal exemptions and itemized deductions. For most individual tax purposes, AGI is more relevant than gross income. Gross income is sales price of goods or property, minus cost of the property sold, plus other income. It includes wages, interest, dividends, business income, rental income, and all other types of income. Adjusted gross income is gross income less deductions from a business or rental activity and 21 other specific items. Several deductions (e.g. medical expenses and miscellaneous itemized deductions) are limited based on a percentage of AGI. Certain phase outs, including those of lower tax rates and itemized deductions, are based on levels of AGI. Many states base state income tax on AGI with certain deductions. Adjusted gross income is calculated by subtracting Above-the-line deduction from gross income.

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1. Adjusted gross income

   In the United States income tax system, adjusted gross income 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. Gross income is sales price of goods or property, minus cost of the property sold, plus other income. It includes wages, interest, dividends, business income, rental income, and all other types of income. Adjusted gross income is gross income less deductions from a business or rental activity and 21 other specific items. Several deductions are limited based on a percentage of AGI. Certain phase outs, including those of lower tax rates and itemized deductions, are based on levels of AGI. Many states base state income tax on AGI with certain deductions. Adjusted gross income is calculated by subtracting Above-the-line deduction from gross income.

How to pronounce adjusted gross income?

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How to say adjusted gross income in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of adjusted gross income in Chaldean Numerology is: 8

2. Pythagorean Numerology

   The numerical value of adjusted gross income in Pythagorean Numerology is: 5

Examples of adjusted gross income in a Sentence

1. Josh Hawley:

   Senate Minority Leader Chuck Schumer said Capitol Hill Saturday. The current draft legislation, rolled out by the Senate GOP andobtained by Fox News on Thursday, would provide payments of up to $ 1,200 per person. They would be phased down at adjusted gross income thresholds of $ 75,000 for individuals and $ 150,000 per couple. Additionally, there would be $ 500 payments for each child. The amount, though, is slated to then be reduced by $ 5 for each $ 100 a taxpayers income exceeds the legislations threshold. The amount is reduced to zero for single taxpayers with incomes exceeding $ 99,000 and $ 198,000 for joint filers. The legislation also outlined $ 300 billion for small businesses to keep furloughed and laid-off workers on the payroll and $ 208 billion in loans to airlines and other industries. Some Republicans have objected to certain measures outlined in the bill, and most Democrats, including Senate Minority Leader Chuck Schumer, have sounded the alarm saying the measure does not go far enough in protecting American families, and is too focused on corporations. Sen. Josh Hawley, R-Mo., introduced an amendment to McConnells plan on Saturday, which aimed to expand relief forlow-income and middle-income Americans.Hawleys plan lowers the threshold for Americans to qualify for the $ 1,200 relief. In order to qualify, under Josh Hawley amendment, an individual must be a U.S. citizen with a Social Security number. Under McConnells plan, an individual must file taxes and have an income greater than $ 0 in order to qualify, which Josh Hawley says leaves behind Americans who are disabled, or living in public housing that dont file taxes due to not having any true income of their own. During this emergency our focus should be on helping every American who needs it, including especially our most vulnerable citizens, excluding or penalizing families with lower incomes doesnt make sense. Congress should prioritize lower-income and middle-class families through this crisis. Meanwhile, White House Legislative Affairs Director Eric Ueland declined to share specific details Capitol Hill Saturday on whether all GOP senators were on board with the ongoing discussions over the stimulus package.

References

1. ^ Wikipedia
   https://en.wikipedia.org/wiki/Adjusted_Gross_Income
2. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=adjusted gross income