What is Michael Scott\'s 2012 adjusted gross income if the following items are t

Question

What is Michael Scott's 2012 adjusted gross income if the following items are the only things that happen to Michael Scott in 2012:

$150,000 earned in wages;
$5,000 paid to doctors;
$5,000 paid for alimony;
$5,000 paid for prescription drugs;
$150,000 received in life insurance proceeds;
$5,000 donated to the American Cancer Society;
$5,000 paid in real estate taxes;
$5,000 interest earned on California state bond interest;
$5,000 paid in mortgage interest; and
$5,000 paid for tax preparation fees.
Answer


(a) $130,000

(b) $145,000

(c) $295,000

(d) $300,000

(e) None of the above

Explanation / Answer

(b) $145,000

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