Tuesday, 18 February 2014

TERM OF THE DAY


Adjusted Gross Income

AGI. The amount used in the calculation of an individual's income tax liability; one's income after certain adjustments are made, but before standardized and itemized deductions and personal exemptions are made.

Example

You should know your adjusted gross income when filing for your yearly tax return in so you can calculate how much of your income is taxable.

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