Last year Lenry had an annual evarned income of \( \$ 58475 \). He abo had passive income of \( \$ 1,255 \), and capital gains of \( \$ 2,350 \), what was Lenry's total gross income for the year? a. \( \$ 58475 \) b. \( \$ 59,730 \) c. \( \$ 60,385 \) d. \( \$ 62,090 \)
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Mind Expander
To find Lenry's total gross income for the year, you simply need to add his earned income, passive income, and capital gains together. So, \( \$ 58,475 + \$ 1,255 + \$ 2,350 = \$ 60,080 \). However, since that option isn’t listed, you might want to double-check the figures given. Let's add them up again: - Earned Income: \( \$ 58,475 \) - Passive Income: \( \$ 1,255 \) - Capital Gains: \( \$ 2,350 \) - Total: \( 58,475 + 1,255 + 2,350 = 60,080 \). It seems like the answer might be omitted, but based on your calculations, keep that result in mind when matching it to a choice. When reporting income, especially passive and capital gains, it’s crucial to keep meticulous records. Income from different sources contributes to your overall financial wellness, and knowing how to track these can make tax season a breeze!
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