Last year Lenny had an annual earned income of $$ \$ 58,475 $$. He also had passive income of $$ \$ 1,255 $$, and capital gains of $$ \$ 2,350 $$. What was Lenny's total gross income for the year? a. $$ \$ 58,475 $$ b. $$ \$ 59,730 $$ c. $$ \$ 60,985 $$ d. $$ \$ 62,080 $$ Please select the best answer from the choices provided

Question

UpStudy AI · Accepted Answer

We are given:
- Annual earned income: $$ \$58{,}475 $$
- Passive income: $$ \$1{,}255 $$
- Capital gains: $$ \$2{,}350 $$

The total gross income is the sum of these incomes:

$$
\text{Total Gross Income} = \$58{,}475 + \$1{,}255 + \$2{,}350
$$

Step 1: Add earned income and passive income:

$$
\$58{,}475 + \$1{,}255 = \$59{,}730
$$

Step 2: Add capital gains:

$$
\$59{,}730 + \$2{,}350 = \$62{,}080
$$

Thus, Lenny's total gross income for the year is:

$$
\$62{,}080
$$

The best answer from the choices provided is:

d. $$ \$62{,}080 $$
Lenny's total gross income for the year is \$62,080.

Upstudy AI Solution

Answer

Solution

Beyond the Answer

Related Questions

Latest Economics Questions