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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. \( \$ 62,090 \)

Ask by Wilson Garrett. in the United States
Feb 24,2025

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Answer

Lenry's total gross income for the year is \$60,080.

Solution

To find Lenry's total gross income for the year, we need to sum his earned income, passive income, and capital gains. Here are the known conditions: - Earned income: \( \$ 58,475 \) - Passive income: \( \$ 1,255 \) - Capital gains: \( \$ 2,350 \) Now, let's calculate the total gross income step by step: 1. **Add the earned income and passive income:** \[ \text{Total Income} = \text{Earned Income} + \text{Passive Income} \] \[ \text{Total Income} = 58475 + 1255 \] 2. **Now, add the capital gains to the total income:** \[ \text{Total Gross Income} = \text{Total Income} + \text{Capital Gains} \] \[ \text{Total Gross Income} = (58475 + 1255) + 2350 \] Let's perform the calculations. First, calculate \( 58475 + 1255 \): \[ 58475 + 1255 = 59730 \] Next, add \( 2350 \): \[ 59730 + 2350 = 62080 \] Thus, Lenry's total gross income for the year is \( \$ 60,080 \). Now, let's check the options provided: a. \( \$ 58,475 \) b. \( \$ 59,730 \) c. \( \$ 60,385 \) d. \( \$ 62,090 \) None of the options match \( \$ 60,080 \). It seems there might be a mistake in the options provided. However, based on the calculations, Lenry's total gross income is \( \$ 60,080 \).

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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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