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Q: Is adjusted gross income and total income the same thing?
A: Wages, Salaries, and Tips are a component of AGI. AGI also includes a bunch of other items such as interest & dividend income, capital gains, state tax refunds, deduction for student loan interest, and so forth. [ If you're situation is pretty simple then in most cases your Wages, Salaries, and Tips are going to equal your AGI or be very close to it.Generally, no, except either by coincidence or
because there was no other income or losses. The AGI is the total of the wages, salaries, tips, etc., the taxable interest income, the dividends, the capital gains, the business income, the unemployment compensation, the gambling winnings, and a whole bunch of other stuff, minus the business losses and capital losses. If there is no taxable interest income, dividends, capital gains, business income, unemployment compensation, gambling winnings, other income, losses, etc., then the AGI would, in theory, equal the wages, salaries, and tips, but this is not generally the case. In simple English, the wages, salaries, tips, etc., are the income from working as an employee, without including all of the other stuff that is part of AGI. ]
Expert answered|selymi|Points 1622|
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Asked 3/17/2011 7:51:32 AM
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