Question and answer
Is adjusted gross income and total income the same thing?
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|
Question|Rated good
Asked 3/17/2011 7:51:32 AM
0 Answers/Comments
Get an answer
New answers
Rating

There are no new answers.

Comments

There are no comments.

Add an answer or comment
Log in or sign up first.
Questions asked by the same visitor
What is the difference between married filing jointly and married filing separately when filing taxes?
Weegy: sorry you were transferred..what's your question? (More)
Question
Expert Answered
Asked 3/16/2011 9:10:43 PM
0 Answers/Comments
When looking at your W-2 from your employer is Social Security Wages the same as Social Security Tax Withheld?
Weegy: Box 3 reports the total amount of wages subject to the Social Security tax. For 2009, the Social Security tax is assessed on wages of $106,800 or less. This limit is called the Social Security wage base. [ If Box 3 shows an amount over $106,800, you will need to have your employer correct your W-2. If your total wages are under $106,800, then the amounts reported in Boxes 1 and 3 should be the same. Tips reported to your employer are not included in the Box 3 amount. Tip income is reported in Box 7. The amounts in Box 3 and Box 7 should equal either the amount in Box 1 or the $106,800 maximum wage base for Social Security taxes. Box 4 reports the total amount of Social Security taxes withheld from your paychecks. The Social Security tax is a flat tax rate of 6.2% on your wage income, up to a maximum wage base of $106,800 (for 2009 and 2010). Wages above $106,800 are not subject to the Social Security tax. Accordingly, the maximum figure shown in Box 4 should be $6,621.60 ($106,800 maximum wage base times 6.2%). If you have two or more jobs during the year, and your total wages exceed $106,800, you may have paid-in too much Social Security tax. You will claim the excess Social Security tax withholding as a credit on your Form 1040. ] (More)
Question
Expert Answered
Asked 3/17/2011 7:59:47 AM
0 Answers/Comments
Is credits the same as deductions when filing your taxes?
Weegy: This is what most taxpayers will qualify for. You are allowed to deduct up to $4000 of qualified education expenses to an accredited school from your income. [ The expenses that are qualified include tuition, and any fees that are required as a condition of enrollment. For example, if students are all required to pay an activity fee, that is a qualified expense. But since students do not have to buy textbooks from the university, textbook costs are not a qualified expense. To be eligible for this deduction, you, your spouse, or your dependent must have been a student at a qualified school in 2010 and you must have paid educational expenses. You meet the criteria even if you used a student loan to pay for the educational expenses. You cannot claim education expenses that have been paid for with a scholarship, however. There are some cases when you cannot take this deduction. If you earned $80,000 in 2010 (or $160,000 if you are filing jointly with your spouse), you are ineligible for the deduction. In addition, married taxpayers filing separately do not qualify for the deduction. Also, you cannot claim this and one of the education credits (details below) for the same person during the same year. Finally, insurance, medical expenses, room and board and transportation do not qualify for eligible education expenses. 2. American Opportunity Credit This is a refundable tax credit rather than a deduction. What that means is this directly reduces the amount of tax you have to pay, rather than reducing your taxable income. It also means that if the credit owed to you is greater than the tax you, you will still receive a refund from Uncle Sam-up to 40% of the credit amount. The maximum credit allowed per student is $2500. Eligibility requirements are slightly different than for the Tuition and Fees Deduction. A student must be enrolled at least half-time in an undergraduate degree-granting program to qualify. You can only take advantage of this credit for four ... (More)
Question
Expert Answered
Asked 3/17/2011 8:11:29 AM
0 Answers/Comments
Do you think the author was effective in writing this paragraph? In Discovering Psychology, Hockenbury and Hockenbury present evidence that males and females react to different sources of stress and respond differently to them. The studies they use as evidence discuss only married couples, however, and they provide few details about the actual kinds and symptoms of stress. Several other studies, as well as original research done among unmarried college students, provide some additional insights ...
Weegy: do you have a question for weegy. User: Do you think the author was effective in writing this paragraph? Weegy: yes this was an effective paragraph, when you have a clear topic sentence and the rest of the paragraph supports it with details expressed in a unified and reader-friendly manner. (More)
Question
Expert Answered
Asked 3/17/2011 9:22:34 AM
0 Answers/Comments
t Object]
Weegy: ? (More)
Question
Expert Answered
Asked 3/17/2011 9:28:01 AM
0 Answers/Comments
18,057,599 questions answered
Popular Conversations
How would you rewrite the equation 2x + 4y + 2 = 3y + 5 in general ...
Weegy: FOIL (First Outside Inside Last) = 2x(2x) + 2x(-3y) + (-3y)(2x) + (-3y)(-3y) = 4x^2 + (-6xy) + (-6xy) + ...
10/30/2014 6:28:25 PM| 4 Answers
Solve the following equation. x + 6 = x + x 2 6 14 72 User: ...
Weegy: I'm sorry, do you have a question I can help you with today? User: Solve for A. BA + C = D A = D - B - C A ...
10/30/2014 9:06:00 AM| 3 Answers
What is the slope of the line that has the equation 4x + 2y = 12?
Weegy: The slope of the line that has the equation 4x + 2y = 12 is -2. User: What is the y-intercept of the line ...
10/30/2014 6:21:18 PM| 3 Answers
Prior to the Seventeenth Amendment, who chose the members of the US ...
Weegy: Prior to the Seventeenth Amendment, State legislatures chose the members of the US Senate. User: Prior to ...
10/30/2014 7:05:25 AM| 2 Answers
In a plane, if two lines are perpendicular to the same line, then ...
Weegy: Two lines parallel to the same plane are parallel to each other. TRUE. User: Congruent triangles are any two ...
10/30/2014 8:12:29 AM| 2 Answers
Weegy Stuff
S
L
1
1
1
1
L
1
L
Points 3275 [Total 15650]| Ratings 0| Comments 3275| Invitations 0|Offline
S
L
1
L
P
C
1
P
C
1
L
Points 2105 [Total 11586]| Ratings 5| Comments 2055| Invitations 0|Online
S
1
L
1
L
P
P
L
Points 1114 [Total 13343]| Ratings 1| Comments 1104| Invitations 0|Offline
S
L
Points 888 [Total 2287]| Ratings 0| Comments 888| Invitations 0|Offline
S
Points 673 [Total 674]| Ratings 7| Comments 603| Invitations 0|Offline
S
1
L
L
Points 567 [Total 6361]| Ratings 3| Comments 537| Invitations 0|Offline
S
Points 482 [Total 482]| Ratings 0| Comments 452| Invitations 3|Offline
S
Points 470 [Total 470]| Ratings 1| Comments 460| Invitations 0|Online
S
L
Points 79 [Total 1296]| Ratings 1| Comments 69| Invitations 0|Online
S
1
Points 65 [Total 683]| Ratings 0| Comments 65| Invitations 0|Offline
Home | Contact | Blog | About | Terms | Privacy | Social | ©2014 Purple Inc.