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Answer :
Zeke's total income is $50,050, consisting of $49,000 from wages and $1,050 of taxable interest before considering any deductions or retirement contributions.
Zeke's total income includes both his income from wages and taxable interest.
However, contributions to a tax-deferred retirement account are not included in total income, as they are traditionally subtracted to arrive at the adjusted gross income (AGI).
To calculate Zeke's total income, you simply add his income from wages, $49,000, with his taxable interest, $1,050. The contributions to the retirement account will reduce his taxable income, but not his total income.
Zekes's total income would be:
- Income from wages: $49,000
- + Taxable interest: $1,050
- Total Income: $50,050
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