To calculate MAGI, you’ll take your AGI and “add-back” certain deductions. Given that this is how MAGI is calculated, your MAGI will always be equal to or more than your AGI. How can you reduce your AGI (and MAGI)? The IRS uses your AGI and MAGI to determine w...
the blended rate is $9.50. This is calculated by multiplying 10 times $8 and 30 times $10, adding the sums of both equations and dividing the total by 40 hours. Overtime pay is 1.5 for each hour over 40. If the teacher's assistant worked 10 additional hours, he would receive $9.50...
Today, it is still possible to be thrown or remain in jail for debt. Debts of fraud, child-support, alimony, or release fines can land you in jail or prevent you from being set free. This is the government's goal when prosecuting income tax cases. Apparently we have become desensitized...