What is Bobby's adjusted gross income after accounting for his deductions?

To determine Bobby's adjusted gross income (AGI), we need to consider how deductions are applied to his total income. The AGI is calculated by taking the total income and subtracting allowable deductions such as retirement contributions, health savings account contributions, or other adjustments specified by the tax code.

In this case, the calculation indicates that after considering these deductions, Bobby's income is reduced to $142,050. This value accurately reflects his financial situation after these deductions are taken into account. It represents the income that is subject to taxation, reflecting the adjustments made for his specific circumstances.

Understanding adjusted gross income is important because it affects various tax calculations, including eligibility for credits and deductions that phase out at higher income levels. Bobby's AGI of $142,050 places him in a specific tax bracket and influences how much tax he ultimately owes.