Solved: Duke and pat collins have adjusted gross income of 500000, Accounting Basics

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Duke and pat collins have adjusted gross income of 500000

Question - Duke and Pat Collins have adjusted gross income of $500,000. They have itemized deductions of $20,000 consisting of $8,000 in medical expenses that exceed 71/2% of adjusted gross income ,$3,000 in property taxes ,$4,000 in housing interest ,and $5,000 in miscellaneous itemized deductions that exceed 2 percent of adjusted gross income. What is the amount of their itemized deductions?

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Accounting Basics: Duke and pat collins have adjusted gross income of 500000

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