Lee is single and has two daugnters
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Lee is single and has two daughters, Ava and Alice. He makes
$155,600 in gross income from his job at NASA. During the
year he had $6,000 in adjustments. He also had $17,600 in
qualified medical expenses and $9,000 in other fully itemized
deductions. Income tax held throughout the year = $18,500
What is the total amount the household will use for
deductions? Remember there is a standard deduction and an
itemized deduction. I want the larger of the two - the final
number you will use for deductions.
O $15,380
O $20,800
O $27,700
O $17,600
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