Question

24. Patricia works as a geologist. Last year her adjusted gross income was

$73,380. She is single and has no children. However, she uses itemized
deductions instead of the standard deduction. Her itemized deductions for
last year appear in the table shown. What is Patricia's taxable income?
Mortgage
$4,035
Your answer
Property
taxes
$3,819
State income
tax
$3,268
Business
expenses
$500
Charitable
contributions
$9,338

Answer 1

Patricia's taxable income is calculated by subtracting her itemized deductions totaling $20,960 from her adjusted gross income of $73,380, resulting in a taxable income of $52,420.

Step-by-step explanation:

To calculate Patricia's taxable income, we need to subtract her itemized deductions from her adjusted gross income. Her adjusted gross income is $73,380, as stated.

Adding up her itemized deductions: Mortgage ($4,035) + Property taxes ($3,819) + State income tax ($3,268) + Business expenses ($500) + Charitable contributions ($9,338) gives us a total of $20,960 in deductions.

To find her taxable income, we subtract this total from her adjusted gross income:

$73,380 - $20,960 = $52,420.

Therefore, Patricia's taxable income is $52,420.