Duke and pat collins have adjusted gross income of $358,000. they have itemized deductions of $20,000 consisting of $8,000 in medical expenses that exceed 10% 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 deduction?

$18,599

Explanation:

the $8,000 in medical expenses are 100% deductible,

but property taxes, housing interest and other miscellaneous deductions are not 100% deductible : $3,000 + $4,000 + $5,000 = $12,000

of the $12,000, you will be able to deduct $12,000 - [($358,000 - $311,300) x 3%] = $12,000 - $1,401 = $10,599

total itemized deductions = $8,000 + $10,599 = $18,599

they can see what that city is producing and to also see if they can some how get that product. like gold in africa.

it's actually a very difficult task, due to not many people can make 2 million dollars in 2 years. besides that, to the not-so-realistic ideas, you can create a business. it could be practically anything, but make it into a business that isn't that known yet, you get me? also, lets not forget about stock market. that's where all the good stuff happens. use investments at the beginning and begin to raise up your business or whatever you're going to do. as this is a very non-realistic idea, it's still worth the shot!