Donald is a Single filer. In 2018, he had a total of $78,000 in income. Donald contributed $5,500 to his traditional IRA and another $5,000 to his company 401(k) plan. Donald qualifies for the following deductions (if he were to itemize): Home mortgage interest of $6,000; state and local taxes of $3,500; and charitable contributions of $1,500. Compute Donald's taxable income for 2018.

Group of answer choices

$55,500

$56,500

$44,500

$67,500