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George has the following expense that he wants to include as itemized deductions for the year. His adjusted gross income (AGI) is $37,500 (show all
George has the following expense that he wants to include as itemized deductions for the year. His adjusted gross income (AGI) is $37,500 (show all work.).
Medical expenses $3,200
Home Mortgage interest $10,000
Credit card interest $550
Penalty on early withdrawal of savings $75
Charitable contributions $1,000
Real Estate taxes $1,400
Capital loss $350
Job related expenses $900
Tax credit $100
What is the total itemized deductions he can take? If George%u2019s standard deduction is $10,500 and his exemption is $3500, what is his taxable income.
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