John and Margaret are married taxpayers. They are both under age 65 and in good health. For 2020, they have $55,000 in wages and $600 in interest income. John and Margaret's deductions for adjusted gross income amount to $5,900 and their itemized deductions equal $15,950.

1. What is the amount of their adjusted gross income? [ Select ] ["55,600", "49,700", "61,500", "55,000"]

2. What is the amount of their itemized deductions OR standard deductions that they should use? [ Select ] ["12,400", "8,000", "24,800", "15,950"]

3. What is their 2020 taxable income? [ Select ] ["24,900", "37,700", "49,700", "25,700"]

4. What is their 2020 tax? [ Select ] ["1,975", "5,150", "2,593", "618"]