Use the following for questions 23 through 26 for the tax year 2019 and select the best answer. George is single and age 46, has wages of $255,000, interest income of 10,000 and tax-exempt interest income from municipal bonds of $2,000. He has net short-term capital gains of $9,000 and net long-term capital losses of $16,000 (0%, 15%, 20% category). He pays the following expenditures in 2020. Medical expenses (before limitation) $35,000 Interest on home mortgage (Loan is $175,000 and fair market value of home is $220,000) $15,500 State income tax $7,500 Real estate tax $8,600 Charitable contributions (cash) $6,500

QUESTION 23 What is George's Adjusted Gross Income (AGI)? a. $258,000 b. $260,000 c. $262,000 d. $255,000

QUESTION 24 Using the information provided in Question #23, what is George's total itemized deductions? a. $47,300 b. $46,900 c. $64,300 d. $73,100

QUESTION 25 Using the information provided in Question #23, what is George's taxable income? a. $214,650 b. $215,100 c. $181,900 d. $211,100

QUESTION 26 Using information provided in Question #23, what is George's tax (using the tax rate schedule)? a. $49,923 b. $51,422 c. $50,146 d. $46,627