9. (Extra credit). Billy, single and age 42 , has the following items of income and expense for the current tax year. - Wages: $60,000 - Interest: $1,000 - Inheritance: $50,000 - Alimony paid: $10,000 (2016 divorce decree) - Child support paid: $8,000 - Federal taxes paid: $5,000 - State income taxes paid: $2,000 - Medical expenses: $7,500 1) Calculate Adjusted Gross Income (AGI) 1 point 2) What is the amount of itemized deduction? -3 point 3) Will Billy take Standard deduction or Item ized deduction (show your numbers)? - 1 point