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

Use the above for questions 23 through 26 for the tax year 2019 and select the best answer.

23 

What is George's Adjusted Gross Income (AGI)? 

a. $258,000 

b. $260,000 

c. $262,000 

d. $255,000

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

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

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

Answer rating: 100% (QA)

23 What is Georges Adjusted Gross Income AGI ANSWER c 262000 WORKING AGI Wages Interest income Taxex... View the full answer