George has the following expense that he wants to include as itemized deductions for the year. His adjusted gross income (AGI) is $37500 (show all work.).
Medical expenses $3200
Home Mortgage interest $10000
Credit card interest $550
Penalty on early withdrawal of savings $75
Charitable contributions $1000
Real Estate taxes $1400
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 $10500 and his exemption is $3500 what is his taxable income.