4. Using the tax formula calculate the taxpayer's AGI. (5 POINTS) Wages $65,000 Prize from winning state poetry contest $1,000 State income taxes paid $12,500 Life insurance proceeds from death of spouse $50,000 Scholarship from the University of Akron $ 8,000 University of Akron tuition $10,000 Cash option taken from cafeteria plan $ 2,500 Gambling losses on slot machines $7,000 IRA contribution $5,000