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Matthew is not married and supports a 12 year old child who lives with Matthew and has gross income of $2,650 (the child's gross income).

Matthew is not married and supports a 12 year old child who lives with Matthew and has gross income of $2,650 (the child's gross income). Matthew works as a self-employed planner and earned commissions and fees of $134,000 during 2019. Matthews other information follows:

Matthews business expenses $14,900

Contribution to solo(k) retirement plan 4,500

Loss on sale of Alphatech stock held 2 years -3,700

Payment for self-employed persons medical insrutance 8,000

Mortgage interest on primary residence 12,950

State and local property tax on residence 3,350

Property tax included in personal auto registration 160

State sales taxes paid 370

State income taxes paid 2,800

Charitable contributions of cash 1,950

Political contributions 550

Interest income $3,300

Qualifying dividends $2,200

All information is for 2019.

Calculate Matthews adjusted gross income and taxable income. Show your work!

AGI = $____________ Taxable Income = $____________

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