Peter is a single person, age 43, with no dependents. In 2021, Peter has gross income of $80,000 from his sole proprietorship. Peter also incurs $70,000 of deductible business expenses in connection with his proprietorship. He has interest and dividend income of $2,000. Peter itemized deductions total $10,400. Peter's taxable income is $11,600. $0. $1,600. $8,000