Question 12 5 pts This question is a continuation of the previous problem (though you do not need any of the facts presented there that are not also mentioned here). Assume Lawrence's net business income from the catering activities was $10,000 (it wasn't) and his salary is still $25,000. The employer portion of the self-employment tax on his business income was $706. Lawrence also contributed $3,500 to a traditional IRA. He also bought shares of stock. They cost $5,000 total. He paid $2,500 in interest on his sister's student loans and had a $10,000 loss from selling his boat. What is Lawrence's adjusted gross income? If Lawrence takes the standard deduction for a single individual, compute his taxable income and tax liability for 2020? Don't forget your deduction for qualified business income and round to the nearest dollar. Question 12 5 pts This question is a continuation of the previous problem (though you do not need any of the facts presented there that are not also mentioned here). Assume Lawrence's net business income from the catering activities was $10,000 (it wasn't) and his salary is still $25,000. The employer portion of the self-employment tax on his business income was $706. Lawrence also contributed $3,500 to a traditional IRA. He also bought shares of stock. They cost $5,000 total. He paid $2,500 in interest on his sister's student loans and had a $10,000 loss from selling his boat. What is Lawrence's adjusted gross income? If Lawrence takes the standard deduction for a single individual, compute his taxable income and tax liability for 2020? Don't forget your deduction for qualified business income and round to the nearest dollar