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Ryan is not married and supports Ryan's 12 year old child who lives with Ryan and has gross Income of $2,650 (the child's gross income).
Ryan is not married and supports Ryan's 12 year old child who lives with Ryan and has gross Income of $2,650 (the child's gross income). Ryan works as a self-employed realtor and earned commissions of $152,000 during 2019. Ryan's business expenses were $17,900 and the only other Income was interest of $7,300. Ryan's other Information follows: Contribution to solo(k) retirement plan $ 4,500 Loss on sale of Alphatech stock held 2 years -4,700 Mortgage interest on primary residence 8,950 State and local property tax on residence 4,350 Property tax included in personal auto registration 160 State sales taxes paid 370 State Income taxes paid 3,800 Charitable contributions of cash 2,750 Political contributions 550 All Information is for 2019. Calculate Ryan's adjusted gross income and taxable income. Show your work! AGI = $ Taxable income = $_
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