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Ryan, who is single, has the following income and expenses for 2019: Gross income from sole proprietorship $148,500 Cash operating expenses for sole proprietorship 24,250

Ryan, who is single, has the following income and expenses for 2019:

Gross income from sole proprietorship $148,500

Cash operating expenses for sole proprietorship 24,250

Interest income 1,400

Dividend income (qualified) 1,200

Contribution to solo-(k) plan 4,000

Medical insurance for self-employed individual 6,600

Medical expenses before floor 2,600

Acquisition residence insurance 6,800

Home equity residence interest 2,233

Real property taxes 5,200

Car tax (amount based on value) 550

State income tax paid 4,440

Cash charitable contributions 75

Contribution of appreciated stock,

fmv = $6,000, basis = 780

Miscellaneous itemized deductions 555

Calculate Ryans gross federal income tax. Also, label Ryan's AGI and Taxable Income. You may assume that Ryans taxable income before the QBI deduction is less than $160,700. Ryan's standard deduction is $12,200 as he is single.

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