Through November, Cameron has received gross income of $55,000. For December, Cameron is considering whether to accept one more work engagement for the year. Engagement 1 will generate $8,020 of revenue at a cost to Cameron of $3,600, which is deductible for AGI. In contrast, engagement 2 will generate $7,250 of qualified business income (QBI), which is eligible for the 20 percent QBI deduction. Cameron files as a single taxpayer. Calculate Cameron's taxable income assuming he chooses engagement 1 and assuming he chooses engagement 2. Assume he has no itemized deductions. Description Engagement 1 Engagement 2 |(1) Gross income before new work engagement (2) Income from engagement (3) Additional for AGI deduction (4) Adjusted gross income (5) Greater of itemized deductions or standard deduction |(6) Deduction for QBI Taxable income