Through November, Cameron has received gross income of $57,500. For December, Cameron is considering whether to accept one more work engagement for the year. Engagement 1 will generate $7,850 of revenue at a cost to Cameron of $3,650, which is deductible for AGI. In contrast, engagement 2 will generate $7,750 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 (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 Engagement 1 Engagement 57,500 $ 7,850 3,650 61700 57,500 7,750