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Victor is not married and supports Victor's 12 year old child who lives with Victor and has gross income of $2,650 (the child's gross income).
Victor is not married and supports Victor's 12 year old child who lives with Victor and has gross income of $2,650 (the child's gross income). Victor works as a self-employed realtor and earned commissions of $134,000 during 2019. Victor's business expenses were $14,900 and the only other income was interest of $7,300. Victor's other information follows: Contribution to solo(k) retirement plan..... .$4,500 Loss on sale of Alphatech stock held 2 years ..........$-3,700 Mortgage interest on primary residence.... .$12,950 State and local property tax on residence.... $3,350 Property tax included in personal auto registration..............$160 State sales taxes paid....... $370 State income taxes paid ..... Charitable contributions of cash... .$2,800 .$1,900 Political contributions...... $550 All information is for 2019. Calculate Victor's adjusted gross income and taxable income. Show your work! AGI = $ Taxable income = $
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