Reference no: EM132562229

Question - 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 $2,800

Charitable contributions of cash $1,900

Political contributions $550

Required - Calculate Victor's adjusted gross income and taxable income.