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Rocco operates a beauty salon as a sole proprietorship. Rocco also owns and rents an...

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Accounting

Rocco operates a beauty salon as a sole proprietorship. Rocco also owns and rents an apartment building. In 2023, Rocco had the following income and expenses. You may assume that Rocco will owe $2,528 in self-employment tax on his salon income, with $1,264 representing the employer portion of the self-employment tax. You may also assume that his divorce from Svetlana was finalized in 2016.
Interest income $ 11,875
Salon sales and revenue 86,760
Salaries paid to beauticians 45,430
Beauty salon supplies 23,440
Alimony paid to his ex-wife, Svetlana 6,200
Rental revenue from apartment building 31,940
Depreciation on apartment building 13,100
Real estate taxes paid on apartment building 11,260
Real estate taxes paid on personal residence 6,357
Contributions to charity 4,369
a. Determine Rocco's AGI.
Note: Amounts to be deducted should be Indicated by a minus sign.
\table[[Interest income,,],[Salon revenue,,],[,,],[,,],[Operating income from salon,,],[Apartment building revenue,,],[,,],[,,],[,,],[Apartment building income,,],[,,],[,,],[AGI,,]]
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