Mr. P is an unmarried individual with no dependent children. He reports the following information:

Wages.......................................................$65,000

Schedule C net profit.......................................11,650

Interest from savings account.................................500

Self-employment Tax on Schedule C net profit.........1,646

a. Assuming that Mr. P's itemized deductions total $5,000, compute AGI and taxable income.

b. Assuming that Mr. P's itemized deductions total $9,000, compute AGI and taxable income.