Find standard deduction and tacable income

Problem $4-33($LO $4-1)($Algo$)$

Through November, Cameron has received gross income of $$125,500.$ For December, Cameron is considering whether to accept one more work engagement for the year. Engagement $1$ will generate $$8,430$ of revenue at a cost to Cameron of $$3,550,$ which is deductible for AGI. In contrast, engagement $2$ will generate $$6,100$ 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.

$\backslash$table$[[$Description$,$Engagement $1,$Engagement $2],[(1)$ Gross income before new work engagement,$$,125,500,$$$,125,500],[(2)$ Income from engagement,,$8,430,,6,100],[(3)$ Additional for AGI deduction,,$3,550,,0],[(4)$ Adjusted gross income,$$,130,380,$$$,131,600],[(5)$ Greater of itemized deductions or standard deduction,,,,$0],[(6)$ Deduction for QBI,,$0,,1,220],[$Taxable income,,,,$]]$