Problem 34 (Algorithmic) (LO. 1) Daniel, age 38, is single and has the following income and expenses in 2016 Salary income $195,000 Net rent income 12,500 1,700 Dividend income 18,000 Payment of alimony Mortgage interest on residence 3,100 3,400 Property tax on residence Contribution to traditional IRA (assume the amount is fully deductible) 3,900 Contribution to United Church 2,100 Loss on the sale of real estate (held for investment) 2,200 3,200 Medical expenses 1,500 State income tax 6,200 Federal income tax Daniel's standard deduction for 2016 is $6,300 and his personal exemption is $4,050