Homework Answers
ANSWER
| Engagement1 | Engagement2 | ||
| 1) | Gross income before new work engagement | $100,000.00 | $100,000.00 |
| 2) | Income from engagement | $8,360.00 | $9,850.00 |
| 3) | Additional for AGI deduction | -$4,500.00 | $0.00 |
| 4) | Adjusted gross income (1+ 2 +3) | $103,860.00 | $109,850.00 |
| 5) | Greater of itemized deductions or standard deduction | -$12,000.00 | -$12,000.00 |
| 6) | Deduction for QBI = 9,850 x 20% | $0.00 | -$1,970.00 |
| Taxable Income (4+5+6) | $91,860 | $95,880.00 |
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Achoices: Total tax liability owed, Adjusted gross income (AGI),
Gross income (all income subject to income taxes]
Bchoices: Total personal exemptions, (AGI), Adjustments to
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Cchoices: Total tax liability owed, Itemized deductions,
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Dchoices: Taxable income Total personal exemptions Total tax
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E: Taxable income (AGI) Other taxes
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G: Tax credits Other credits Tax liability owed
H: Taxable income Total tax liability owed Adjestments to
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