RIGHT ANSWER IS :- B
AS THERE TOTAL TAXABLE INCOME IS BELOW OF THE THRESHOLD LIMIT OF $315000 WHEN FILLING RETURNS JOINTLY
53. Jenna Parker owns and manages her single member LLC which provides a wide variety of...
Enna Parker owns and manages her single-member LLC, which provides a wide variety of financial services to her dierits. She is married and will te a joint tax return with her spouse, Paul. Her LLC reports $300,000 of net income, W2 wages of $120,000, and assets with an unadjusted asis of $75,000. Their taxable income before the gel deduction is 3285.000 this is also their modified to come. What is their Seduction for 2019 a $57,000 b. $70,000. 5-0- d....
Problem 9-44 (LO. 6) Donald (a married taxpayer filing jointly) owns a wide variety of commercial rental properties held in a single-member LLC. Donald's LLC reports rental income of $1,500,000. The LLC pays no W–2 wages; rather, it pays a management fee to an S corporation that Donald controls. The management company pays W–2 wages but reports no income (or loss). Donald's total unadjusted basis of the commercial rental property is $10,000,000. Donald's taxable income before the QBI deduction (and...
Ben and Molly are married and will file jointly. Ben earns $300,000 from his single member LLC (a law firm). He reports his business as a sole proprietorship. Wages paid by the law firm amount to $40,000; the law firm owns no significant property. Molly is employed as a tax manager by a local CPA firm. Their modified taxable income is $375,000 (this is also their taxable income before the deduction for qualified business income). What is their tentative QBI...
Tanuja Singh is a CPA and operates her own accounting firm (Singh CRA, LLC), As a single-member LLC, she reports her accounting firm operations as a sole proprietor. Tanuja has QEI fron her accounting firm of $540,000, reports w-2 wages oft $156,000, and the unadjusted basis of property used in the LLC is $425,000. Tanuja is married and will flea joint tar retunn nith her spoose Their taxable income befure the QB deduction is 475.000, and their modified taxable income...
Comprehensive Income Tax Course: Module 1 4. Randy turned 16 last year and had his first summer job. Even though his parents are claiming him as a dependent he wants to file a return in order to get his refund. He receives his W-2 and decides he can do his own return using form 1040-EZ. Which of the following information is not found on a Form W-2? a) The taxpayer’s Social Security number b) The taxpayer’s wages, tips and other...