Jennifer is a CPA and a single taxpayer using the standard deduction. In 2018, her CPA...
Jennifer is a CPA and a single taxpayer using the standard deduction. In 2018, her CPA practice generates net income of $162,000 and she has no other income or losses. Jennifer's taxable income before the QBI deduction is $150,000 ($162,000 – $12,000 standard deduction). Jennifer employs an administrative assistant in her practice and pays him $75,000 in wages. The unadjusted basis of depreciable assets employed in the practice total $30,000. If amount is zero, enter "0". a. What is Jennifer's qualified business income deduction?
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Jennifer is a CPA and a single taxpayer using the standard
deduction. In 2018, her CPA...
Jennifer is a CPA and a single taxpayer using the standard deduction. In 2020, her CPA...
Jennifer is a CPA and a single taxpayer using the standard deduction. In 2020, her CPA practice generates qualified business income of $162,400 and she has no other income or losses. Jennifer's taxable income before the QBI deduction is $150,000 ($162,400 – $12,400 standard deduction). Jennifer employs an administrative assistant in her practice and pays him $75,000 in wages. The unadjusted basis of depreciable assets employed in the practice totals $30,000. If amount is zero, enter "0". Assume the QBI...
Ting is a CPA and a single taxpayer using the standard deduction. In 2019, her CPA...
Ting is a CPA and a single taxpayer using the standard deduction. In 2019, her CPA practice generates qualified business income of $162,200; she records no other income or losses. Ting's taxable income before the QBI deduction is $150,000 ($162,200 - $12,200 standard deduction). Ting employs an administrative assistant in her practice and pays him $75,000 in wages. The unadjusted basis of depreciable assets employed in the practice total $30,000. If amount is zero, enter"0". Assume the QBT amount is...
Thad, a single taxpayer, has taxable income before the QBI deduction of $190,700. Thad, a CPA,...
Thad, a single taxpayer, has taxable income before the QBI deduction of $190,700. Thad, a CPA, operates an accounting practice as a single-member LLC (which he reports as a sole proprietorship). During 2019, his proprietorship generates a qualified business income of $150,000, W–2 wages of $125,000, and $10,000 of qualified property. Assume the QBI amount is net of the self-employment tax deduction. What is Thad's qualified business income deduction?
Thad, a single taxpayer, reports taxable income before the QBI deduction of $185,000. Thad, a CPA,...
Thad, a single taxpayer, reports taxable income before the QBI deduction of $185,000. Thad, a CPA, operates an accounting practice as a single member LLC (which he reports as a sole proprietorship). During the tax year, his proprietorship generates qualified business income of $148,000 after deducting self-employment taxes, W–2 wages of $111,000, and $11,600 of qualified property. Assume the QBI amount is net of the self-employment tax deduction. What is Thad's QBI deduction? Please provide solution and answer
Thad, a single taxpayer, has taxable income before the QBI deduction of $197,000. Thad, a CPA,...
Thad, a single taxpayer, has taxable income before the QBI deduction of $197,000. Thad, a CPA, operates an accounting practice as a single member LLC (which he reports as a sole proprietorship). During 2020, his proprietorship generates qualified business income of $157,600, W–2 wages of $118,200, and $8,400 of qualified property.
Thad, a single taxpayer, has taxable income before the QBI deduction of $189,500. Thad, a CPA,...
Thad, a single taxpayer, has taxable income before the QBI deduction of $189,500. Thad, a CPA, operates an accounting practice as a single member LLC (which he reports as a sole proprietorship). During 2020, his proprietorship generates qualified business income of $151,600, W–2 wages of $113,700, and $10,800 of qualified property. Assume the QBI amount is net of the self-employment tax deduction. If required, round any division to two decimal places. Round your final answer to the nearest dollar. What...
Exercise 2-19 (LO. 3, 4) Thad, a single taxpayer, has taxable income before the QBI deduction...
Exercise 2-19 (LO. 3, 4) Thad, a single taxpayer, has taxable income before the QBI deduction of $190,700. Thad, a CPA, operates an accounting practice as a single member LLC (which he reports as a sole proprietorship). During 2019, his proprietorship generates qualified business income of $150,000, W-2 wages of $125,000, and $10,000 of qualified property. Assume the QBI amount is net of the self-employment tax deduction. What is Thad's qualified business income deduction? $
It is not $50,000. Susan, a single taxpayer, owns and operates a bakery as a sole...
It is not $50,000.
Susan, a single taxpayer, owns and operates a bakery as a sole proprietorship. The business is not a specified services business. In 2019, the business pays $100,000 in W-2 wages, holds $150,000 of qualified property, and generates $150,000 of qualified business income. Susan has no other items of income or loss and will take the standard deduction. Assume the QBI amount is net of the self- employment tax deduction. What is Susan's QBI deduction?
Ella, a single taxpayer, operates a gardening shop as a sole proprietor. The business has 3...
Ella, a single taxpayer, operates a gardening shop as a sole proprietor. The business has 3 employees who are paid a total of $110,000 during 2020. Assume that the business has no significant assets. During 2020, the business generates $156,000 of income and Ella’s taxable income before the QBI deduction is $162,000 What is Ella’s qualified business income deduction? What is Ella’s qualified business income deduction if the facts are the same except that the business income is $320,000 and...
Problem 2-35 (LO. 3, 4) Susan, a single taxpayer, owns and operates a bakery (as a...
Problem 2-35 (LO. 3, 4) Susan, a single taxpayer, owns and operates a bakery (as a sole proprietorship). The business is not a "specified services" business. In 2020, the business pays $60,000 of W-2 wages, has $150,000 of qualified property, and generates $200,000 of qualified business income. Susan also has a part-time job earning wages of $11,100 and receives $3,300 of interest income. Her standard deduction is $12,400. Assume the QBI amount is net of the self-employment tax deduction. What...
Ting is a CPA and a single taxpayer using the standard deduction. In 2019, her CPA practice generates qualified business income of $162,200; she records no other income or losses. Ting's taxable income before the QBI deduction is $150,000 ($162,200 - $12,200 standard deduction). Ting employs an administrative assistant in her practice and pays him $75,000 in wages. The unadjusted basis of depreciable assets employed in the practice total $30,000. If amount is zero, enter"0". Assume the QBT amount is...
Exercise 2-19 (LO. 3, 4) Thad, a single taxpayer, has taxable income before the QBI deduction of $190,700. Thad, a CPA, operates an accounting practice as a single member LLC (which he reports as a sole proprietorship). During 2019, his proprietorship generates qualified business income of $150,000, W-2 wages of $125,000, and $10,000 of qualified property. Assume the QBI amount is net of the self-employment tax deduction. What is Thad's qualified business income deduction? $
It is not $50,000.
Susan, a single taxpayer, owns and operates a bakery as a sole proprietorship. The business is not a specified services business. In 2019, the business pays $100,000 in W-2 wages, holds $150,000 of qualified property, and generates $150,000 of qualified business income. Susan has no other items of income or loss and will take the standard deduction. Assume the QBI amount is net of the self- employment tax deduction. What is Susan's QBI deduction?
Problem 2-35 (LO. 3, 4) Susan, a single taxpayer, owns and operates a bakery (as a sole proprietorship). The business is not a "specified services" business. In 2020, the business pays $60,000 of W-2 wages, has $150,000 of qualified property, and generates $200,000 of qualified business income. Susan also has a part-time job earning wages of $11,100 and receives $3,300 of interest income. Her standard deduction is $12,400. Assume the QBI amount is net of the self-employment tax deduction. What...
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