Homework Answers
The persons whose income is below. 163300 $ For single taxpayers and. $ 326600 For joint payers is eligible for 20% deduction on taxable income
deduction = 20% of taxable income
= 20% of 112000
= 22400
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Problem 6-55 (LO 6-7) Eric, who is single, has income from his Schedule C of $140,000....
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Eric, who is single, has income from his Schedule C of $150,000. His taxable income is $120,000 after his other deductions. What is Eric’s QBI deduction for 2018?
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The KER Partnership earned ordinary income of $195,000 in 2018. The partnership has three equal partners,...
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Exercise 2-19 (Algorithmic) (LO. 3, 4) Thad, a single taxpayer, has taxable income before the QBI...
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Exercise 2-19 (Algorithmic) (LO. 3, 4) Thad, a single taxpayer, has taxable income before the QBI...
Exercise 2-19 (Algorithmic) (LO. 3, 4) Thad, a single taxpayer, has taxable income before the QBI deduction of $182,000. 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 $145,600, W–2 wages of $109,200, and $8,400 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...
Hortense who files as single had the following income and deductions for 2020 $82,000 4,000 Salary Interest on local government bonds qualifies as a tax exclusion) Allowable itemized deductions QBI deduction 11,000 1,500 500 Deduction for IRA contribution What is Hortense's taxable income? Select one: O a. $67,600 O b. None of the other choices O c. $67,000 O d. $69,000
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? $
Exercise 7-31 (Algorithmic) (LO. 7) Emily, who is single, sustains an NOL of $17,880 in 2020. The loss is carried forward to 2021. For 2021, Emily' income tax information before taking into account the 2020 NOL is as follows: Adjusted gross income $89,400 Itemized deductions*: Medical ($10,728 - (10% x $89,400)] $1,788 Taxes 13,410 Interest expense on home mortgage 26,820 (42,018) Taxable income $47,382 * The 2020 single standard deduction is $12,400; Emily's itemized deductions will exceed the 2021 single...
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The KER Partnership earned ordinary income of $195,000 in 2018. The partnership has three equal partners, Kevin, Eli, and Robert. Robert, who is single, uses the standard deduction, and has other income of $13,000 (not connected with the partnership) in 2018. He receives a $28,000 distribution from the partnership during the year. What is Robert's taxable income in 2018? (If an input field is not used, leave the input field(s) empty. Do not select a label or enter a zero....
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