Mary, a Nevada resident, operates a sole proprietorship in California. Total California source business income for...
Mary, a Nevada resident, operates a sole proprietorship in California. Total California source business income for the year is $30,000. How much of the California source income is Mary subject to pay nonresident California tax on?
$15,000
$30,000
$0
$5,000
Homework Answers
The answer should be $30000 as Mary is non-resident in California so all the income earned in California will also be taxed.
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Mary, a Nevada resident, operates a sole proprietorship in
California. Total California source business income for...
Question 35 4 pts Alice, an Oregon resident, operates a sole proprietorship in California. Total California...
Question 35 4 pts Alice, an Oregon resident, operates a sole proprietorship in California. Total California source business income for the year is $50,000. How much of the California source income is Alice subject to pay nonresident California tax on? O $0 $50,000 $10,000 • $25.000
Margarita operates a sole proprietorship that earns $100,000 of qualified business income after deducting salaries of...
Margarita operates a sole proprietorship that earns $100,000 of qualified business income after deducting salaries of $300,000. The sole proprietorship is not a specified service business. She files a single tax return for 2019. Assume her taxable income before the QBI deduction is $175,000. Margarita's QBI deduction for 2019 is: a.$20,000. b.$-0-. c.$60,000. d.$80,000. e.$35,000.
Mary, a single taxpayer, operates a printing business as a sole proprietor. The business has two...
Mary, a single taxpayer, operates a printing business as a sole proprietor. The business has two employees who are paid a total of $85,000 during 2020. Assume that the business has no significant assets. During 2020, the business generates $60,000 of income, and her taxable income before the QBI deduction is $75,000. What is Mary's deduction for QBI? $42,500 $12,000 $15,000 13,750 $0
30. Tygrett operates a sole proprietorship business that earns $100,000 qualified business income after deducting salaries...
30. Tygrett operates a sole proprietorship business that earns $100,000 qualified business income after deducting salaries of $300,000. She files a single return. What is her QBI deduction for 2019: A. $0 B. $20,000 C. $35,000 D. $60,000 E. $100,000
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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, has $150,000 of qualified property, and generates $350,000 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 qualified business income deduction?
Mary a single taxpayer, has $400,000 of profits from her general store, which she operates as...
Mary a single taxpayer, has $400,000 of profits from her general store, which she operates as a sole proprietorship. She has no employees, $40,000 of qualified property, and $500,000 of taxable income before the deduction for qualified business income. How much is Mary's deduction for qualified business income? $1,000 $100,000 $80,000 $20,000 $0
Susan, a single taxpayer, owns and operates a bakery (as a sole proprietorship). The business is...
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 $60,000 of W–2 wages and generates $200,000 of qualified business income. Susan also has a part-time job earning wages of $11,000 and receives $3,200 of interest income. Assume the QBI amount is net of the self-employment tax deduction. What is Susan's tentative QBI based on the W–2 Wages/Capital Investment Limit? $ Determine Susan's allowable...
Susan, a single taxpayer, owns and operates a bakery as a sole proprietorship. The business is...
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 $60,000 of W–2 wages and reports qualified business income of $200,000. Susan also has a part-time job earning wages of $11,000 and receives $3,200 of interest income. Assume the QBI amount is net of the self-employment tax deduction. What is Susan's tentative QBI based on the W–2 Wages/Capital Investment Limit? $ ______ Determine Susan's...
Susan, a single taxpayer, owns and operates a bakery as a sole proprietorship. The business is...
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 $60,000 of W–2 wages and reports qualified business income of $200,000. Susan also has a part-time job earning wages of $11,000 and receives $3,200 of interest income. Assume the QBI amount is net of the self-employment tax deduction. What is Susan's tentative QBI based on the W–2 Wages/Capital Investment Limit? $ Determine Susan's allowable...
Which of the following is an advantage of a sole proprietorship? a. Ease to sell business...
Which of the following is an advantage of a sole proprietorship? a. Ease to sell business assets b. Limited liability c. Business income is not subject to self-employment tax d. All of the above
Question 35 4 pts Alice, an Oregon resident, operates a sole proprietorship in California. Total California source business income for the year is $50,000. How much of the California source income is Alice subject to pay nonresident California tax on? O $0 $50,000 $10,000 • $25.000
30. Tygrett operates a sole proprietorship business that earns $100,000 qualified business income after deducting salaries of $300,000. She files a single return. What is her QBI deduction for 2019: A. $0 B. $20,000 C. $35,000 D. $60,000 E. $100,000
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