Julie, a single taxpayer, has completed her 2018 Schedule C and her net loss is $40,000. Her only other income is wages of $30,000. Julie takes the standard deduction of $12,000 in 2018.
b. Calculate the business and nonbusiness portions of her
taxable income or loss.
Business: $______ (loss)
Nonbusiness: $_____(loss)
c. Determine Julie's 2018 NOL.
$_____
Julie, a single taxpayer, has completed her 2018 Schedule C and her net loss is $40,000....
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...
Tyler, a single taxpayer, generates a net operating loss of $12,000 in 2017. He also generates a net operating loss of $6,000 in 2018. Finally, in 2019, Tyler's business turns a corner and he generates taxable income of $17,000. a. How much of Tyler's 2017 NOL is carried forward to 2020? b. How much of Tyler's 2018 NOL is carried forward to 2020?
Tyler, a single taxpayer, generates a net operating loss of $12,000 in 2017. He also generates a net operating loss of $6,000 in 2018. Finally, in 2019, Tyler's business turns a corner and he generates taxable income of $17,000. a. How much of Tyler's 2017 NOL is carried forward to 2020? b. How much of Tyler's 2018 NOL is carried forward to 2020? This question is incorrect on the website.
Rita a single taxpayer has net schedule c income of $150,000 from a specified trade or business she does not have any other business income she also has W-2 income and her taxable income for the year exceeds $219,699 as Rita's tax preparer what information will you share with her regarding her eligible ability to claim the qualified business income deduction
Melissa is a single taxpayer. Her salary is $40,000. Melissa realized a short-term capital loss of $6,000. Her itemized deductions total $3,000. (The tax year is 2019.) (Click the icon to view the standard deduction amounts.) (Click the icon to view the tax rate schedule.) Read the requirements. Requirements a. and b. Compute Melissa's adjusted gross income and her taxable income. Start by computing Melissa's adjusted gross income and then her taxable income. (Use parentheses or a minus sign to...
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 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...
AC309 Unit 5: Application Assignment – Investments Millie is a single taxpayer and her 2018 taxable income is $181,205, calculated as follows: Description Amount Employee wages 133,000 Profit from business (Schedule C) 15,000 Ordinary income from partnership (Schedule E) 22,000 Interest income 4,000 Ordinary dividends (total dividends = 9,000) 2,000 Qualified dividends (total dividends = 9,000) 7,000 Short-term capital gain 8,200 Long-term capital gain 6,900 Total Income – Form 1040, Line 6 198,100 Deduction for ½ of self-employment tax (495)...
In 2020, Campbell, a single taxpayer, has $400,000 of profits (net of the deduction for self-employment taxes, the self-employed health insurance deduction, and the deduction for contributions to qualified self-employment retirement plans) from her general store, which she operates as a sole proprietorship. She has $100,000 of employee wages, $40,000 of qualified property, and $500,000 of taxable income before the deduction for qualified business income. How much is Campbell’s deduction for qualified business income? Multiple Choice $100,000. $80,000. $50,000. $26,000....
In 2018 Shira is a single taxpayer that operates a hot dog cart on the streets of Chicago. The business is operated as a sole proprietorship with no employees. Shira's Schedule Creports income of $92,000. Her taxable income is $78,000 and indudes no capital gains, What is Shira's OBT deduction? a. $18.400 b. 50 c. $15,600 d. $19,500 In 2018 Shira is a single taxpayer that operates a hot dog cart on the streets of Chicago. The business is operated...