Becker CPA Review 2-2 What is the basic deduction calculation for the qualifying business income deduction?...
Becker CPA Review 2-2
What is the basic deduction calculation for the qualifying business income deduction?
a.30% × Qualifying business income (QBI)
b.20% × W–2 wages
c.20% × Qualifying business income (QBI)
d.30% × W–2 wages
Homework Answers
Answer is option c
The deduction allows them to deduct up to 20 percent of their qualified business income (QBI), plus 20 percent of qualified real estate investment trust (REIT) dividends and qualified publicly traded partnership (PTP) income
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Becker CPA Review 2-2
What is the basic deduction calculation for the qualifying
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Becker CPA Review 2-7 Calculate the taxpayer's 2019 qualifying business income deduction for a qualified trade or business: Filing status: Single Taxable income: $180,000 Net capital gains: $0 Qualified business income (QBI): $80,000 W–2 wages: $20,000 a.$16,000 b.$10,000 c.$2,700 d.$13,684
Becker CPA Review 2-5 Which of the following is the overall limitation to the qualifying business...
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Becker CPA Review 2-3 Which of the following statements is true regarding taxpayers with taxable income...
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Becker CPA Review 2-1 Which of the following is considered a specified service trade or business...
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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
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