Which of the following does not affect the Qualified Business Income Deduction A) Self employed health...
Which of the following does not affect the Qualified Business Income Deduction A) Self employed health insurance deduction B) Self employed contributions to qualified retirement plans under Section 404 C) 50% if self employed tax adjustment to income D) Unreimbursed employee business expenses
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Which of the following does not affect the Qualified Business
Income Deduction A) Self employed health...
In 2020, Campbell, a single taxpayer, has $400,000 of profits (net of the deduction for self-employment...
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....
12. Paul is a self-employed traveling minister. If he otherwise qualifies, which of the following is...
12. Paul is a self-employed traveling minister. If he otherwise qualifies, which of the following is listed incorrectly as an item he may be able to deduct up to 100% as an adjustment to income? a) Health insurance premiums b) Qualified long-term care insurance premiums c) Self-employment tax d) IRA contributions
Which of the following statements is true regarding the deduction for qualified business income (QBI)? A....
Which of the following statements is true regarding the deduction for qualified business income (QBI)? A. The deduction changes the calculation of self-employment tax. B. Taxable income is reduced below zero by the deduction. C. The deduction is not limited by income or service trade or business. D. A sole proprietor may be able to deduct up to 20% of QBI.
Bellina is a self-employed architect with earned income from the business of $276,000 (after the deduction...
Bellina is a self-employed architect with earned income from the business of $276,000 (after the deduction for one-half of her self-employment tax). She has a profit-sharing plan (e.g., defined contribution Keogh plan). The maximum amount Bellina can contribute to her retirement plan in 2018 is $ .
Audric is a self-employed landscaper with earned income from the business of $234,000 (after the deduction...
Audric is a self-employed landscaper with earned income from the business of $234,000 (after the deduction for one-half of his self-employment tax). He has a profit-sharing plan (e.g., defined contribution Keogh plan). The maximum amount Audric can contribute to his retirement plan in 2018 is $_______________.
Which of the following a true statement about the qualified business income deduction? A The deduction...
Which of the following a true statement about the qualified business income deduction? A The deduction is available for qualified business income from a partnership, S corporation, or sole proprietorship. B The deduction an above-the-line deduction for adjusted gross income. C The deduction can never be claimed for income from a service business D The deduction for qualified business income from a partnership or S corporation is computed at the entity level
1- Which of the following is a unique provision of a Keogh (self-employed) plan? a-For Keogh...
1- Which of the following is a unique provision of a Keogh (self-employed) plan? a-For Keogh profit-sharing plans, there is a promised benefit available to a common-law employee. b-A Keogh is required to be adopted as a defined contribution plan. c-A Keogh plan may only cover the self-employed owner-employee. d-The deduction available for an owner-employee of the business is based on a specified definition of net income. 2-Kelly operates a business as a sole proprietor and maintains a Keogh profit-sharing...
Problem 19-38 (LO. 2, 4, 5, 6) In 2018, Susan's sole proprietorship earns $300,000 of self-employment...
Problem 19-38 (LO. 2, 4, 5, 6) In 2018, Susan's sole proprietorship earns $300,000 of self-employment net income (after the deduction for one-half of self-employment tax). a. The maximum amount that Susan can deduct for contributions to a defined contribution Keogh plan is $ 54,000 x Feedback Check My Work Self-employed individuals (e.g., partners and sole proprietors) and their employees are eligible to receive qualified retirement benefits under the SIMPLE plans or under what are known as H.R. 10 (Keogh)...
The deduction for qualified business income applies to income of all but which of the following...
The deduction for qualified business income applies to income of all but which of the following tax entity types? Group of answer choices Sole proprietorship. Entity taxed as a partnership. S corporation. C corporation.
q1 Which of the following statements is false about health savings accounts (HSAs)? a. Distributions from...
q1 Which of the following statements is false about health savings accounts (HSAs)? a. Distributions from HSAs which are used for qualifying medical expenses are not subject to tax or penalty. b. Deductible contributions to HSAs are unlimited. c. Taxpayers qualifying for Medicare do not qualify to make HSA contributions. d. Distributions from HSAs which are not used for medical expenses are generally subject to a 20 percent penalty and income taxes. e. HSAs must be paired with qualifying high-deductible...
12. Paul is a self-employed traveling minister. If he otherwise qualifies, which of the following is listed incorrectly as an item he may be able to deduct up to 100% as an adjustment to income? a) Health insurance premiums b) Qualified long-term care insurance premiums c) Self-employment tax d) IRA contributions
Problem 19-38 (LO. 2, 4, 5, 6) In 2018, Susan's sole proprietorship earns $300,000 of self-employment net income (after the deduction for one-half of self-employment tax). a. The maximum amount that Susan can deduct for contributions to a defined contribution Keogh plan is $ 54,000 x Feedback Check My Work Self-employed individuals (e.g., partners and sole proprietors) and their employees are eligible to receive qualified retirement benefits under the SIMPLE plans or under what are known as H.R. 10 (Keogh)...
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