Marcia, a single individual, has qualified trade or business income of $240,000. Her business paid $80,000 of W-2 wages...

Question

Question

Marcia, a single individual, has qualified trade or business income of $240,000. Her business paid $80,000 of W-2 wages this

business finance

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

A QBI Deduction assuming her over all taxable income before QBI = $ 60000

A QBI Deduction assuming her over all taxable income before QBI = $ 36000

Add a comment

Answer 2

Similar Homework Help Questions

Becker CPA Review 2-7 Calculate the taxpayer's 2019 qualifying business income deduction for a qualified trade...

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
Melissa, a single taxpayer, has qualified business income of $150,000. Her business paid Form W-2 wages...

Melissa, a single taxpayer, has qualified business income of $150,000. Her business paid Form W-2 wages and holds qualified property. As Melissa's Tax Professional, you determine that her qualified business income deduction will be limited because her taxable income exceeds the lower threshold for her filing status. You will begin figuring the amount of her deduction by multiplying $150,000, the amount of her qualified business income, by 20%. Your next step is to: Deduct the lowest threshold, $157,500, from her...
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.

please answer the followinh question part a, b and c 0:47 Qualified Business Income Deduction-One Partnership....

please answer the followinh question part a, b and c 0:47 Qualified Business Income Deduction-One Partnership. Kelly and Mark are a married couple that file a joint tax return. Kelly owns a 30% in a partnership that operates a retail business. Her share of partnership income is $180,000. Her allo- cable shares of W-2 wages paid by the partnership to its employees and unadjusted basis of qualified property are $50,000 and $1,000,000. Kelly and Mark's total taxable income for the...
Jocelyn earned $275,000 of qualified business income this year from her sole proprietorship and has taxable...

Jocelyn earned $275,000 of qualified business income this year from her sole proprietorship and has taxable income, before any QBI deduction, of $250,000. Janice is permitted a QBI deduction of O $35,000 $55,000 $50,000 $0 Violet, Inc. has a warehouse completely destroyed by a tornado. The FMV of the warehouse was $650,000 and it had an adjusted basis of $375,00. The insurance company paid $800,000 for the loss and Violet used $750,00 of the proceeds to replace the warehouse. What...
Qualified Business Income (QBI) Deduction (LO 4.10) Rob operates a small plumbing supplies business as a...

Qualified Business Income (QBI) Deduction (LO 4.10) Rob operates a small plumbing supplies business as a sole proprietor. In 2018, the plumbing business has gross business income of $421,000 and business expenses of $267,000, including wages paid of $58,000. The business sold some land that had been held for investment generating a long-term capital gain of $15,000. The business has $300,000 of qualified business property in 2018. Rob's wife, Marie, has wage income of $250,000. They jointly sold stocks in...

Elizabeth is a single, self-employed accountant. She has net Schedule C income of $120,000. Her taxable...

Elizabeth is a single, self-employed accountant. She has net Schedule C income of $120,000. Her taxable income was $99,522 for the QBI thresholds. She does not have any employees, and her only income is from her business. She will claim a depreciation deduction for several assets used in her business. Given the information provided, choose the response that best describes how Elizabeth will calculate the amount of her qualified business income deduction. To accurately figure the amount, the computation must...
Form W-2 wages for the purpose of the qualified business income deduction include all of the...

Form W-2 wages for the purpose of the qualified business income deduction include all of the following except: a. Wages subject to withholding b. Elective deferrals c. Guaranteed payments to partners for service d. Deferred compensation related to the trade or business
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...

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 $195,500. Thad, a CPA, operates an accounting practice as a single member LLC (which he reports as a sole proprietorship). During 2020, his proprietorship generates qualified business income of $156,400, W-2 wages of $117,300, and $11,600 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...

Marcia, a single individual, has qualified trade or business income of $240,000. Her business paid $80,000 of W-2 wages...

Homework Answers

Add Answer to:
Marcia, a single individual, has qualified trade or business income of $240,000. Her business paid $80,000 of W-2 wages...

Post as a guest

Earn Coins

Becker CPA Review 2-7 Calculate the taxpayer's 2019 qualifying business income deduction for a qualified trade...

Melissa, a single taxpayer, has qualified business income of $150,000. Her business paid Form W-2 wages...

Margarita operates a sole proprietorship that earns $100,000 of qualified business income after deducting salaries of...

please answer the followinh question part a, b and c 0:47 Qualified Business Income Deduction-One Partnership....

Jocelyn earned $275,000 of qualified business income this year from her sole proprietorship and has taxable...

Qualified Business Income (QBI) Deduction (LO 4.10) Rob operates a small plumbing supplies business as a...

Elizabeth is a single, self-employed accountant. She has net Schedule C income of $120,000. Her taxable...

Form W-2 wages for the purpose of the qualified business income deduction include all of the...

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...

Marcia, a single individual, has qualified trade or business income of $240,000. Her business paid $80,000 of W-2 wages...

Homework Answers

Add Answer to: Marcia, a single individual, has qualified trade or business income of $240,000. Her business paid $80,000 of W-2 wages...

Post as a guest

Earn Coins

Add Answer to:
Marcia, a single individual, has qualified trade or business income of $240,000. Her business paid $80,000 of W-2 wages...