Exercise 15-19 (LO. 3, 4) In 2020, Henry Jones works as a freelance driver, finding customers using various platforms like Uber and Grubhub. He is single and has no other sources of income. In 2020, Henry's qualified business income from driving is $61,200. Assume Henry takes the standard deduction of $12,400. Click here to access the 2020 individual tax rate schedule to use for this problem. Assume the QBI amount is net of the self-employment tax deduction. Compute Henry's QBI deduction and his tax liability for 2020. QBI deduction: $fill in the blank 1 Tax liability (round to the nearest dollar): $fill in the blank 2
Exercise 15-19 (LO. 3, 4) In 2020, Henry Jones works as a freelance driver, finding customers using various platforms like Uber and Grubhub. He is single and has no other sources of income. In 2020, Henry's qualified business income from driving is $61,200. Assume Henry takes the standard deduction of $12,400. Click here to access the 2020 individual tax rate schedule to use for this problem. Assume the QBI amount is net of the self-employment tax deduction. Compute Henry's QBI deduction and his tax liability for 2020. QBI deduction: $fill in the blank 1 Tax liability (round to the nearest dollar): $fill in the blank 2
Chapter24: Multistate Corporate Taxation
Section: Chapter Questions
Problem 26P
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Exercise 15-19 (LO. 3, 4)
In 2020, Henry Jones works as a freelance driver, finding customers using various platforms like Uber and Grubhub. He is single and has no other sources of income. In 2020, Henry's qualified business income from driving is $61,200. Assume Henry takes the standard deduction of $12,400.
Click here to access the 2020 individual tax rate schedule to use for this problem.
Assume the QBI amount is net of the self-employment tax deduction.
Compute Henry's QBI deduction and his tax liability for 2020.
QBI deduction: $fill in the blank 1
Tax liability (round to the nearest dollar): $fill in the blank 2
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT