1)Which of the following statements is true regarding the taxable income limitation on the qualified business income (QBI) deduction (assuming all of the taxpayer’s taxable income is ordinary income)? a)The limit is 20% of taxable income taxed at ordinary rates before deducting the QBI deduction. b)The limit is determined at the business entity level. c)None of the above statements is true. 2)In 2023, when the social security wage base limitation was $160,200, Jacee received a $100,000 business allocation from a partnership in which Jacee was a general partner. This is Jacee’s only source of income for the year. What is Jacee’s self-employment tax liability? Note: Round the final answer to the nearest whole dollar amount. a)$2,900 b)$3,824 c)$14,130 d)None of the choices is correct. 3)What kind of deduction is the deduction for qualified business income? a)A for AGI deduction b)A from AGI deduction that is not an itemized deduction c)None of the choices is correct.
1)Which of the following statements is true regarding the taxable income limitation on the qualified business income (QBI) deduction (assuming all of the taxpayer’s taxable income is ordinary income)?
a)The limit is 20% of taxable income taxed at ordinary rates before deducting the QBI deduction.
b)The limit is determined at the business entity level.
c)None of the above statements is true.
2)In 2023, when the social security wage base limitation was $160,200, Jacee received a $100,000 business allocation from a partnership in which Jacee was a general partner. This is Jacee’s only source of income for the year. What is Jacee’s self-employment tax liability?
Note: Round the final answer to the nearest whole dollar amount.
a)$2,900
b)$3,824
c)$14,130
d)None of the choices is correct.
3)What kind of deduction is the deduction for qualified business income?
a)A for AGI deduction
b)A from AGI deduction that is not an itemized deduction
c)None of the choices is correct.
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