33Tammy has $200,000 of QBI from her candy store (a sole proprietorship). Tammy'sproprietorship paid $30,000 in W-2 wages and has $20,000 of qualified property.Tammy is married and she and her spouse file a joint return and their ModifiedTaxable Income is $250,000 (this is also their taxable income before the QBIdeduction). What is their QBI deduction for 2023?a) $0b) $50,000c) $40,000d) $54,000

Step 1: Step 2: Step 3: Step 4:

Answered: 33 Tammy has $200,000 of QBI from her…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Am. 125.
K a married taxpayer, makes the following gifts during the current year (2022): $18,000 to her church, $72,000 to her daughter, and $44,000 to her husband. Requirement What is the amount of Hannah's taxable gifts for the current year (assuming she does not elect to split the gifts with ther spouse)? (To arrive at taxable gifts, a $16,000 annual exclusion is allowed per donee for 2022. Complete all input fields Enter a "0" for any zero amounts.) Gift to daughter Gift to husband Total gift given ... Taxable gift
2
Requirement a. Determine Gwen's income tax each year from 2023 through 2027, assuming her only income is her $165,000 annual salary, her itemized deductions are $21,500 annually (none of which are charitable contributions), and she has not remarried. Assume also that the tax rate schedules and standard deduction amounts for 2023 also apply in subsequent years. The son was born on April 15, 2010, is Gwen's dependent each year, and lives with Gwen for all of each year. (Use the 2023 tax rate schedule for all tax calculations. Do not round intermediary calculations. Only round the amount you enter in the input field to the nearest whole dollar.) Gross tax Net tax 2023 2024 2025 2026 2027
3. Vanessa and her husband has a combined Gross Income of $103,442 for 2019. Vanessa is a teacher, and gets to deduct $250 of supplies. a) What is their Adjusted Gross Income for 2017? b) Vanessa and her husband itemize their deductions, and are able to deduct $25,390. They take two personal exemptions (one for each of them). What is their taxable income for 2019? c) What is their tax liability in 2019? d) If they had $18,386 deducted from their paychecks for federal taxes in 2019, do they owe the government or receive a refund? In what amount?
6
2022 tax year
Jose is married filing a joint return. In 2022, he earned $160,000 of profit from his sole proprietorship, which operates a service business. The business paid no W-2 wages in 2022 and owns no tangible business property. Compute Jose’s allowable QBI deduction if his joint return includes his spouse's salary and reflects taxable income of $300,000 before the deduction. Hint: the correct answer should be $29,749
LO 8-1 49. In 2020, Jasmine and Thomas, a married couple, had taxable income of $150,000. If they were to file separate tax returns, Jasmine would have reported taxable in- come of $140,000 and Thomas would have reported taxable income of $10,000. What is the couple's marriage penalty or benefit?
Whitney received $77,000 of taxable income in 2022. - she files a joint tax return with her spouse. Together their taxable income is $77,000. What is the income tax liability?
4.... Joan earned $90,000 in salary in 2021. She contributes $7,500 in 2022 to an RRSP belonging to her husband John. What are the tax implications if John withdraws $10,000 from his RRSP in 2024? A. $10,000 is attributed back to Joan, and John pays a withholding tax of $2,000 B. $7,500 is attributed back to Joan, and John pays a withholding tax of $2,000 C. $7,500 is attributed back to Joan, and John pays a withholding tax of $1,500 D. $10,000 is attributed back to Joan, and John pays a withholding tax of $1,500
2

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