Evan, a single individual, operates a service business that earned $110,000 (after all applicable deductions) in 2021. The business has no tangible property and paid no W-2 wages.Required:b. Compute Evan's QBI deduction, assuming his overall taxable income before QBI is $175,000.** Only need Requirement B, The answer is NOT 17,556 or 0 Evan, a single individual, operates a service business that earned $110,000 (after all applicable deductions) in 2021. The business hasno tangible property and paid no W-2 wages.Required:a. Compute Evan's QBI deduction, assuming his overall taxable income before QBI is $125,000.b. Compute Evan's QBI deduction, assuming his overall taxable income before QBI is $175,000.X Answer is complete but not entirely correct.Complete this question by entering your answers in the tabs below.Required ARequired BCompute Evan's QBI deduction, assuming his overall taxable income before QBI is $175,000. (Round your intermediatecomputations and final answers to the nearest whole dollar value.)QBI deduction$ 17,556 X< Required ARequired B

The QBI deduction is only accessible to owners of pass-through firms, even if you choose the…

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Business

Accounting

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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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Evan, a single individual, operates a service business that earned $110,000 (after all applicable deductions) in 2021. The business has no tangible property and paid no W-2 wages. Required: b. Compute Evan's QBI deduction, assuming his overall taxable income before QBI is $175,000. ** Only need Requirement B, The answer is NOT 17,556 or 0

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