None In 2022, Henry Jones (Social Security number 123-45-6789) works as a freelance driver, finding customers using various platforms likeUber and Grubhub. He is single and has no other sources of income. In 2022, Henry's qualified business income from driving is $61,200.Assume Henry takes the standard deduction of $12,950.Click here to access the 2022 individual tax rate schedule to use for this problem.Assume the QBI amount is net of the self-employment tax deduction.a. Compute Henry's QBI deduction and his tax liability for 2022.QBI deduction: $9,650Tax liability (round to the nearest dollar):

Let's take a closer look at how Henry's QBI deduction and tax obligation are determined for 2022.…

Answered: In 2022, Henry Jones (Social Security…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 40P

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Similar questions

Martha is a self-employed tax accountant who drives her car to visit clients on a regular basis. She drives her car 4,000 miles for business and 10,000 for commuting and other personal use. Assuming Martha uses the standard mileage method, how much is her auto expense for the year? Where in her tax return should Martha claim this deduction? _________________________________________________ _______________________________________________________________________________ _______________________________________________________________________________
Sheila, a single taxpayer, is a retired computer executive with a taxable income of 100,000 in the current year. She receives 30,000 per year in tax-exempt municipal bond interest. Adam and Tanya are married and have no children. Adam and Tanyas 100,000 taxable income is comprised solely of wages they earn from their jobs. Calculate and compare the amount of tax Sheila pays with Adam and Tanyas tax. How well does the ability-to-pay concept work in this situation?
In 2022, Henry Jones (Social Security number 123-45-6789) 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 2022, Henry's qualified business income from driving is $ 134,200, Assume Henry takes the standard deduction of $12, 950. Click here to access the 2022 individual tax rate schedule to use for this problem. Question Content Area Assume the QBI amount is net of the self-employment tax deduction. a. Compute Henry's QBI deduction and his tax liability for 2022
In 2020, Henry Jones (Social Security number 123-45-6789) 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 $76,600. 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. a. Compute Henry's QBI deduction and his tax liability for 2020. QBI deduction: $fill in the blank 859e50f64fe9f93_1 12,840 Tax liability (round to the nearest dollar): $fill in the blank 859e50f64fe9f93_2 b. Complete Henry's 2020 Form 8995 (Qualified Business Income Deduction Simplified Computation). Enter all amounts as positive numbers.
In 2020, Henry Jones (Social Security number 123-45-6789) 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 $76,600. 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. a. Compute Henry's QBI deduction and his tax liability for 2020. QBI deduction: $fill in the blank 859e50f64fe9f93_1 12,840 Tax liability (round to the nearest dollar): $fill in the blank 859e50f64fe9f93_2 b. Complete Henry's 2020 Form 8995 (Qualified Business Income Deduction Simplified Computation). Enter all amounts as positive numbers.
n 2021, Henry Jones (Social Security number 123-45-6789) 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 2021, Henry's qualified business income from driving is $110, 800. Assume Henry takes the standard deduction of $12, 550. Click here to access the 2021 individual tax rate schedule to use for this problem. Question Content Area Assume the QBI amount is net of the self-employment tax deduction. a. Compute Henry's QBI deduction and his tax liability for 2021. QBI deduction: 19,650 Tax liability (round to the nearest dollar):
Q.7. In 2020, Henry Jones (Social Security number 123-45-6789) 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 $116,200. 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. a. Compute Henry's QBI deduction and his tax liability for 2020. QBI deduction: $_____ Tax liability (round to the nearest dollar): $____
Hh1.
Compute the 2023 standard deduction for the following taxpayers. If an amount is zero, enter "0". Click here to access the Exhibits 3.4 and 3.5 to use. a. Ellie is 15 and claimed as a dependent by her parents. She has $775 in dividends income and $3,720 in wages from a part-time job. b. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody is 69. Their taxable retirement income is $15,875. C. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her earned Income is $300, and her interest income is $245. d. Frazier, age 58, is married but is filing a separate return. His wife itemizes her deductions.
please confirm the calculations and do what's wrong and incomplete.
Toby and Nancy are engaged and plan to get married. During 2023, Toby is a full-time student and earns $7,600 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Nancy is employed and has wages of $59,400. Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "0". Do not round your intermediate computations. Round your final answer to the nearest whole dollar. a. Compute the following: Gross income and AGI Standard deduction (single) Taxable income Income tax Gross income and AGI Toby Filing Single b. Assume that Toby and Nancy get married in 2023 and file a joint return. What is their taxable income and income tax? Round your final answer to the nearest whole dollar. Standard deduction (married, filing jointly) Taxable income Income tax Nancy Filing Single Married Filing Jointly c. How much income tax can Toby and Nancy save if…
Toby and Nancy are engaged and plan to get married. During 2023, Toby is a full-time student and earns $6,700 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Nancy is employed and has wages of $85,800. Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "0". Do not round your intermediate computations. Round your final answer to the nearest whole dollar. a. Compute the following: Gross income and AGI Standard deduction (single) Taxable income Income tax Gross income and AGI Toby Filing Single Standard deduction (married, filing jointly) Taxable income Income tax $ 6,700 13,850 0 0 Nancy Filing Single b. Assume that Toby and Nancy get married in 2023 and ñile a joint return. What is their taxable income and income tax? Round your final answer to the nearest whole dollar. Married 85,800 Filing Jointly 13,850 71,950 11,136.50

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