Problem 15-24 (LO. 3, 4) Shelly has $200,000 of QBI from her local jewelry store (a sole proprietorship). Shelly's proprietorship paid $30,000 in W-2 wages and has $20,000 of qualified property. Shelly's spouse earned $75,100 of wages as an employee, they earned $20,000 of interest income during the year and have no other income or deductions. Shelly and her spouse will file jointly and use the standard deduction. Assume the QBI amount is net of the self-employment tax deduction. What is their QBI deduction for 2021?

Problem 15-24 (LO. 3, 4) Shelly has $200,000 of QBI from her local jewelry store (a sole proprietorship). Shelly's proprietorship paid $30,000 in W-2 wages and has $20,000 of qualified property. Shelly's spouse earned $75,100 of wages as an employee, they earned $20,000 of interest income during the year and have no other income or deductions. Shelly and her spouse will file jointly and use the standard deduction. Assume the QBI amount is net of the self-employment tax deduction. What is their QBI deduction for 2021?

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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Problem 15-32 (LO. 3, 4) Susan, a single taxpayer, owns and operates a bakery (as a sole proprietorship). The business is not a "specified services" business. In 2020, the business pays $100,000 in W–2 wages, has $150,000 of qualified property, and generates $150,000 of qualified business income. Susan has no other items of income or loss and will take the standard deduction of $12,400. Assume the QBI amount is net of the self-employment tax deduction. What is Susan's QBI deduction?
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