Problem 15-26 (LO. 3, 4) Scott and Laura are married and will file a joint tax return. Laura has a sole proprietorship (not a “specified services” business) that generates qualified business income of $300,000. The proprietorship pays W–2 wages of $40,000 and holds property with an unadjusted basis of $10,000. Scott is employed by a local school district. Their taxable income before the QBI deduction is $386,600 (this is also their modified taxable income). 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. Scott and Laura's QBI deduction is $fill in the blank dc68cb06e052fa0_1, taxable income is $fill in the blank dc68cb06e052fa0_2, and tax liability is $fill in the blank dc68cb06e052fa0_3 for 2020. b. After providing you the original information in the problem, Scott finds out that he will be receiving a $6,000 bonus in December 2020 (increasing their taxable income before the QBI deduction by this amount). Redetermine Scott and Laura’s QBI deduction, taxable income, and tax liability for 2020. Scott and Laura's QBI deduction is $fill in the blank 0aded505904ffcf_1, taxable income is $fill in the blank 0aded505904ffcf_2, and tax liability is $fill in the blank 0aded505904ffcf_3 for 2020. c. What is the marginal tax rate on Scott's bonus? Round your answer to one decimal place. fill in the blank b884eafa506afa2_1%
Problem 15-26 (LO. 3, 4)
Scott and Laura are married and will file a joint tax return. Laura has a sole proprietorship (not a “specified services” business) that generates qualified business income of $300,000. The proprietorship pays W–2 wages of $40,000 and holds property with an unadjusted basis of $10,000. Scott is employed by a local school district. Their taxable income before the QBI deduction is $386,600 (this is also their modified taxable income).
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. Scott and Laura's QBI deduction is $fill in the blank dc68cb06e052fa0_1, taxable income is $fill in the blank dc68cb06e052fa0_2, and tax liability is $fill in the blank dc68cb06e052fa0_3 for 2020.
b. After providing you the original information in the problem, Scott finds out that he will be receiving a $6,000 bonus in December 2020 (increasing their taxable income before the QBI deduction by this amount). Redetermine Scott and Laura’s QBI deduction, taxable income, and tax liability for 2020.
Scott and Laura's QBI deduction is $fill in the blank 0aded505904ffcf_1, taxable income is $fill in the blank 0aded505904ffcf_2, and tax liability is $fill in the blank 0aded505904ffcf_3 for 2020.
c. What is the marginal tax rate on Scott's bonus? Round your answer to one decimal place.
fill in the blank b884eafa506afa2_1%
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