Thad, a single taxpayer, has taxable income before theQBI deduction of $198, 500. Thad, a CPA, operates anaccounting practice as a single member LLC (which hereports as a sole proprietorship). During 2022, hisproprietorship generates qualified business income of $158,800, W-2 wages of $119, 100, and $9, 200 ofqualified property. Assume the QBI amount is net of theself-employment tax deduction. If required, round anydivision to two decimal places and use that roundedamount in any future computations. Round your finalanswer to the nearest dollar. What is Thad's qualifiedbusiness income deduction?

The details of the Qualified Business deduction from the business income of the sole proprietorship…

qualified property. Assume the QBI amount is net of the self-employment tax deduction. If required, round any division to two decimal places and use that rounded amount in any future computations. Round your final answer to the nearest dollar. What is Thad's qualified business income deduction?

qualified property. Assume the QBI amount is net of the self-employment tax deduction. If required, round any division to two decimal places and use that rounded amount in any future computations. Round your final answer to the nearest dollar. What is Thad's qualified business income deduction?

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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