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Taj owns a financial

Taj owns a financial

FINANCIAL ACCOUNTING
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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Raj owns a financial consulting business as a single-member LLC. He is a single, cash basis, calendar-year taxpayer. For the year, he had the following information: Ordinary income from LLC Taxable income Modified taxable income W-2 wages paid to employees Qualified property basis SE tax deduction SE health insurance deduction What is his QBI deduction? O $16,470 O SO O $18,470 $22,000 $100,000 $115,000 $110,000 $40,000 $10,000 $7,650 $10,000
Transcribed Image Text:Raj owns a financial consulting business as a single-member LLC. He is a single, cash basis, calendar-year taxpayer. For the year, he had the following information: Ordinary income from LLC Taxable income Modified taxable income W-2 wages paid to employees Qualified property basis SE tax deduction SE health insurance deduction What is his QBI deduction? O $16,470 O SO O $18,470 $22,000 $100,000 $115,000 $110,000 $40,000 $10,000 $7,650 $10,000
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