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Thad, a single taxpayer, has taxable income before the QBI deduction of $200,050. Thad, a CPA, operates an accounting practice as a single member LLC (which he reports as a sole proprietorship). During 2022, his proprietorship generates qualified business income of $150,000, W-2 wages of $125,000, and $10,000 of qualified property. Assume the QBI amount is net of the self-employment tax deduction. What is Thad's qualified business income deduction? Xx

Thad, a single taxpayer, has taxable income before the QBI deduction of $200,050. Thad, a CPA, operates an accounting practice as a single member LLC (which he reports as a sole proprietorship). During 2022, his proprietorship generates qualified business income of $150,000, W-2 wages of $125,000, and $10,000 of qualified property. Assume the QBI amount is net of the self-employment tax deduction. What is Thad's qualified business income deduction? Xx

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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Thad, a single taxpayer, has taxable income before the QBI deduction of $200,050. Thad, a CPA, operates an accounting practice as a single member LLC (which he reports as a sole proprietorship). During 2022, his proprietorship generates qualified business income of $150,000, W-2 wages of $125,000, and $10,000 of qualified property. Assume the QBI amount is net of the self-employment tax deduction. What is Thad's qualified business income deduction? $ X
Transcribed Image Text:Thad, a single taxpayer, has taxable income before the QBI deduction of $200,050. Thad, a CPA, operates an accounting practice as a single member LLC (which he reports as a sole proprietorship). During 2022, his proprietorship generates qualified business income of $150,000, W-2 wages of $125,000, and $10,000 of qualified property. Assume the QBI amount is net of the self-employment tax deduction. What is Thad's qualified business income deduction? $ X
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