The following Data relates to Stephanie Garner, a resident taxpayer. Stephanie derives income from a public relations businessand is also a partner in a marketing businessAssessable business Income2019/202020/21 2021/22$93,400. $126,000 $133,400General Business DeductionsShare of Partnership Net Income (Loss).Superannuation and GiftsNet Exempt income80,000 129,000 119,200(21,800) 14,900 (5,600)11,000 8,0003,000 2,0004,0001,500General Business deductions are separate from personal superannuation, gifts, partnership lossess and losses of previous years.For each year, determine Stephanie's Taxable Income and any losses that may be carried forward

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Answered: The following Data relates to Stephanie…

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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As a tax return preparer for The Fernando Rodriguez Tax & Accounting Service, you have been asked to calculate the missing information for one of the firm's tax clients. The following table gives the standard deduction for various filing statuses. Standard Deductions Single or married filing separately $12,000 Married filing jointly or surviving spouse $24,000 Head of household $18,000 65 or older and/or blindand/or someone else canclaim you (or your spouseif filing jointly) as a dependent: Varies(See www.irs.gov for information.) Using the standard deduction table above, complete the following table (in $). Name Filing Status Income Adjustments toIncome Adjusted GrossIncome StandardDeduction ItemizedDeductions TaxableIncome Campbell Married filingjointly $58,320 $1,560 $ $ $5,910 $ When finding your client's taxable income, which deduction did you use?
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[The following information applies to the questions displayed below.] Jacob is a member of WCC (an LLC taxed as a partnership). Jacob was allocated $80,000 of business income from WCC for the year. Jacob's marginal income tax rate is 37 percent. The business allocation is subject to 2.9 percent of self-employment tax and 0.9 percent additional Medicare tax. Note: Round your intermediate calculations to the nearest whole dollar amount. b. What is the amount of tax Jacob will owe on the income allocation if the income is qualified business income (QBI) and Jacob qualifies for the full QBI deduction?
Hw.60.
Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2023, she sells the following long-term assets used in her business: Asset Building Equipment Sales Price $ 230,000 80,000 Description Taxable income Tax liability Lily's taxable income before these transactions is $190,500. What are Lily's taxable income and tax liability for the year? Use Tax Rate Schedule for reference. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Cost $ 200,000 148,000 $ Amount Accumulated Depreciation $ 52,000 23,000 227,500
Thad a single taxpayer has taxable income before the QBI deduction of $212, 100. Thad, CPA operates an accounting practice as a single member LLC(which he reports as a sole proprietorship). During 2023 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 deductions? The answer you sent was $30,000 the Cengage system states that $30,000 is incorrect!
Jacob is a member of WCC (an LLC taxed as a partnership). Jacob was allocated $90,000 of business income from WCC for the year. Jacob's marginal income tax rate is 37 percent. The business allocation is subject to 2.9 percent of self-employment tax and 0.9 percent additional Medicare tax. a. What is the amount of tax Jacob will owe on the income allocation if the income is not qualified business income? b. What is the amount of tax Jacob will owe on the income allocation if the income is qualified business income (QBI) and Jacob qualifies for the full QBI deduction?
Please do Parts B, C, D. thank you.

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