This tax year, Jack and Jill file married filing jointly. Their modified taxable income is $375,000. Jack operates a business that is a NOT a SSTB with $170,000 of net income and it paid $150,000 of W-2 wages to non-owner employees. What is Jack and Jill’s QBI deduction amount for this tax year?

Q: n 2021, Sheryl is claimed as a dependent on her parents' tax return. Her parents report taxable…

A: Kiddie tax is applicable when the taxpayer's age is less than 18 years old.  Another condition is…

Q: Jennifer and Jamar are married and live in a home with their 13-year-old dependent son, Oscar. This…

A: AGI stands for Adjusted Gross Income. It is an important figure used in the United States tax system…

Q: Sarah (single) is a 50 percent owner in Beehive LLC (taxed as a partnership). Sarah does not do any…

A: Partnership : It refers to the legal agreement between 2 or more parties to act in a particular…

Q: Compute Monica 's 2020 AGI, taxable income and tax liability on the basis of the following…

A: Taxes are calculated on the AGI.

Q: Olga is married and filed a joint tax return with her husband. -her AMTI is $1,605,000. What is the…

A: Olga is married and filed a joint tax return with her husband. Her AMTI is $1605000.

Q: American Opportunity tax credit

A: This is a multiple-choice question in which we have to select the correct option. This question is…

Q: Neither Joe nor Jessie is blind or over age 65, and they plan to file as married joint. Assume that…

A: Answer:- The definition of adjusted gross income (AGI) is gross income less adjustments to income.…

Q: uis, a single taxpayer, has taxable income before the QBI deduction of $184,900. Luis is a doctor…

A: QBI stands for Qualifies business Income which implies the total amount of all the qualified items…

Q: Lucy is 17 years old and a dependent of her parents. She receives $9,000 of wages from a​ part-time…

A: Lucy is 17 years below 19 years of age and hence qualified for children tax rate  Wages =9000…

Q: Claude and Maryse earned $188,950 as a married couple filing jointly in 2022. They did not have…

A: The standard deduction for married couples filing jointly: $25,900 for 202222022 tax table: married,…

Q: 1) David and Dana file a joint return. David earned $35,000 during the year before losing his job.…

A: INTRODUCTION: Social Security benefits offer a portion of the income for qualifying retired adults…

Q: Which of the following is not a requirement to claim an earned income cred Oa. At least $1 of earned…

A: Earned Income Credit is the refundable tax credit available to low and moderate-income earners,…

Q: Scott and Laura are married and will file a joint tax return. Scott has a sole proprietorship (not a…

A: When you do business than you are eligible for qualified business deductions which allow the taxable…

Q: lan and Sara Winthrop are a married couple who file a joint income tax return. They have two…

A: Marginal tax is tax on the additional income earned above the base income and is tax rate of extra…

Q: In 2021, Sheryl is claimed as a dependent on her parents' tax return. Her parents report taxable…

A: In this case 7000 $ is an unearned income,and it exceeded 2200 limit.

Q: 1.Tyler and Candice are married and file a joint tax return. They have adjusted gross income of…

A: Social security benefits as the name suggests are the benefits provided by the government for…

Q: Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two…

A: At first we need to compute the taxable income of Alana and Sara to determine their marginal tax…

Q: Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two…

A: The objective of this question is to calculate the average tax rate for Alan and Sara Winthrop based…

Q: During the 2022 tax year, Marco's sole proprietorship had qualified business income of $280,000, W-2…

A: Solution: Correct answer : (b) $60,000 QBID = lesser of (20% of QBI or 50% of W-2 wages) + 2.5% of…

Q: Emily and Juan are married and filed jointly. Their combined wages were $130,000 and they had no…

A: (a) Tax Payer - Emily and Juan (b) Status - Married Filing Jointly (MFJ) (c) Combined Wages = $…

Q: Sam, married filing separately without dependents, has $325,000 salary and $75,000 qualified…

A: Tax liability:Tax liability is the amount of tax that is payable to the government or the tax…

Q: Sofia (single) is a 50 percent owner in Beehive LLC (taxed as a partnership). Sofia does not do any…

A: Passive income refers to the income that is not earned by an individual or business. Examples of…

Q: Olga is married and files a joint tax return with her husband. What amount of AMT exemption may she…

A: In US tax law, exemptions and deductions are both ways to reduce the amount of taxable income and…

Q: The Kigali's are married and file a joint return. Their AGI (earned income) was $15,410 and federal…

A: The income tax is an important source of income for any government.Income taxes are decided on…

Q: . John, age 26, married Diane, age 25, in 2021. Their salaries for the year amounted to $47,230 and…

A: Particulars Amount $  Amount $ Gross income:     Salary $ 47,230   Interest $ 3,500   Gross…

Q: In December 2020, Ben and Jeri (married filing jointly) have a long-term capital gain of $55,000 on…

A: Long term capital gain above $ 80000 = 125000 - 80000 = $ 45000

Q: Jeremy (unmarried) earned $100,000 in salary and $6,000 in interest income during the year. Jeremy's…

A: Required A. Determine Jeremy's tax refund or taxes due. Based at the statistics furnished, right…

Q: Sofia (single) is a 50 percent owner in Beehive LLC (taxed as a partnership). Sofia does not do any…

A: The net investment income tax (NIIT) is a tax on certain types of investment income that was…

Q: Bob and Carol file their tax returns using the married filing jointly status. Their 2021 AGI is…

A: Determination of tax breaks for adoption expense   Qualified expenses paid personally Paid by…

Q: Roger and Nicole are married filing a joint income tax return. Their AGI for 2021 is $98,000. They…

A: Lifetime Learning Tax Credit is the amount by which investor can reduce their net tax liability for…

Q: Harry and Wilma are married and file a joint income tax returm. On their tax reftun, they report…

A: Given that : Harry and Wilma paid qualifying expense for child care $17,000 for 2 children. So as…

Q: krystal is single. Last year, she earned $35,800 wages. Additional tax information for the year is…

A: Please find the computation of taxable income of Krystal in step 3 below.

Q: Jeremy (unmarried) earned $101,000 in salary and $6,050 in interest income during the year. Jeremy's…

A: Tax Refund: Any payment made to a person for excess taxes paid to either the state or the federal…

Q: Randy and Sandy, a married couple with six young children, have a gross income of $160,000,…

A: To calculate Randy and Sandy's taxable income, we need to first determine their adjusted gross…

Q: Sam, not married and does not maintain a home for a dependent, has $50,000 salary and $5,000…

A: Tax liability:The amount of tax that is payable or due to the government or the tax authority is…