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What is his QBI deduction?

What is his QBI deduction?

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 $100,000 Taxable income $115,000 Modified taxable income $110,000 W-2 wages paid to employees $40,000 Qualified property basis $10,000 SE tax deduction $7,650 SE health insurance deduction $10,000 What is his QBl deduction? $16,470 O s0 $18,470 $22,000
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 $100,000 Taxable income $115,000 Modified taxable income $110,000 W-2 wages paid to employees $40,000 Qualified property basis $10,000 SE tax deduction $7,650 SE health insurance deduction $10,000 What is his QBl deduction? $16,470 O s0 $18,470 $22,000
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