1 Raj owns a financial consulting business as a single-member LLC. He is a single, cash basis, calendar-year taxpayer. For the year, hehad the following information:Ordinary income from LLC$100,000Taxable income$115,000Modified taxable income$110,000W-2 wages paid to employees $40,000Qualified property basis$10,000SE tax deduction$7,650SE health insurance deduction $10,000What is his QBl deduction?$16,470O s0$18,470$22,000

1. Deduct upto 20% QBI = $ 110,000 * 20% = $ 22,000 2. 50% of the W-2 wages QBI = 40,000 * 50% =…

Answered: What is his QBI deduction?

Business

Accounting

What is his QBI deduction?

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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Question

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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