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- Taylor, a single taxpayer, has taxable income before the QBI deduction of $194,900 in 2021. Taylor, a CPA, operates an accounting practice as a single-member LLC (which he reports as a sole proprietorship). During 2021, his proprietorship reports net income of $150,000, W-2 wages of $125,000, and $10,000 of qualified property. What is Taylor's qualified business income deduction? a.$31,500. b.$30,000. c.$12,000. d.$-0-.Mark earned $10,000 of profit from a sole proprietorship in 2022. If he also has $3,000,000 of salary income, how much self-employment tax will he owe?In 2022, Nadia is single and has $104,000 of regular taxable income. She itemizes her deductions as follows: real property taxes of $1,700, state income taxes of $2,200, and mortgage interest expense of $11,000 (acquisition indebtedness of $200,000). In addition, she receives tax-exempt interest of $1,400 from a municipal bond (issued in 2006) that was used to fund a new business building for a (formerly) out-of-state employer. Finally, she received a state tax refund of $400 from the prior year. Note: Amounts to be deducted should be indicated by a minus sign.
- Thad, a single taxpayer, has taxable income before the QBI deduction of $189,500. Thad, a CPA, operates an accounting practice as a single member LLC (which he reports as a sole proprietorship). During 2021, his proprietorship generates qualified business income of $151,600, W–2 wages of $113,700, and $12,000 of qualified property. Assume the QBI amount is net of the self-employment tax deduction. If required, round any division to two decimal places and use that rounded amount in any future computations. Round your final answer to the nearest dollar. What is Thad's qualified business income deduction?Thad, a single taxpayer, has taxable income before the QBI deduction of $173,000. Thad, a CPA, operates an accounting practice as a single member LLC (which he reports as a sole proprietorship). During 2021, his proprietorship generates qualified business income of $138,400, W-2 wages of $103,800, and $8,400 of qualified property. Assume the QBI amount is net of the self-employment tax deduction. If required, round any division to two decimal places and use that rounded amount in any future computations. Round your final answer to the nearest dollar. What is Thad's qualified business income deduction? %24Paige had $100,000 of income from wages and $3,650 of taxable interest. Paige also made contributions of $2,300 to a tax-deferred retirement account. Paige has 4 dependents and files as head of household.What is Paige's total income?What is Paige's adjusted gross income?For Paige's filing status, the standard deduction is $18,000. What is Paige's taxable income?
- Brooklyn files as a head of household for 2022. They claimed the standard deduction of $19,400 for regular tax purposes. Their regular taxable income was $99,750. What is Brooklyn's AMTI? AMTI Description AmountVishnuPaulina Morales, a single taxpayer, had wage income of $68,950 in 2019. Her only other income was ordinary dividend income reported to her on Form 1099-DIV. She is required to file Schedule B, Interest and Ordinary Dividends, if her dividend income exceeds a threshold amount of: $350 $1,200 $1,500 $2,500
- In 2023, Miranda records net earnings from self-employment of $174,000. She has no other income. Determine the amount of Miranda's self-employment tax and her AGI income tax deduction. In your computations, for the tax liability, round interim amounts to two decimal places and the final answer to the nearest whole dollar. For the AGI deduction, if necessary, use amounts that have been rounded to the nearest dollar. Miranda's self-employment tax is $ and she has a deduction for AGI.Dmitry had $42,000 of income from wages and $1,550 of taxable interest. Dmitry also made contributions of $2,700 to a tax-deferred retirement account. Dmitry has 4 dependents and files as head of household.What is Dmitry's total income?What is Dmitry's adjusted gross income?For Dmitry's filing status, the standard deduction is $18,000. What is Dmitry's taxable income?Use the 2018 tax table to find the income tax for Dmitry filing as head of household. Round to the nearest dollar.
