Mason (single) is a 50 percent shareholder in Angels Corporation (an S Corporation). Mason receives a $186,000 salaryworking full time for Angels Corporation. Angels Corporation reported $424,000 of taxable business income for the year(2022). Before considering his business income allocation from Angels and the self-employment tax deduction (if any).Mason's adjusted gross income is $186,000 (all salary from Angels Corporation). Mason claims $62,000 in itemizeddeductions. Answer the following questions for Mason.Note: Leave no answer blank. Enter zero if applicable.Problem 04-46 Part c (Algo)c. Assume the same facts as question (b), except that Angels Corporation reported $174,000 of taxable business income for the yearWhat is Mason's deduction for qualified business income? Ignore the wage-based limitation when computing the deduction.Answer is complete but not entirely correct.Deduction for qualified business income124.000

A specified service trade or business (SSTB) includes professional services like healthcare, law,…

Answered: c. Assume the same facts as question…

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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Compute for the tax due of the following individuals using the RA 10963 tax table. Show computations. 1. A business has net income before tax of P2,410,000.
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f2. Subject:- Accounting
16. Wyatt Industries, an accrual-method and calendar year taxpayer, paid $12,000 in real estate taxes on October 1, 2021, covering the period October 1, 2021, to September 30, 2022. The amount of real estate taxes Wyatt can deduct as a business expense in 2021 is: a. b. C. d. e. $12,000. $6,000. $3,000. $0. none of the above.
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