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During the 2022 tax year, Marco's sole proprietorship had qualified business income of $280,000, W-2 wages of $100,000, and unadjusted basis of qualified property of $400,000. The business is a specified service business. Marco files his 2022 tax return as a married filing jointly and has determined that his taxable income before the qualified business income deduction is $330,000. His modified taxable income is also $300,000. What is Molly's qualified business income deduction for 2022? O$50,000 O $60,000 O$35,000 O$56,000

During the 2022 tax year, Marco's sole proprietorship had qualified business income of $280,000, W-2 wages of $100,000, and unadjusted basis of qualified property of $400,000. The business is a specified service business. Marco files his 2022 tax return as a married filing jointly and has determined that his taxable income before the qualified business income deduction is $330,000. His modified taxable income is also $300,000. What is Molly's qualified business income deduction for 2022? O$50,000 O $60,000 O$35,000 O$56,000

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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During the 2022 tax year, Marco's sole proprietorship had qualified business income of $280,000, W-2 wages of $100,000, and unadjusted basis of qualified property of $400,000. The business is a specified service business. Marco files his 2022 tax return as a married filing jointly and has determined that his taxable income before the qualified business income deduction is $330,000. His modified taxable income is also $300,000. What is Molly's qualified business income deduction for 2022? O$50,000 $60,000 O$35,000 O$56,000
Transcribed Image Text:During the 2022 tax year, Marco's sole proprietorship had qualified business income of $280,000, W-2 wages of $100,000, and unadjusted basis of qualified property of $400,000. The business is a specified service business. Marco files his 2022 tax return as a married filing jointly and has determined that his taxable income before the qualified business income deduction is $330,000. His modified taxable income is also $300,000. What is Molly's qualified business income deduction for 2022? O$50,000 $60,000 O$35,000 O$56,000
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