Taylor, a single taxpayer, has taxable income before the QBI deduction of $193,300 in 2020.  Taylor, a CPA, operates an accounting practice as a single-member LLC (which he reports as a sole proprietorship).  During 2020, 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. $-0-. b. $30,000. c. $12,000. d. $31,500

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A: Section 199A of the Internal Revenue code deals with "Qualified business income deduction."

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Q: under Care ACT

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A:

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A:

Q: hat is Thad's qualified business income deduction?

A:

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A:

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Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.