Thad, a single taxpayer, has taxable income before the QBI deduction of $192,500. Thad, a CPA, operates an accounting practice as a single member LLC (which he reports as a sole proprietorship). During 2020, his proprietorship generates qualified business income of $154,000, W-2 wages of $115,500, 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. 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 $192,500. Thad, a CPA, operates an accounting practice as a single member LLC (which he reports as a sole proprietorship). During 2020, his proprietorship generates qualified business income of $154,000, W-2 wages of $115,500, 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. Round your final answer to the nearest dollar. What is Thad's qualified business income deduction?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Hi can u post this transaction for me please ( the current Answers are wrong)
journal entrie for website expenses
Select the letter of the item below that best matches the definitions that follow. a. Data Files CD ________ b. Lists ________ c. Forms ________ d. Registers ________ e. Reports and graphs ________ f. Restoring a backup ________ g. Icon bar ________ h. Home page ________ i. Backing up a file ________ 1. One click access to QuickBooks Accountant Centers and Home page. 2. The process of rebuilding a backup file to a full QuickBooks Accountant file ready for additional input. 3. Electronic representations of paper documents used to record business activities such as customer invoices, vendor bills, and checks. 4. A big-picture approach of how your essential business tasks fit together organized by logical groups such as customers, vendors, and employees. 5. Groups of names such as customers, vendors, employees, items, and accounts. 6. Contains backups of all the practice files needed for chapter work and completion of assignments. 7. The process of creating a copy of a…
where in quickbooks will i enter it
Subject - account Please help me. Thankyou.
Prepare journal entries using NAS
Clicking Generate at the bottom of the A/P Create Payment Batch form creates a payment batch. Group of answer choices. True False
please step by step solution.
please quickly thanks !! Please explain distinction and connection of draft, promissory and check.
Clicking Generate at the bottom of the A/P Create Payment Batch form creates a payment batch. Group of answer choices. True False
please solve this question with all steps and workings of notes to account as well following IND AS
What does the QuickBooks Online Check Register do?