FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Problem 15-36 (LO. 3, 4) Jennifer is a CPA and a single taxpayer using the standard deduction. In 2023, her CPA practice generates qualified business income of $163,850 and she has no other items of income, deduction, or loss. Jennifer's taxable income before the QBI deduction is $150,000 ($163,850 - $13,850 standard deduction). Jennifer employs an administrative assistant in her practice and pays him $75,000 in wages. The unadjusted basis of depreciable assets employed in the practice totals $30,000. If amount is zero, enter "0". Assume the QBI amount is net of the self-employment tax deduction. a. What is Jennifer's qualified business income deduction? b. Determine Jennifer's qualified business income deduction if her CPA practice generates qualified business income of $273,800.
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Transcribed Image Text:Problem 15-36 (LO. 3, 4) Jennifer is a CPA and a single taxpayer using the standard deduction. In 2023, her CPA practice generates qualified business income of $163,850 and she has no other items of income, deduction, or loss. Jennifer's taxable income before the QBI deduction is $150,000 ($163,850 - $13,850 standard deduction). Jennifer employs an administrative assistant in her practice and pays him $75,000 in wages. The unadjusted basis of depreciable assets employed in the practice totals $30,000. If amount is zero, enter "0". Assume the QBI amount is net of the self-employment tax deduction. a. What is Jennifer's qualified business income deduction? b. Determine Jennifer's qualified business income deduction if her CPA practice generates qualified business income of $273,800.
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Step 1: Qualified Business Income
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Step 2: Jennifer's qualified business income deduction:
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Step 3: If CPA practice generates net qualified business income of $273,800
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