Question
A single individual has formed a limited liability partnership (LLP), which is not a a qualified business, in which the individual owns one-third. The LLP
A single individual has formed a limited liability partnership (LLP), which is not a a qualified business, in which the individual owns one-third. The LLP earned a net income of $150,000 for the tax year of 2021. The individual has itemized deductions of $11,500 Ignoring any possible self-employment (SE) taxes, what is the total tax this individual should pay?
A $3,58
B4,295
C $4,421
D $5,736
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College Accounting Chapters 1-30
Authors: John Price, M. David Haddock, Michael Farina
14th edition
978-1259284861, 1259284867, 77862392, 978-0077862398
