Calculation of qualified business income deduction (LO. 6) Dan and Katlyn are married and operate a pizza restaurant as an Scorporation. They are not eligible for any additional standard deduction amounts. In 2020, the store has qualified business income of $300,000. Their itemized deductions are $22,000 and they have other income from interest and dividends of $9,000. Hint: No self-employment tax on profits of an S Corporation. a. What is their OBI deduction for 2020? What is their taxable income? b. Assume the same facts as above, except that Dan and Katlyn are lawyers and jointly operate their law firm as a partnership. The income that flows to them from the partnership is $385,000. In addition, they have capital gains of $5,000. Note: If required, round any division due to phaseout to 2 decimal places. For example, if answer is 0.4620, round to 0.46 or 46%. What is their QBI deduction for 2020? What is taxable income? $ C. Assume the facts of the original problem except that their itemized deductions are $32,000, the QBI from the business is $510,000, it has W-2 wages of $160,000, and unadjusted depreciable property of $180,000. What is their QBI deduction for 2020? $ What is taxable income? s Calculation of qualified business income deduction (LO. 6) Dan and Katlyn are married and operate a pizza restaurant as an Scorporation. They are not eligible for any additional standard deduction amounts. In 2020, the store has qualified business income of $300,000. Their itemized deductions are $22,000 and they have other income from interest and dividends of $9,000. Hint: No self-employment tax on profits of an S Corporation. a. What is their OBI deduction for 2020? What is their taxable income? b. Assume the same facts as above, except that Dan and Katlyn are lawyers and jointly operate their law firm as a partnership. The income that flows to them from the partnership is $385,000. In addition, they have capital gains of $5,000. Note: If required, round any division due to phaseout to 2 decimal places. For example, if answer is 0.4620, round to 0.46 or 46%. What is their QBI deduction for 2020? What is taxable income? $ C. Assume the facts of the original problem except that their itemized deductions are $32,000, the QBI from the business is $510,000, it has W-2 wages of $160,000, and unadjusted depreciable property of $180,000. What is their QBI deduction for 2020? $ What is taxable income? s