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Eli is a general partner in CQG Company. For the current tax year, his share of CQG ordinary business income was $20,000 and he received
Eli is a general partner in CQG Company. For the current tax year, his share of CQG ordinary business income was $20,000 and he received a guaranteed payment of $7,000. CQG took no section 179 expense deductions. Eli had no wage income during the tax year. (Round to the nearest dollar.) This is a two-part question. Question 1: What is the amount of Eli's self-employment tax on his personal tax return? Question 2: What is the amount of Eli's self-employment tax deduction on his personal tax return
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