Exercise 15-21 (Algorithmic) (LO. 3, 4) In 2021, Henry Jones (Social Security number 123-45-6789) works as a freelance driver, finding customers using various platforms like Uber and Grubhub. He is single and has no other sources of income, in 2021, Henry's qualified business income from driving is $73,000. Assume Henry takes the standard deduction of $12,550. Click here to access the 2021 individual tax rate schedule to use for this problem. Assume the QBI amount is net of the self-employment tax deduction. a. Compute Henry's QBI deduction and his tax liability for 2021. QBI deduction: $ Tax liablity (round to the nearest dollar): $ 2021 Tax Rate Schedules b. Complete Henry's 2021 Form 8995 (Qualified Business Income Deduction Simplified Computation). Enter all amounts as positive numbers. Note: You can claim the qualified business income deduction only if you have qualified business income from a qualified trade or business, rea estate investment trust dividends, publicly traded partnership income, or a domestic production activities deduction passed through from an agricultural or horticultural cooperative. See instructions. Use this form if your taxable income, before your qualified business income deduction, is obove $164,900($164,925 if married filing separately; $329,800 if married filing jointly), and you aren't a patron of an agricultural or horticultural cooperative. 3 Qualified business net (loss) carryfonward from the prior year . . . . .......... 4 Total qualified business income, Combine lines 2 and 3 . If zero or less, enter 0=... 4 6 Qualified REIT dividends and publicly traded partnership (PTP) income or (loss) (see 7 Qualffied REIT dividends and qualified PTP (loss) carryforward from the prior year... 8 Total qualified REIT dividends and PTP income. Combine lines 6 and 7 , If zero or less, 11. Taxable income before qualified business income deduction (see instructions) ...... 11. 13 Subtract line 12 from line 11 , If zero or less, enter 0,13 Check My Work Previous