Exercise 2-21 (Algorithmic) (LO. 3, 4) In 2020, Henry Jones (Social Security number 123-45-6789) works as a freelance driver, finding customers using various platforms the Uber and Grubhub. He is single and has no other sources of Income. In 2020, Henry's qualified business income from driving is $103,600. Assume Henry takes the standard deduction of $12,400. Click here to access the 2020 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 2020. QBI deduction: 9,760 Tax liability (round to the nearest dollar): b. Complete Henry's 2020 Form 8995 (Qualified Business Income Deduction Simplified Computation), Enter amounts as positive numbers. Form 8995 Department of the Treasury Internal Revenue Service Name(s) shown on return Henry Jones Qualified Business Income Deduction Simplified Computation Attach to your tax return. Go to www.irs.gov/Form8995 for instructions and the latest information. OMB No. 1545-2294 2020 Attachment Sequence No. 55 Your taxpayer identification number 123-45-6789 Note: You can claim the qualified business income deduction only if you have qualified business income from a qualified trade or business, real 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 above $163,300 ($326,600 if married filing jointly), or