James Jones is the owner of a small retail business operated as a sole proprietorship. During 2020, his business recorded the following items of income and expense: Revenue from inventory sales Cost of goods sold Business license tax Rent on retail space Supplies Wages paid to employees Payroll taxes Utilities $ 147,000 33,500 2,400 42,000 15,000 22,000 1,700 3,600 Required: a. Compute taxable income attributable to the sole proprietorship by completing Schedule C to be included in James's 2020 Form 1040. b. Compute self-employment tax payable on the earnings of James's sole proprietorship by completing a 2020 Schedule SE, Form 1040. C. Assume that James's business is not a service business, and that it has $155,000 unadjusted basis in tangible depreciable property. Calculate James's 2020 QBI deduction, before any overall taxable income limitation. James Jones is the owner of a small retail business operated as a sole proprietorship. During 2020, his business recorded the following items of income and expense: Revenue from inventory sales Cost of goods sold Business license tax Rent on retail space Supplies Wages paid to employees Payroll taxes Utilities $ 147,000 33,500 2,400 42,000 15,000 22,000 1,700 3,600 Required: a. Compute taxable income attributable to the sole proprietorship by completing Schedule C to be included in James's 2020 Form 1040. b. Compute self-employment tax payable on the earnings of James's sole proprietorship by completing a 2020 Schedule SE, Form 1040. C. Assume that James's business is not a service business, and that it has $155,000 unadjusted basis in tangible depreciable property. Calculate James's 2020 QBI deduction, before any overall taxable income limitation