Keiji Jones is the owner of a small retail business operated as a sole proprietorship. During $2022,$ his business recorded the following items of income and expense: Keiji Jones is the owner of a small retail business operated as a sole proprietorship. During $2022,$ his business recorded the following

items of income and expense:

Required:

a$.$ Compute taxable income attributable to the sole proprietorship by completing Schedule C to be included in Keiji's $2022$ Form $1040.$

b$.$ Compute self$-$employment tax payable on the earnings of Keiji's sole proprietorship by completing a $2022$ Schedule SE$,$ Form $1040.$

c$.$ Assume that Keiji's business is not a service business, and that it has $$155,000$ unadjusted basis in tangible depreciable property.

Calculate Keiji's $2022$ QBI deduction, before any overall taxable income limitation$.$

Complete this question by entering your answers in the tabs below.

Schedule C

Schedule SE

Part a

Part b

Assume that Keiji's business is not a service business, and that it has $$155,000$ unadjusted basis in tangible depreciable

property. Calculate Keiji's $2022$ QBI deduction, before any overall taxable income limitation$.$

Note: Round your intermediate computations and final answers to the nearest whole dollar value.

Revenue from inventory sales $ $147,000$

Cost of goods sold $33,500$

Business license tax $2,400$

Rent on retail space $42,000$

Supplies $15,000$

Wages paid to employees $22,000$

Payroll taxes $1,700$

Utilities $3,600$

Required:

Compute taxable income attributable to the sole proprietorship by completing Schedule C to be included in Keiji$$s $2022$ Form $1040.$

Compute self$-$employment tax payable on the earnings of Keiji$$s sole proprietorship by completing a $2022$ Schedule SE$,$ Form $1040.$

Assume that Keiji$$s business is not a service business, and that it has $$155,000$ unadjusted basis in tangible depreciable property. Calculate Keiji$$s $2022$ QBI deduction, before any overall taxable income limitation$.$I Did you make any payments in $2022$ that would require you to file Form$($s$)1099?$ See instructions

J If "Yes," did you or will you file required Form$($s$)1099?$

Part I $,$ Income

$1$ Gross receipts or sales. See instructions for line $1$ and check the box if this income was reported to you on

Form W$-2$ and the "Statutory employee" box on that form was checked

$2$ Returns and allowances

$3$ Subtract line $2$ from line $1$

$4$ Cost of goods sold $($from line $42)$

$5$ Gross profit. Subtract line $4$ from line $3$

$6$ Other income, including federal and state gasoline or fuel tax credit or refund $($see instructions$)$

$7$ Gross income. Add lines $5$ and $6$