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Keiji Jones is the owner of a small retail business operated as a sole proprietorship. During 2 0 2 2 , his business recorded the
Keiji Jones is the owner of a small retail business operated as a sole proprietorship. During 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 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 Form
b Compute selfemployment tax payable on the earnings of Keiji's sole proprietorship by completing a Schedule SE Form
c Assume that Keiji's business is not a service business, and that it has $ unadjusted basis in tangible depreciable property.
Calculate Keiji's 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 $ unadjusted basis in tangible depreciable
property. Calculate Keiji's 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 $
Cost of goods sold
Business license tax
Rent on retail space
Supplies
Wages paid to employees
Payroll taxes
Utilities
Required:
Compute taxable income attributable to the sole proprietorship by completing Schedule C to be included in Keijis Form
Compute selfemployment tax payable on the earnings of Keijis sole proprietorship by completing a Schedule SE Form
Assume that Keijis business is not a service business, and that it has $ unadjusted basis in tangible depreciable property. Calculate Keijis QBI deduction, before any overall taxable income limitationI Did you make any payments in that would require you to file Forms See instructions
J If "Yes," did you or will you file required Forms
Part I Income
Gross receipts or sales. See instructions for line and check the box if this income was reported to you on
Form W and the "Statutory employee" box on that form was checked
Returns and allowances
Subtract line from line
Cost of goods sold from line
Gross profit. Subtract line from line
Other income, including federal and state gasoline or fuel tax credit or refund see instructions
Gross income. Add lines and
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