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

Note: Round your intermediate computations and final answers to the nearest whole dollar value. Input all the values as positive numbers. Part I Self$-$Employment Tax

Note: If your only income subject to self$-$employment tax is church employee income, see instructions for how to report your income and the definition of church

employee income.

points awarded

A If you are a minister, member of a religious order, or Christian Science practitioner and you filed Form $4361,$ but you had $$400$ or

more of other net earnings from self$-$employment, check here and continue with Part I

Skip lines $1$ a and $1$ b if you use the farm optional method in Part II$.$ See instructions.

$1$a Net farm profit or $($loss$)$ from Schedule F$,$ line $34,$ and farm partnerships, Schedule K$-1($Form $1065),$ box $14,$ code A

b If you received social security retirement or disability benefits, enter the amount of Conservation Reserve Program payments

included on Schedule F$,$ line $4$b$,$ or listed on Schedule K$-1($Form $1065),$ box $20,$ code AH

Skip line $2$ if you use the nonfarm optional method in Part II$.$ See instructions.

$2$ Net profit or $($loss$)$ from Schedule C$,$ line $31$; and Schedule K$-1($Form $1065),$ box $14,$ code A $($other than farming$).$

See instructions for other income to report or if you are a minister or member of a religious order

$3$ Combine lines $1$a$,1$b$,$ and $2$

$4$ If line $3$ is more than zero, multiply line $3$ by $92\mathrm{.}35\%(0\mathrm{.}9235).$ Otherwise, enter amount from line $3$

Note: If line $4$ a is less than $$400$ due to Conservation Reserve Program payments on line $1$ b $,$ see instructions.

b If you elect one or both of the optional methods, enter the total of lines $15$ and $17$ here

c Combine lines $4$ a and $4$ b $.$ If less than $$400,$ stop; you don't owe self$-$employment tax. Exception: If less than $$400$ and you had

church employee income, enter $-0-$ and continue

$5$a Enter your church employee income from Form W$-2.$ See instructions for definition of

church employee income

b Multiply line $5$ a by $92\mathrm{.}35\%(0\mathrm{.}9235).$ If less than $$100,$ enter $-0-$

$6$ Add lines $4c$ and $5b$

$7$ Maximum amount of combined wages and self$-$employment eamings subject to social security tax or the $6\mathrm{.}2\%$ portion of the $7\mathrm{.}65\%$

railroad retirement $($tier $1)$ tax for $2022$

$8$a Total social security wages and tips $($total of boxes $3$ and $7$ on Form$($s$)$ W$-2)$

and railroad retirement $($tier $1)$ compensation. If $$147,000$ or more, skip lines

$8$ b through $10,$ and go to line $11$

b Unreported tips subject to social security tax from Form $4137,$ line $10$

c Wages subject to social security tax from Form $8919,$ line $10$

d Add lines $8a,8b,$ and $8$ c

$9$ Subtract line $8$ d from line $7.$ If zero or less, enter $-0-$ here and on line $10$ and go to line $11$

$10$ Multiply the smaller of line $6$ or line $9$ by $12\mathrm{.}4\%(0\mathrm{.}124)$

$11$ Multiply line $6$ by $2\mathrm{.}9\%(0\mathrm{.}029)$

$12$ Self$-$employment tax. Add lines $10$ and $11.$ Enter here and on Schedule $2($Form $1040),$ line $4$

$13$ Deduction for one$-$half of self$-$employment tax.

$\backslash$table$[[$Multiply line $12$ by $50\%(0\mathrm{.}50).$ Enter here and on Schedule $1($Form $1040),$ line $15,13,0,],[$or Paperwork Reduction Act Notice, see your tax return instructions.,Cat. No$.11358$Z$,$Schedule SE $($Form $1040),]]$

THIS FORM IS A SIMULATION OF AN OFFICIAL U$.$S$.$ TAX FORM. IT IS NOT THE OFFICIAL FORM IT SELF. DO NOT

USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. $2023$ McGraw$-$Hill

Education.

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$.$