FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Margarita operates a sole proprietorship that earns $150,000 of qualified business income after deducting salaries of $300,000. Thesole proprietorship is not a specified service business.

Margarita operates a sole proprietorship that earns $150,000 of qualified business income after deducting salaries of $300,000. Thesole proprietorship is not a specified service business. She files a single tax return for 2019. Assume her taxable income before the QBI deduction is $175,000. Margarita's QBI deduction for 2019 is:

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Core Concepts Of Accounting Information Systems

Core Concepts Of Accounting Information Systems

Authors: Nancy A. Bagranoff, Mark G. Simkin, Carolyn Strand Norman

11th Edition

9780470507025, 0470507020

More Books

Students also viewed these Accounting questions

Question

★★★★★
Assume you are in Cupertino's position and know you have to do something about the improper accounting in the Southern sales division. Consider the following in crafting a plan how best to voice your...

Answered: 1 week ago

Question

★★★★★
In-line skaters A study of injuries to in-line skaters used data from the National Electronic Injury Surveillance System, which collects data from a random sample of hospital emergency rooms. The...

Answered: 1 week ago

Question

★★★★★
2. Follow the time limits exactly. 1. Do not create anxiety by making the test seem like the most important event of the year. 2. Help the class relax before beginning the test, perhaps by telling a...

Answered: 1 week ago

Question

★★★★★
Basic information relating to a new machine purchased by Gotham Company is presented in E9-5. Instructions Using the facts presented in E9-5, compute depreciation using the following methods in the...

Answered: 1 week ago

Question

★★★★★
For the next fiscal year, you forecast net income of 552,000 and ending assets of $509,900. Your firm's payout ratio is 0.9%. Your beginning stockholders' equity is $296.000, and your beginning total...

Answered: 1 week ago

Question

★★★★★
B. Indicate two scenarios of your own where you can make use of Wireshark to view/follow protocols in action while interacting with network applications of your choice. For each scenario: Put...

Answered: 1 week ago

Question

★★★★★
Why are the liabilities and shareholders equity accounts represented as negative on the consolidated balance sheet? LO 2-7 Prepare a worksheet to consolidate the accounts of two companies that form...

Answered: 1 week ago

Question

★★★★★
Country X has the following amounts in its balance of payment accounts: Current Account Capital Account Financial Account $500,000 $100,000 $500,000 If Country X residents buy $700,000 of goods and...

Answered: 1 week ago

Question

★★★★★
James was operating his cabin cruiser with his family a kilometer off the coast when he needed to go below to prepare a meal. He left his twelve-year-old son to drive the boat. While James was below...

Answered: 1 week ago

Question

★★★★★
Hillary deposited $5,000 with a bank and borrowed $5,000 from the bank to make up the $10,000 minimum deposit required to buy a 6-month certificate of deposit. The certificate earned $575 at maturity...

Answered: 1 week ago

Question

★★★★★
The beginning balance in Swan, Inc.'s OAA is $6,700, and the following transactions occur. Depreciation recapture income $21,600 Payroll tax penalty (4,200) Tax exempt interest income 4,012...

Answered: 1 week ago

Question

★★★★★
Be able to address different common forms of termination for cause: discharge for behavior problems and dismissal for performance problems

Answered: 1 week ago

Question

★★★★★
Be able to define the critical difference between the terms standard and average as they are used in performance appraisals

Answered: 1 week ago

Question

★★★★★
Recognize the features of practical performance appraisal forms

Answered: 1 week ago

Previous Question Next Question