Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please answer stepby step Problem 2-28 (LO. 3, 4) Scott and Laura are married and will file a joint tax retum. Laura has a sole
please answer stepby step
Problem 2-28 (LO. 3, 4) Scott and Laura are married and will file a joint tax retum. Laura has a sole propnetorship (not a specified services business) that generates qualified business income of $300,000. The proprietorship pays W-2 wages of $40,000 and holds property with an unadjusted basis of $10,000. Scott is employed by a local school district. Their taxable income before the QBI deduction is $386,600 (this is also their modified taxable income). Click here to access the 2020 individual tax rate schedule to use for this problem, Assume the QB1 amount is net of the self-employment tax deduction. 36,000 , taxable income is si and tax liability is X for a. Scott and Laura's QBI deduction is $ 2020. Feedback b. After providing you the original information in the problem, Scott finds out that he will be receiving a $6,000 bonus in December 2020 (increasing their taxable income before the QB1 deduction by this amount), Redetermine Scott and Laura's QBI deduction, taxable income, and tax liability for 2020 Scott and Laura's QB1 deduction is $ taxable income is and tax liability is for 2020, Feedback What is the marginal tax rate on Scott's bonus? Round your answer to one decimal place Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started