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Please help with filling out these forms. Provide explanations when needed. KeIjI Jones Is the owner of a small retall business operated as a sole
Please help with filling out these forms. Provide explanations when needed.
KeIjI Jones Is the owner of a small retall business operated as a sole proprietorship. During 2021 , his business recorded the following Items of Income and expense: Required: a. Compute taxable income attributable to the sole proprletorship by completing Schedule C to be Included in Kelj's 2021 Form 1040. b. Compute self-employment tax payable on the earnings of Kelj's sole proprietorship by completing a 2021 Schedule SE, Form 1040. c. Assume that Kelli's business is not a service business, and that it has $155,000 unadjusted basis in tangible depreclable property. Calculate Kelli's 2021 QBI deduction, before any overall taxable income limitation. Compute self-employment tax payable on the earnings of Keiji's sole proprietorship by completing a 2021 Schedule SE, Form 1040. Note: Round your intermediate computations and final answers to the nearest whole dollar value. Input all the values as positive numbers. 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 2021 QBI deduction, before any overall taxable income limitation. Note: Round your intermediate computations and final answers to the nearest whole dollar value
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