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PLEASE SHOW ALL THE WORK Question 2 Diego and Molly are married and will file a joint return. Diego earns $300,000 from his single member

image text in transcribedPLEASE SHOW ALL THE WORK

Question 2 Diego and Molly are married and will file a joint return. Diego earns $300,000 from his single member LLC (a law firm), which the tax law treats as a sole proprietorship. Wages paid by the law firm amount to $40,000; the law firm owns no significant property. Molly is employed as a tax manager by a local CPA firm. Diego and Molly's modified taxable income is $381,400 (this also equals taxable income before the QBI deduction). What is their tentative QBI based on the W-2 Wages/Capital Investment Limit? Determine their allowable QBI deduction. Question 2 Diego and Molly are married and will file a joint return. Diego earns $300,000 from his single member LLC (a law firm), which the tax law treats as a sole proprietorship. Wages paid by the law firm amount to $40,000; the law firm owns no significant property. Molly is employed as a tax manager by a local CPA firm. Diego and Molly's modified taxable income is $381,400 (this also equals taxable income before the QBI deduction). What is their tentative QBI based on the W-2 Wages/Capital Investment Limit? Determine their allowable QBI deduction

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