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Please show steps to solve Susan, a single taxpayer, owns and operates a bakery (as a sole proprietorship). The business is not a specified services
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Susan, a single taxpayer, owns and operates a bakery (as a sole proprietorship). The business is not a "specified services" business. In 2020, the business pays $100,000 in W2 wages, has $150,000 of qualified property, and generates $350,000 of qualified business income. Susan has no other items of income or loss and will take the standard deduction of $12,400.
Assume the QBI amount is net of the self-employment tax deduction.
What is Susan's qualified business income deduction? $
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