Question
Problem 15-28 (LO. 3, 4) Scott and Laura are married and will file a joint tax return. Laura has a sole proprietorship (not a specified
Problem 15-28 (LO. 3, 4) Scott and Laura are married and will file a joint tax return. Laura has a sole proprietorship (not a specified services business) that generates a qualified business income of $300,000. The proprietorship pays W2 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 $389,800 (this is also their modified taxable income). Click here to access the 2021 individual tax rate schedule to use for this problem. Assume the QBI amount is net of the self-employment tax deduction. a. Scott and Laura's QBI deduction is $fill in the blank 0ebb60fc1037012_1 36,000 , taxable income is $fill in the blank 0ebb60fc1037012_2 353,800 , and tax liability is $fill in the blank 0ebb60fc1037012_3 for 2021. Feedback.
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