Problem 2-35 (LO. 3, 4) Susan, a single taxpayer, owns and operates a bakery (as a sole proprietorship). The business is not a "specified services" business. In 2019, the business pays $60,000 of W-2 wages and generates $200,000 of qualified business income. Susan also has a part-time job earning wages of $11,000 and receives $3,200 of interest income. Assume the QBI amount is net of the self-employment tax deduction. What is Susan's tentative QBI based on the W-2 Wages/Capital Investment Limit? $ 30,000 Determine Susan's allowable QBI deduction. $ 33060 x Feedback Check My Work With the reduction in the corporate income tax rate to 21 percent in 2018, Congress needed to provide a means of reducing the taxes on businesses that operate in different business forms. Congress accomplished this with the creation of the deduction for qualified business income ( 199A). Qualified business income (QBI) is defined as the ordinary income less ordinary deductions a taxpayer earns from a "qualified trade or business" conducted in the United States by the taxpayer. Problem 2-35 (LO. 3, 4) Susan, a single taxpayer, owns and operates a bakery (as a sole proprietorship). The business is not a "specified services" business. In 2019, the business pays $60,000 of W-2 wages and generates $200,000 of qualified business income. Susan also has a part-time job earning wages of $11,000 and receives $3,200 of interest income. Assume the QBI amount is net of the self-employment tax deduction. What is Susan's tentative QBI based on the W-2 Wages/Capital Investment Limit? $ 30,000 Determine Susan's allowable QBI deduction. $ 33060 x Feedback Check My Work With the reduction in the corporate income tax rate to 21 percent in 2018, Congress needed to provide a means of reducing the taxes on businesses that operate in different business forms. Congress accomplished this with the creation of the deduction for qualified business income ( 199A). Qualified business income (QBI) is defined as the ordinary income less ordinary deductions a taxpayer earns from a "qualified trade or business" conducted in the United States by the taxpayer