Problem #9 (10 Points) After graduating from college, Michael and his spouse move to San Francisco to start their street sanit business. The business qualifies for the new Qualified Business Deduction (QBI). The following is use compute his deduction: Net Income AGI Itemized deductions Standard Deduction $290,000 305,000 22,000 24,000 a. Compute the two limitation amounts. b. How much can be deducted as the Qualified Business Deduction? Problem #10 (5 Points) For the current year, Horton was self-employed as a CPA. He had the following expenses: $1,100 1,000 Attendance at a tax law conference ($900 for travel and $200 for meals) Continuing Education for CPA license renewal Professional dues and journals Contribution to a local congressional reelection campaign (highly recommended by the AICPA) Calculate how much of these expenses are allowed as deductions for AGI (after limitations)? Problem #9 (10 Points) After graduating from college, Michael and his spouse move to San Francisco to start their street sanit business. The business qualifies for the new Qualified Business Deduction (QBI). The following is use compute his deduction: Net Income AGI Itemized deductions Standard Deduction $290,000 305,000 22,000 24,000 a. Compute the two limitation amounts. b. How much can be deducted as the Qualified Business Deduction? Problem #10 (5 Points) For the current year, Horton was self-employed as a CPA. He had the following expenses: $1,100 1,000 Attendance at a tax law conference ($900 for travel and $200 for meals) Continuing Education for CPA license renewal Professional dues and journals Contribution to a local congressional reelection campaign (highly recommended by the AICPA) Calculate how much of these expenses are allowed as deductions for AGI (after limitations)