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Scott and Laura are married and will file a joint tax return. Scott has a sole proprietorship ( not a specified services business ) that
Scott and Laura are married and will file a joint tax return. Scott has a sole proprietorship not a "specified services" business that
generates qualified business income of $ The proprietorship pays wages of $ and holds qualified property with an
unadjusted basis of $ Laura is employed by a local school district. Their taxable income before the QBI deduction is $this
is also their modified taxable income
a Determine Scott and Laura's QBI deduction, taxable income, and tax liability for
QBI deduction
$
Taxable income
$
Tax liability
$
b After providing you with the original information in the problem, Scott finds out that he will be receiving a $ bonus in December
increasing their taxable income before the QBI deduction by this amount Redetermine Scott and Laura's QBI deduction, taxable
income, and tax liability for
QBI deduction
$
Taxable income
$
Tax liability
$
c What is the marginal tax rate on Scott's bonus? Enter the percent to one decimal place.
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