Question
TB : limitations MFJ 315k ,all others 157,500 Joe, MFJ, operates a candy store as a sole proprietor, the business has no employees (Joe provides
TB : limitations MFJ 315k ,all others 157,500
Joe, MFJ, operates a candy store as a sole proprietor, the business has no employees (Joe
provides all the services to customers). During 2018, the net income of Joe's business amount
to $210,000. Joe 's AGI $274,000 which includes wages earned by his spouse but no other
income. He and Maria (spouse) claim the STD $24,000
What is Joe modified taxable income?
how much is Joe's qualified business income deduction?
What is Joe's taxable income?
Now, Assumed that Joe is Single and does not itemize and operates a sole proprietorship.
Joe's business generate 140,000 business income and $40,000 deductible business expense, and
2,000 of interest income from his business deposits. Joe's AGI is 102,000
What is sam Qualified Business Income ?What is his modified taxable income? what is Joe
qualified business income deduction? what is Joe taxable income?
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