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Tommy, a married taxpayer, operates a retail business as a sole proprietor. The business has three employees who are paid a total of $120,000. Assume
Tommy, a married taxpayer, operates a retail business as a sole proprietor. The business has three employees who are paid a total of $120,000. Assume that the business has no significant assets. The business generates $370,000 of income, and his taxable income before the QBI deduction is $475,000. What is Tommy's deduction for QBI? $95,000$0$60,000$14,000$74,000 QUESTION 10 Jane, a single taxpayer, operates a farm as a sole proprietor. The farm has two employees who are paid a total of $40,000. Assume that the business has no significant assets. The business generates $130,000 of income, and her taxable income before the QBI deduction is $175,000. What is Jane's deduction for QBI? $18,596$26,000$25,298$25,406$20,000
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