Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In 2020, Henry Jones (Social Security number 123-45-6789) works as a freelance driver, finding customers using various platforms like Uber and Grubhub. He is single

image text in transcribed

image text in transcribed

In 2020, Henry Jones (Social Security number 123-45-6789) works as a freelance driver, finding customers using various platforms like Uber and Grubhub. He is single and has no other sources of income. In 2020, Henry's qualified business income from driving is $61,200. Assume that Henry claims the standard deduction of $12,400. a. Compute Henry's QBI deduction and his tax liability for 2020. b. Complete Henry's 2020 Form 8995 (Qualified Business Income Deduction Simplified Computation)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting

Authors: Charles T. Horngren, Walter T. Harrison Jr., Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood

9th Canadian Edition volume 2

013269008X, 978-0133122855, 133122859, 978-0132690089

More Books

Students also viewed these Accounting questions

Question

What may result from holding the workpiece by hand when drilling?

Answered: 1 week ago