Suzanne, a single taxpayer, operates a printing business as a sole proprietor. The business has two employees
Question:
Suzanne, a single taxpayer, operates a printing business as a sole proprietor. The business has two employees who are paid a total of $90,000 during 2022.
Assume that the business has no significant assets. During 2022, the business generates $150,000 of income and Suzanne’s taxable income before the QBI deduction is $155,000.
a. What is Suzanne’s qualified business income deduction?
b. What is Suzanne’s qualified business income deduction if the facts are the same except that the business income is $250,000 and Suzanne’s taxable income before the QBI deduction is $270,000?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
South Western Federal Taxation 2023 Comprehensive Volume
ISBN: 9780357719688
46th Edition
Authors: Annette Nellen, Andrew D. Cuccia, Mark Persellin, James C. Young
Question Posted: