Question: i am having problems with Part C only James Jones is the owner of a small retail business operated as a sole proprietorship. During 2018,
James Jones is the owner of a small retail business operated as a sole proprietorship. During 2018, his business recorded the following items of income and expense. Revenue from inventory sales Cost of goods sold Business license tax Rent on retail space Supplies Wages paid to employees Payroll taxes Utilities $147,699 33,500 2,400 42,000 15,690 22,000 1,700 3,600 a. Compute taxable income attributable to the sole proprietorship by completing Schedule C to be included in James's 2018 Form 1040. b. Compute self-employment tax payable on the earnings of James's sole proprietorship by completing a 2018 Schedule SE, Form 1040 c. Assume that James's business is not a service business, and that it has S155,000 unadjusted basis in tangible depreciable property Calculate James's 2018 QBI deduction before any overall taxable income limitation Complete this question by entering your answers in the tabs below. Schedule Parta Schedule SE Part 5 Part Assume that James's business is not a service business, and that it has $155,000 unadjusted basis in tangible depreciable property. Calculate James's 2018 QBI deduction, before any overall taxable income limitation James's 2018 OBI deduction
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