Question: Need help wtih part c and d please! n 2018, Wilma Way's sole proprietorship, WW Bookstore, generated $120,000 net profit. In addition, Wilma recognized a
Need help wtih part c and d please!
n 2018, Wilma Way's sole proprietorship, WW Bookstore, generated $120,000 net profit. In addition, Wilma recognized a $17,000 gain on the sale of business furniture and shelving, all of which was recaptured as ordinary income. The business checking account earned $960 interest income. a. Which of these income items are subject to self-employment tax? b. Compute Wilma's 2018 self-employment tax. c. Compute Wilma's allowable Section 199A deduction, assuming $43,000 of W-2 wages and $90,000 unadjusted basis of tangible depreciable property d. Compute Wilma's 2018 taxable income from her bookstore activity. Complete this question by entering your answers in the tabs below Required A Required B Required C Required D Compute Wilma's 2018 taxable income from her bookstore activity. (Round your intermediate calculations to the nearest whole dollar amount.) n 2018, Wilma Way's sole proprietorship, WW Bookstore, generated $120,000 net profit. In addition, Wilma recognized a $17,000 gain on the sale of business furniture and shelving, all of which was recaptured as ordinary income. The business checking account earned $960 interest income. a. Which of these income items are subject to self-employment tax? b. Compute Wilma's 2018 self-employment tax. c. Compute Wilma's allowable Section 199A deduction, assuming $43,000 of W-2 wages and $90,000 unadjusted basis of tangible depreciable property d. Compute Wilma's 2018 taxable income from her bookstore activity. Complete this question by entering your answers in the tabs below Required A Required B Required C Required D Compute Wilma's 2018 taxable income from her bookstore activity. (Round your intermediate calculations to the nearest whole dollar amount.)
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