FREE Trial

Suzanne, a single taxpayer, operates a printing business as a sole proprietor. The business has two employees who are paid

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?

This problem has been solved!


Do you need an answer to a question different from the above? Ask your question!

Step by Step Answer:

Answer rating: 100% (2 reviews)

a Suzannes QBI deduction is 30 000 150 000 20 The W2 wages and qualified property limi…View the full answer


answer-question
Answered By
tutor-profile-image
Patrick Busaka
I am a result oriented and motivated person with passion for challenges because they provide me an opportunity to grow professionally.
5.00+ 38+ Reviews 58+ Question Solved
Related Book For  answer-question
South Western Federal Taxation 2023 Comprehensive Volume

South Western Federal Taxation 2023 Comprehensive Volume

ISBN: 9780357719688

46th Edition

Authors: Annette Nellen, Andrew D. Cuccia, Mark Persellin, James C. Young

See More Books
Question Details
Chapter # 6- Deductions and Losses: In General
Section: Discussion Questions
Problem: 37
View Solution
Create a free account to access the answer
Cannot find your solution?
Post a FREE question now and get an answer within minutes. * Average response time.
Question Posted: September 24, 2023 07:11:33
See More Questions

Students also viewed these Business questions

Q:
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 2018. Assume that the business has no significant...
A:
a Suzannes QBI deduction is 30 000 150 000 20 The W2 wages and qualified property limit......
Q:
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 2019. Assume that the business has no significant...
A:
a Suzannes QBI deduction is 30 000 150 000 20 The W2 wages and qualified property limi......
Q:
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
A:
1040 of the sury Internal Reverse Service For the year Jan 1 Dec 31 2012 or other tax your beginning Your first name and initial Ivan 1 If a joint return spouse s first name and initial Incisor Irene......
Q:
As CEO of your company, youve been going over your financial statements and have noticed something disturbing. You perform a horizontal analysis and find that sales have been increasing at a rate of...
A:
Although fraud could be occurring one should not jump to conclusions There may......
Q:
1. One approach to system development that Reliable might take is to start one large project that uses a waterfall model to the SDLC to thoroughly plan the project, analyze all requirements in...
A:
1 Risks of a pure waterfall approach arise from the long time that it would take to follow that approach for the entire project The scope of the project is large encompassing every aspect of the busin......
Q:
Dr. Switzer has a seriously ill patient but has had trouble diagnosing the specific cause of the illness. The doctor now has narrowed the cause down to two alternatives: disease A or disease B. Based...
A:
The optimal policy is to not test for disease A bu......
Q:
An ideal gas stream (Stream A), C P = 5R / 2, 50 mole/h, is heated by a steady-state heat exchanger from 20C to 100C by another stream (Stream B) of another ideal gas, C P = 7R / 2, 45 mole/h, which...
A:
a Concurrent flow To calculate the molar entropy changes Sout Sin for each stream we can use the fol......
Q:
Mattola Company is giving each of its employees a holiday bonus of $100 on December 20 (a nonpayday). The company wants each employee's check to be $100. The supplemental tax percent is used. a. What...
A:
a 100 1 0 25 supplemental rate 0 062 OASDI......
Q:
The Lake Construction Company is considering an investment of R150,000 for earth moving machine is expected to generate annual cash inflow of R80,000 for 6 years. Annual maintenance cost of the...
A:
To determine the payback period you need to find out how long it will......
Q:
Roberta Santos, age 41, is single and lives at 120 Sanborne Avenue, Springfield, IL 62701. Her Social Security number is 123-45-6780. Roberta has been divorced from her former husband, Wayne, for two...
A:
Completed tax forms for this problem are available on the Cengage Instructor Center Notes 1 The inheritance of 625 000 life insurance proceeds of 300 000 and gift of 13 000 all are excludible from Rob......
Q:
Mara, age 32, earns $60,000 working in 2022. She has no other income. Her medical expenses for the year total $6,000. During the year, she suffers a casualty loss of $9,500 when her apartment is...
A:
The 5 000 traditional IRA contribution would increase Maras......
Q:
a. cos 30 = 3/2 Use your graph in question 1 to find another value of for which cos = 3/2 b. tan 60 = 3. Use your graph in question 2 to find other values of for which: i. tan = 3 ii. tan = 3 c....
A:
The unit circle is a circle with a radius of 1 unit centered at the origin of a Cartesian coordinate......
Q:
A high inflation rate makes the traditional debenture market unattractive to the investor. What changes can be made to debentures in such circumstances to adjust to market needs?
A:
In a high inflation environment traditional debentures can indeed become less attractive to investors due to the eroding purchasing power of their fixed interest payments To adjust to market needs and......
Q:
List three recognised sales forecasting techniques.
A:
Certainly here are three recognized sales forecasting techniques Time Series Analysis This technique......
Q:
Explain the meaning of each of these terms and give an example in each case: Contingent liability. Reserve. Provision. Capital commitment.
A:
Contingent Liability A contingent liability is a potential financial obligation that may or may not become an actual liability depending on the outcome of a future event These liabilities are uncertai......
Q:
Here is the post-closing trial balance of Easy Ltd as at 31 December 20x8: Additional information: The company has an authorised capital consisting of 400 000 ordinary shares and 50 000 redeemable...
A:
1 Premium on Redemption of Preference Shares The premium on red......
Q:
Why should the amount of premium or discount arising on the issue of debentures be charged on an equitable basis to revenue?
A:
Charging the amount of premium or discount arising on the issue of debentures on an equitable basis to revenue is a principle rooted in accounting standards and financial reporting practices The prima......
Q:
The initial conditions in the circuit in fig are zeros. Find the transfer function Io(s)/Is(s) and determine the type of damping exhibited by the circuit.
A:
Click to View...
Q:
An item of depreciable machinery was acquired on 1 July 2009 for $120,000 by cash It is expected to have a useful life of 10 years and zero salvage value On 1 July 2012, it was decided to revalue the...
A:
STEP 1 CALCULATION OF CARRYING VALUE OF ASSET Carrying value histor......
Business Math 17th Edition - ISBN: 0538448733 - Free Book