Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a business generate a certain amount of income tha

A business generate a certain amount of income that is classified as qualified business income...

50.1K

Verified Solution

Question

Accounting

A business generate a certain amount of income that is classified as qualified business income (QBI) for purposes of Section 199A.

The taxpayer seeking to claim a qualified business income deduction (QBID) has taxable income as shown below. The taxpayer is married filing a joint return.

The business is a service business or a non-service business as shown below.

In each situation, the W-2 wages paid are $20,000 and the UBIA is $50,000.

REQUIRED: Complete the blanks in the table for the allowed QBID. Do it for the 2022 tax year.

Situation

QBI

Service Business?

Taxable Income

Allowed QBID

A

$100,000

Yes

$285,000

B

$100,000

No

$285,000

C

$100,000

Yes

$340,100

D

$100,000

No

$340,100

E

$200,000

Yes

$360,100

F

$200,000

No

$360,100

G

$200,000

Yes

$410,100

H

$200,000

No

$410,100

I

$300,000

Yes

$500,000

J

$300,000

No

$500,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Medical Sciences
1.2K views

Large land mammals of the Arctic endure very low ambient temperatures and stand on frozen ground...

Finance
1.2K views

Why does retained earnings have an opportunity cost? Shouldn't these be cost free funds for the...

Accounting
1.2K views

Task Background You are a manager in the audit division at Miller Yates Howarth (MYH), an...

Accounting
1.2K views

What is considered a specified service trade or business ...

Accounting
1.2K views

Financial Statement Analysis 1. Obtain a copy of the 2009 annual report for a publicly...

Accounting
1.2K views

How does an increase of net income by $15M impact cash flows from operations? Long...

Accounting
1.2K views

'ortek Corporation budgets production of 400 units in January and 200 units in February. Each...

Accounting
1.2K views

Brown Company had the following adjusted trial balance! Credit Account Titles Cash Accounts Receivable Debit...

Accounting
1.2K views

please give correct anwers Question 5 Bank The following...

Accounting
1.2K views

Frank Weston, supervisor of the Freemont Corporations Machining Department, was visibly upset after being reprimanded...

Accounting
1.2K views

When is actual aggregate expenditure different from planned aggregate expenditure?

Accounting
1.2K views

Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31,...