Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. assignment 6 a business generate a certain amount

Assignment 6 A business generate a certain amount of income that is classified as qualified...

70.2K

Verified Solution

Question

Accounting

Assignment 6

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 $350,100
D $100,000 No $350,100
E $200,000 Yes $370,100
F $200,000 No $370,100
G $200,000 Yes $390,100
H $200,000 No $390,100
I $300,000 Yes $479,800
J $300,000 No $479,800

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

Finance
1.2K views

What do you feel is the relationship between personal ethics and business ethics? Are they or...

Biology
1.2K views

If no crossing over is present, how many unique gametes would an individual with the genotype...

Finance
1.2K views

Consumers currently make 33 percent of in-store payments with cash, 14 percent by check, 19 percent...

Biology
1.2K views

The famous scientist Johnny Nerdelbaum Frink decides to investigate a fly with unusual wings. He...

Physics
1.2K views

A ball is allowed to slide a distance 1 from rest down a smooth inclined...

Geometry
1.2K views

State the hypothesis and the conclusion of the statement 2 points If the diagonals of...

Basic Math
1.2K views

Jess is baking ten batches of cookies for a bake sale. For every batch of...

Basic Math
1.2K views

Find the area of the region bounded by the graphs of the equations. Use a...

Accounting
1.2K views

Read the transaction and use the drop down option to fill in the...

Accounting
1.2K views

Post this journal to ledgers then trial balance . Ledger format is provided . Please...

Accounting
1.2K views

Management is considering purchase of equipment costing 109,000 has an estimated life if 3 years...

Accounting
1.2K views

Integration Exercise 6 Plantwide and Departmental Overhead Allocation; Activity-Based Costing; Segmented Income Statements [LO 2-1,...