Exercise 15-19 (Algorithmic) (LO. 3, 4) Henry, a freelance driver, finds customers using various platforms...

80.2K

Verified Solution

Question

Accounting

image

Exercise 15-19 (Algorithmic) (LO. 3, 4) Henry, a freelance driver, finds customers using various platforms such as Uber and Grubhub. He is single and has no other sources of income. In 2019, Henry's qualified business income from driving totals $82,000. Assume Henry takes the standard deduction of $12,200. Click here to access the 2019 individual tax rate schedule to use for this problem. Assume the QBI amount is net of the self-employment tax deduction. Compute Henry's QBI deduction and his Federal income tax liability. QBI deduction: $ Tax liability (round to the nearest dollar): $ ... Diaz.zentara Daulana 67

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