Exercise 15-21 (Algorithmic) (LO. 3, 4) In 2020, Henry Jones (Social Security number 123-45-6789) works...
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Accounting
Exercise 15-21 (Algorithmic) (LO. 3, 4)
In 2020, Henry Jones (Social Security number 123-45-6789) works as a freelance driver, finding customers using various platforms like Uber and Grubhub. He is single and has no other sources of income. In 2020, Henry's qualified business income from driving is $83,800. Assume Henry takes the standard deduction of $12,400.
Click here to access the 2020 individual tax rate schedule to use for this problem.
Assume the QBI amount is net of the self-employment tax deduction.
a. Compute Henry's QBI deduction and his tax liability for 2020.
QBI deduction: $fill in the blank 3e2258fbff88fdf_1 Tax liability (round to the nearest dollar): $fill in the blank 3e2258fbff88fdf_2
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