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Exercise 9-25(Algorithmic)(LO.6) In 2020, Henry Jones (Social Security number 123-45-6789) works as a...

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Accounting

Exercise 9-25(Algorithmic)(LO.6)
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 $76,000. 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. Round the tax computation to the
nearest dollar.
a. Compute Henry's QBI deduction and his tax liability for 2020.
QBI deduction: $
Tax liability: $
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