Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. in 2022, henry jones (social security number 123-4

In 2022, Henry Jones (Social Security number 123-45-6789) works as a freelance driver, finding customers...

80.2K

Verified Solution

Question

Accounting

In 2022, Henry Jones (Social Security number 123-45-6789) works as a freelance driver, finding customers using various platforms lik Uber and Grubhub. He is single and has no other sources of income. In 2022, Henry's qualified business income from driving is $100,0 Assume Henry takes the standard deduction of $12,950.
Click here to access the 2022 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 2022.
QBI deduction: $
Tax liability (round to the nearest cent): $
image

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

Compute the discounted payback statistic for Project C if the appropriate cost of capital is 8...

Basic Math
1.2K views

You’re a researcher looking at whether or not applicants are accepted to a prestigious law internship....

Mechanical Engineering
1.2K views

A long cylindrical object with diameter D=100cm (k=400 W/mK, C­p = 400 J/kg K, density =...

Mechanical Engineering
1.2K views

Complete exercise 9.20 from the text. (a) Create a function called polygon that draws a polygon...

Geometry
1.2K views

13 Given Find OO with AB AC and 72 m BOC a mBC b mAB...

Basic Math
1.2K views

Kaina has two jobs at two different pharmacies. At Walgreen's, she earns$13 dollars per hour....

Basic Math
1.2K views

The following table shows worldwide sales of a certain type of cell phone and their...

Accounting
1.2K views

If our company has current assets of $10.8 million and current liabilities of $7.2 million,...

Accounting
1.2K views

Chapter 3, Economies of scale and capital requirements are two of the barriers to entry...

Accounting
1.2K views

Break-Even Calculations Compute the break-even point in units for each of the following independent situations

Accounting
1.2K views

Which of the following isnottrue regarding proprietary funds? Multiple Choice The difference between...

Accounting
1.2K views

On January 2, 2020, Chapman Utensil Inc. purchased 480,000 shares of Justin Spoon Corp.s common...