Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. susan, a single taxpayer, owns and operates a bake

Susan, a single taxpayer, owns and operates a bakery as a sole proprietorship. The business...

70.2K

Verified Solution

Question

Accounting

Susan, a single taxpayer, owns and operates a bakery as a sole proprietorship. The business is not a specified services business. In 2020, the business pays $100,000 in W2 wages, holds $150,000 of qualified property, and reports $350,000 of qualified business income (all of which is qualified business income). Susan has no other items of income or loss and will take the standard deduction.

Assume the QBI amount is net of the self-employment tax deduction.

What is Susan's qualified business income deduction?

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

nawas standard position 45 Show that cost 45 cos 45 The point Sovel lies on...

Geometry
Q

What do the words “term”, “decreasing” or “declining term”, and “whole life” mean with respect to...

Finance
Q

One of the regular users defined on a Windows server has been promoted and needs permissions...

Programming
Q

Assess the attractiveness of the fast fashion industry in China with Porter’s Five Forces model.

General Management
Q

5 tissue found located 3 OEpiglottis auricle of external ear O Lines the ureters urinary...

Biology
Q

A particle is projected vertically upwards with a speed of 16m s after some time...

Physics
Q

Convert the numeral to a numeral in base 10 864 86416

Calculus
Q

Evaluate 3 6x O 163 5 O 160 O 146 O 142 5 21x 5...

Calculus
Q

Write the Mayan numeral as a Hindu Arabic numeral 10 M 11 2 1 3...

Algebra
Q

Clothing Company has two service departments purchasing and maintenance, and two production departments ...

Accounting
Q

Required information Problem 2-72 (LO 2-4) (Algo) (The following information applies to the questions displayed...

Accounting
Q

In the month of March, the Irving Corporation recieved orders of 150.000 units at a...

Accounting