What is rob and marie taxable income before qbi deduction

Assignment Help Financial Accounting
Reference no: EM132492184

Rob Wriggle operates a small plumbing supplies business as a sole proprietor. In 2019, the plumbing business has gross business income of $421,000 and business expenses of $267,000, including wages paid of $58,000. The business sold some land that had been held for investment generating a long-term capital gain of $15,000. The business has $300,000 of qualified business property in 2019. Rob's wife, Marie, has wage income of $250,000. They jointly sold stocks in 2019 and generated a long-term capital gain of $13,000. Rob and Marie have no dependents and in 2019, they take the standard deduction of $24,400.

  • The income threshold for QBI limitations starts at $321,400 for married filing jointly taxpayers.

Question a. What is Rob and Marie's taxable income before the QBI deduction?

Question b. What is Rob and Marie's QBI?

Question c. What is Rob and Marie's QBI deduction?

Reference no: EM132492184

Questions Cloud

Estimate of the population mean life of the new light-bulb : Construct and explain a 90% confidence interval estimate of the population mean life of the new light-bulb.
What are alternative solutions : What are alternative solutions? Evaluate whether the proposed solution is ethical. Midwest Health Club (MHC) offers 1-year memberships.
What is the var for one of the investments : a) What is the VaR for one of the investments when the confidence level is 95%? b) What is the expected shortfall (ES) when the confidence level is 95%?
Find the optimal solution using a method : a) Find the optimal solution using a method that does not involves equations and illustrate the solution.
What is rob and marie taxable income before qbi deduction : What is Rob and Marie's taxable income before the QBI deduction? What is Rob and Marie's QBI deduction? What is Rob and Marie's QBI?
What is the definition of non-current assets : How the assistant has weaknesses in his definition of non-current assets when compared to the International Accounting Standards Board's (IASB) view of assets
Derive the condition for the optimal rotation : Derive the condition for the optimal rotation when a forest also provides species habitat services
Why do investors find the price ratio to be a valuable : Determine Why do investors find the price ratio to be a valuable and easily computed process in their companies investment? Explain
What effects will this have on the loanable funds graph : If there is an inflationary gap in the AD/AS graph and personal income taxes are increased as a response, what effects will this have on the loanable funds grap

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd