Keiji Jones is the owner of a small retail business operated as a sole proprietorship. During 2022, his business recorded the following items of income and expense: Revenue from inventory sales Cost of goods sold Business license tax Rent on retail space Supplies Wages paid to employees $ 147,000 33,500 2,400 42,000 15,000 22,000 Payroll taxes Utilities Required: 1,700 3,600 a. Compute taxable income attributable to the sole proprietorship by completing Schedule C to be included in Keiji's 2022 Form 1040. b. Compute self-employment tax payable on the earnings of Keiji's sole proprietorship by completing a 2022 Schedule SE, Form 1040. c. Assume that Keiji's business is not a service business, and that it has $155,000 unadjusted basis in tangible depreciable property. Calculate Keiji's 2022 QBI deduction, before any overall taxable income limitation. Complete this question by entering your answers in the tabs below. Schedule C Part a Schedule SE Part b Part c
Keiji Jones is the owner of a small retail business operated as a sole proprietorship. During 2022, his business recorded the following items of income and expense: Revenue from inventory sales Cost of goods sold Business license tax Rent on retail space Supplies Wages paid to employees $ 147,000 33,500 2,400 42,000 15,000 22,000 Payroll taxes Utilities Required: 1,700 3,600 a. Compute taxable income attributable to the sole proprietorship by completing Schedule C to be included in Keiji's 2022 Form 1040. b. Compute self-employment tax payable on the earnings of Keiji's sole proprietorship by completing a 2022 Schedule SE, Form 1040. c. Assume that Keiji's business is not a service business, and that it has $155,000 unadjusted basis in tangible depreciable property. Calculate Keiji's 2022 QBI deduction, before any overall taxable income limitation. Complete this question by entering your answers in the tabs below. Schedule C Part a Schedule SE Part b Part c
Chapter21: Partnerships
Section: Chapter Questions
Problem 44P
Related questions
Question
Vikram Bhai
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT