What is the basic deduction calculation for the qualifying business income deduction?
A. 30% × Qualifying business income (QBI)
B. 20% × W-2 wages
C. 20% × Qualifying business income (QBI)
D. 30% × W-2 wages
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Calculate the taxpayer's qualifying business income deduction for a specified service trade or business: Filing status: Single Taxable income: $300,000 Net capital gains: $0 Qualified business income (): $50,000 W-2 wages: $10,000()
A. $15,000
B. $5,000
C. $60,000
D. $0
In which of the following scenarios would the head of household filing status be available to the taxpayer?()
A single taxpayer maintains a separate home for his parent, who qualifies as a dependent.
B. A taxpayer with no dependents is the surviving spouse of an individual who died in the current year.
C. An unmarried taxpayer maintains a household with a 28-year-old son, who earned $10,000 during the tax year.
D. A single taxpayer maintains a household that is the principal home for five months of the year for his disabled child.
Mark and Molly met at a New Year’s Eve party held December 31, Year 1.They instantly bonded, fell madly in love, and were married at 11:38 p.m. that night. Identify Mark’s filing status for Year 1.
A. Single
B. Married filing jointly
C. Head of household
D. Surviving spouse
As a result of a divorce settled in 2016, a taxpayer received the following during the current year: Cash from the property settlement $100,000 Child support 12,000 Alimony payments 30,000 What amount, if any, must be included in gross income for the current year?()
A. $0
B. $30,000
C. $130,000
D. $142,000