Answer:
correct option is (a) The lesser of 50% of business wages or 25% of wages plus 2.5% of the unadjusted basis of qualifying property
Explanation:
As we know that when a single taxable income of the single filer is exceed by $157,000 by the $50000 or more, then their QBI must not exceed
so
- 50% of the taxpayer's share of W-2 wages paid in respect of a qualified trade or occupation
- 25% of such salary and 2.5% on a volatile basis immediately after acquiring the tangible depreciation asset
Qualified Business Income (QBI) exemption refers to taxable income recognized by a partnership, S corporations, LLC or sole proprietorship. This is below the line deduction that does not deduct your AGI, but it does reduce the amount of taxes.
System theorists point out that the real problem in this example is dysfunctionality. Dysfunctionality is a way of providing a conflict in certain situations and that individual or the people involved in a situation are not harmonized that they are not able to maintain and function normally because of certain problems and lack of harmony.
Answer:
Contingency
Explanation:
A contingency clause is a condition stipulated in a purchase agreement that must be met before the closing date. Contingencies are normally included in the purchase of properties such as homes and land. A contingency or condition usually relates to issues to do with financing, insurance, appraisal, or financing. A contingency becomes part of the sales contract should the buyer, and the seller agree on the other terms.
Answer:
$10,000 as qualified dividends
Explanation:
As this is in the form of dividends we assume the business is a corporation therefore their dividends are taxed as well.
As Jay is the sole owner of Kaye Company we have to assume their dividends are qualified as were held during the entire 121-days period
Therefore are subject to his capital gains rate rather than his rate of 37%
<u><em>According to the IRS table for the year 2020:</em></u>
Income Tax Bracket Income Tax Rate Capital Gains Rate
$0 – $9,875 10% 0%
$9,876 – $40,000 12% 0%
$40,001 – $40,125 12% 15%
$40,126 – $85,525 22% 15%
....
$518,401+ 37% 20%
Thus the $50,000 qualified dividends will be taxes at 20%
50,000 x 20% = 10,000
Answer:
IBM
Journal entries at the inception of the lease
Date Account Titles & Explanation Debit Credit
January 1
Debit Accounts receivable (Sharon Swander Company) $182,000
Credit Leased Asset $182,000
To record the lease of the asset to Sharon Swander.
January 1
Debit Cash $35,685
Credit Accounts receivable (Sharon Swander Company) $35,685
To record the receipt of the first rental payment.
Explanation:
a) Data and Calculations:
Cost of equipment on lease = $182,000
Lease terms:
Lease period = 6 years
Annual rental payments = $35,685
Implicit interest rate = 7%
