Answer:
$57,000
Explanation:
Net Income reported = $300,000
W-2 Wages = $120,000
Assets with an adjusted basis = $75,000
Taxable income before QBI deduction = $285,000
Total taxable income from all source deduction(including standard deduction) = $1,200 for singles & $24,000 for married filling jointly
<u>Calculation of QBI deduction for 2020</u>
The maximum possible pass through deduction = 20% * $285,000 = $57,000
Hence, the income is not over $415,000. So he doesnt qualify for the W-2 wages deduction.
Answer:
$5,430.76
Explanation:
For this question, we use the Future value formula that is shown on the attachment. Kindly find it below:
Data provided in the question
Present value = $0
Rate of interest = 5%
NPER = 4 years
PMT = $1,200
The formula is shown below:
= -FV(Rate;NPER;PMT;PV;type)
So, after solving this, the future value is $5,430.76
Answer:
False
Explanation:
In autocratic leadership, the leader or manager does not allow the team members to contribute to the group's decisions. It is also known as authoritarian leadership. The leader issues command-like instructions that must be followed by everyone.
In general, workers do not like authoritarian leaders. Authoritarian leaders do not consider workers' opinions, nor do they value their inputs in decision making. Discouraging group inputs stifles creativity and innovation. Workers are always demoralized as they do not feel part of the team and its decisions.
Answer:
Payroll tax, social security tax
Income tax, property tax, sales tax
Explanation:
Payroll tax, social security taxes are levied on consumers and businesses with a total percentage of 12.4. Overall, 6.2 % is the payroll tax and 6.2% is the social security tax.
Income tax, property tax, sales tax; these three types of taxes are imposed on consumers and businesses and depend on variable and fixed assets.