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nikklg [1K]
3 years ago
8

Jack and Mary, a married couple, report taxable income of $280,000, which includes $200,000 from Jack's solely owned S corporati

on. The S corporation paid wages of $100,000 to employees (which does not include his salary). No acquisitions of depreciable property were made during the year.
Calculate the couple's QBI deduction.
Business
1 answer:
Strike441 [17]3 years ago
4 0

Answer:

$32,140

Explanation:

The QBI  on $280,000(57.3% of Taxable income)                  $160,700

Eligible Deduction of 20% on QBI                                            $32,140

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The following data were reported by a corporation: 20,000 15,000 3,000the number of outstanding shares is:
7nadin3 [17]

Outstanding shares will be 12,000 shares.

These are calculated as follows:

Here the number of shares are as follows;

Authorized shares are 20,000, Issued shares are 15,000, Treasury shares are 3,000

Therefore, the number of outstanding shares can be calculated as follows

Number of outstanding shares = Issued stock- Treasury stock

= 15,000-3,000

= 12,000

Hence the number of outstanding shares is 12,000

To know more about outstanding shares here:

brainly.com/question/17167434

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8 0
1 year ago
Suppose the Federal Reserve wants to increase the money supply by $200. Again, you can assume that banks do not hold excess rese
LuckyWell [14K]

Answer:

The fed needs to purchase bonds worth $20 from the banks to increase money supply by $200.

Explanation:

The Federal Reserve wants to increase the money supply by $200.

The reserve requirement is 10%.

The fed can increase the money supply by purchasing bonds from commercial banks.  

The money supply will increase by money multiplier times worth of bonds.  

Increase in money supply = \frac{1}{RR}\ \times\ Worth\ of\ bonds\ purchased

$200 = \frac{1}{0.1}\ \times\ Worth\ of\ bonds

Worth of bonds = \frac{200}{10}

Worth of bonds = $20  

So the fed needs to purchase bonds worth $20 from the banks to increase money supply by $200.

7 0
3 years ago
Kite Sales. Wendy is president of ABC Kites, a business that manufactures kites. Her company’s kites are sold to large toy store
atroni [7]

Answer:

She was involved in objectionable self-dealing.

Explanation:

Wendy was the president of a business, which made the product she started to make individually at her home, after learning it from the business.

That clearly reflects that the business might have provided the knowledge to Wendy, but using that knowledge in benefit of the self and not of the company, is a unethical act on the part of the individual.

Here Wendy the president of company, rather than promoting the products of the company promoted the products she manufactured individually at her home. This clearly proves that she is self oriented in a negative manner which is a loss for the company.

Her acts are objectionable.

8 0
3 years ago
LNS Corporation generated a minimum tax credit of $100,000 in 2017. LNS has a regular tax liability of $80,000 in 2018. How much
erik [133]

Answer:

$10,000

Explanation:

Calculation for How much of the 2017 minimum tax credit is refundable to LNS in 2018

Refundable minimum tax credit=($100,000-$80,000)*50%

Refundable minimum tax credit=$20,000*50%

Refundable minimum tax credit=$10,000

Note that the 50% represent the refund of the minimum tax credit that is still remaining

Therefore How much of the 2017 minimum tax credit is refundable to LNS in 2018 will be $10,000

5 0
3 years ago
On January 1, Cleaner Water, Inc., a nongovernmental not-for-profit organization, received $20,000 and an unconditional pledge o
KengaRu [80]

Answer:

$66,240

Explanation:

Calculation to determine what amount of net assets is with donor restrictions reported in the year the pledge was received

Using this formula

Net Assets=Unconditional pledge amount *Present value of an ordinary annuity

Let plug in the formula

Net Assets=$20,000*3.312

Net Assets=$66,240

Therefore what amount of net assets is with donor restrictions reported in the year the pledge was received will be $66,240

4 0
3 years ago
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