Answer: $21,007.36
Explanation:
Qualified business income deduction for a single member small business:
= Qualified business income * 20% * Applicable percentage if taxable income is above $163,300 limit on QBI deduction
Applicable percentage if taxable income is above $163,300 limit on QBI deduction:
Amount over $163,300 limit:
= 176,000 - 163,300
= $12,700
= 100% - (12,700 / 50,000)
= 100% - 25.4%
= 74.6%
QBI deduction = 140,800 * 20% * 74.6%
= $21,007.36
<em>Note: The $50,000 used in dividing the difference above is the difference between the $163,300 limit for full deduction and $213,300 limit for a partial deduction. </em>
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Answer:
A) March 31 journal entries for wages expense and wages payable
- Dr Salaries and Wages Expense account 64,000
- Cr FICA Taxes Payable account 4,896
- Cr Federal Income Tax Payable account 7,500
- Cr State Income Tax Payable account 3,100
- Cr Union Dues Payable account 400
- Cr Salaries and Wages Payable account 48,104
B) March 31 journal entries for company's payroll tax expenses
- Dr Payroll Tax Expense account 5,596
- Cr FICA Taxes Payable account 4,896
- Cr State Unemployment account 700
Answer:
Rare resources
Explanation:
Rare resources are unique resources that is not controlled or possessed by many competing firms. Only a small number of competing companies control it. It usually stands out by being distinctive among the set of future competitors. Rare resources are short in supply and capable of persisting over an extended time, this makes it a source of competitive advantage for a company.
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