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Serjik [45]
3 years ago
15

In 2019, Henry Jones (Social Security number 123-45-6789) works as a freelance driver, finding customers using various platforms

like Uber and Grubhub. He is single and has no other sources of income. In 2019, Henry's qualified business income from driving is $61,200. Assume Henry takes the standard deduction of $12,200. Click here to access the 2019 individual tax rate schedule to use for this problem. Assume the QBI amount is net of the self-employment tax deduction. a. Compute Henry's QBI deduction and his tax liability for 2019. QBI deduction: $fill in the blank 3d3cdcfa0fe106c_1 Tax liability (round to the nearest dollar): $fill in the blank 3d3cdcfa0fe106c_2 b. Complete Henry's 2019 Form 8995 (Qualified Business Income Deduction Simplified Computation). Enter all amounts as positive numbers.
Business
1 answer:
forsale [732]3 years ago
3 0

Answer:

Answer is explained in the explanation section below.

Explanation:

Note: This question is incomplete and lacks necessary data to solve. However, I have found that missing data on the internet and will be using that data to solve this question.

Solution:

Data Given:

Net Income = $61,200

Standard Deduction = $12,200

Henry's QBI deduction and his tax liability for 2019.

For Henry's QBI deduction, we have the following formula:

QBI deduction = (Net income - Standard Deduction) x 20%

Where, 20% is the value which is dragged from the 2019 Tax Rate Schedule which is missing here.

So,

Henry's QBI Deduction = ($61,200 -  $12,200  ) x 20%

Henry's QBI Deduction =  $9,800

Now, we need to calculate the tax liability:

For, Tax liability, first we need to complete the part (b) which is to compute the total taxable income.

So,

The Taxable Income = Net income minus Standard Deduction minus QBI Deduction

Taxable income = ($61,200 - $12,200 - $9,800)

Taxable income = $34,200

We need to use this taxable income and tax rate of 12% (fetched from Table) and 9700 (Fetched from the table)

So,

Tax Liability for Henry = $970 + (12% x (39,200 - 9,700))

Tax Liability For Henry = $970 + (12% x (29500))

Tax Liability For Henry = $970 + (3540)

Tax Liability For Henry = $4,510

b) in part b, we have to calculate the total taxable income, that we have already calculated. And since, there is no form, so, I will be completing this problem here.

Taxable income = Net income minus Standard Deduction minus QBI Deduction

Taxable income = ($61,200 - $12,200 - $9,800)

Taxable income = $34,200

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Before year-end adjusting entries, Dunn Company's account balances at December 31, 2020, for accounts receivable and the related
navik [9.2K]

Answer:

Option (B) is correct.

Explanation:

Given that,

Accounts receivables = $1,500,000

Allowance for doubtful accounts = $90,000

Expected uncollectibles = $125,000

The collection of accounts receivables after the adjustment for bad debt expense is determined by deducting the expected uncollectibles from the total amount of accounts receivables.

Accounts receivable amount expected to be collected after adjustment for bad debt expense:

= Accounts receivables - Expected uncollectibles

= $1,500,000 - $125,000

= $1,375,000

7 0
3 years ago
The mangerial act of developing, implementing, and controlling marketing programs is called ___________.
Charra [1.4K]

Answer: The correct answer is "the marketing management process".

Explanation: The mangerial act of developing, implementing, and controlling marketing programs is called the marketing management process.

The marketing process consists in analyzing the opportunities that the market offers us, researching and selecting the appropriate niches and designing and planning strategies.

The general marketing process in any company includes all the phases that it goes through until a marketing strategy is implemented, executed and evaluated, analyzing it from practically the moment it is born and it is just a simple idea.

8 0
3 years ago
Beta Corporation acquired 100 percent of the voting shares of Yang Inc. by issuing 10,000 new shares of $10 par value common sto
poizon [28]

Answer:

The question is not complete.

Here is the complete question:

Beta Corporation acquired 100 percent of the voting shares of Yang Inc. by issuing 10,000 new shares of $10 par value common stock with a $40 market value.

Required:

1) Which company is the parent and which is the subsidiary?

2) Define a subsidiary corporation.

3) Define a parent corporation.

4) Which entity prepares consolidated worksheet?

5) Why are elimination entries used?

Here are the answers:

1. Beta Corporation is the parent while Yang Inc. is the subsidiary.

2.A subsidiary  corporation is an investee company in which another entity has a controlling interest in. This controlling interest is majorly achieved when the entity has more than 50% f the total voting shares.

3. A parent corporation is the investment entity which has a controlling interest in another entity called subsidiary.

4. It is the parent corporation that prepares consolidated worksheet.

5. Elimination entries are used to avoid double recording of values of assets, liabilities and equity in the consolidated accounts.

Explanation:

Parent and subsidiary is a form of relationship that exists where one entity has a controlling investment in another.

6 0
3 years ago
Portfolio management matrices are applied to what level of strategy?.
bazaltina [42]

Answer:

Portfolio managers oversee a collection of projects, programs and other activities that are grouped together to meet strategic business objectives. The practice of portfolio management is integral to the implementation of your organization’s overall strategic plan.

Explanation:

3 0
2 years ago
The Dawson Company manufactures small lamps and desk lamps. The following shows the activities per product and the total overhea
Nadusha1986 [10]

Answer:

235,000 total overhead

Explanation:

First we calculate the rate for activity

\left[\begin{array}{cccc}&Cost&Pool&Rate\\Setups&60,000&24,000&2.5\\Inspections&120,000&24,000&5\\Assembly&280,000&28,000&10\\\end{array}\right]

Next, we apply this rate to desk lamp

\left[\begin{array}{cccc}&Rate&Desk&Overhead\\Setups&2.5&16,000&40,000\\Inspections&5&15,000&75,000\\Assembly&10&12,000&120,000\\\end{array}\right]

Total Overhead will be the sum of each activity overhead

40,000.00 + 75,000.00 + 120,000.00 = 235,000 total overhead

3 0
3 years ago
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