Business, 24.05.2021 17:10, elijahjacksonrp6z2o7
In 2020, Henry Jones 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 2020, Henry's qualified business income from driving is $87,400. Assume Henry takes the standard deduction of $12,400.
Click here to access the 2020 individual tax rate schedule to use for this problem.
Assume the QBI amount is net of the self-employment tax deduction.
Compute Henry's QBI deduction and his tax liability for 2020.
QBI deduction: $15000
Tax liability (round to the nearest dollar): $ ???
Taxable Income1 Tax Rates
Joint Filers Single Filers Federal Net Investment Income2 Long-Term Capital Gains
$0 - $19,750 $0 - $9,875 10% - 0%
$19,751 - $80,000 $9,876 - $40,000 12%
$80,001 - $80,250 $40,001 - $40,125 12% 15%
$80,251 - $171,050 $40,126 - $85,525 22%
$171,051 - $250,000 $85,526 - $163,300 24%
- $163,301 - $200,000 32%
$250,001 - $326,600 - 24% 3.8%
$326,601 - $414,700 $200,001 - $207,350 32%
$414,701 - $496,600 $207,351 - $441,450 35%
$496,601 - $622,050 $441,451 - $518,400 35% 20%
$622,051 and above $518,401 and above 37%
Taxable Income1 Federal Tax Rates
Married Filing Separately Head of Household Income Net Investment Income2 Long-Term Capital Gains
$0 - $9,875 $0 - $14,100 10% - 0%
$9,876 - $40,000 $14,101 - $53,600 12%
$40,001 - $40,125 $53,601 - $53,700 12% 15%
$40,126 - $85,525 $53,701 - $85,500 22%
$85,526 - $125,000 $85,501 - $163,300 24%
- $163,301 - $200,000 32%
$125,001 - $163,300 - 24% 3.8%
$163,301 - $207,350 $200,001 - $207,350 32%
$207,351 - $248,300 $207,351 - $469,050 35%
$248,301 - $311,025 $469,051 - $518,400 35% 20%
$311,026 and above $518,401 and above 37%
Answers: 2
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