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Married, filling jointly. AGI with no salaries: $60,000 Small Business Expenses: Gross Income =...

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Accounting

Married, filling jointly.

AGI with no salaries: $60,000

Small Business Expenses: Gross Income = $276,000 Supplies = $80,000 Salaries = $54,000 Interest = $1,000 Property Tax = $600 Insurance = $200 Other = $2,000 1) How do you calculate self-employment tax, what is that amount for this married couple?

2) What is the applicable deduction for Qualified Business Income (QBI) for this married couple?

3) What is the net effect on taxable income for this married couple?

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