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.

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

all of them make sense but, i would have to say ask someone who has been there/or lives there, and/or read recent newspapers from that city.

hope this !

a manufacturer of printed circuit boards uses exponential smoothing with trend to forecast monthly demand of its product. at the end of december, the company wishes to forecast sales for january. the estimate of trend through november has been 200 additional boards sold per month. average sales have been around 1000 units per month. the demand for december was 1100 units. the company uses α = 0.20 and β = 0.10. make a forecast including trend for the month of january.