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In 2020, Henry Jones works as a freelance driver, finding customers using various platforms like Uber and Grubhub

Accounting

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 $125,200. 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: $fill in the blank 1

 

 

Tax liability (round to the nearest dollar): $fill in the blank 2

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