Taxpayers filing single, regardless of whether they did or did not engage in a specified service trade or business, will only be subject to the "ordinary" taxable income limitation if their taxable income falls at or below which amount?

a. $0

b. $160,700

c. $160,725

d. $321,400

Question

Business

Reuben Mcguire

6 March, 04:57

Taxpayers filing single, regardless of whether they did or did not engage in a specified service trade or business, will only be subject to the "ordinary" taxable income limitation if their taxable income falls at or below which amount?

a. $0

b. $160,700

c. $160,725

d. $321,400

+1

Answers (1)

Know the Answer?

Lydia Franklin · Answer 1

b. $160,700

Explanation:

In the case of ordinary taxable income limitation, the taxable income for the single person is up to $160,700 and for married who filled jointly have a limit up to $321,400.

Plus, if the income is covered within the threshold limit then the tax payee is eligible for the deduction which is equal to 20% of qualified business income irrespective whether they engaged or not engaged in any specified service trade or business

Taxpayers filing single, regardless of whether they did or did not engage in a specified service trade or business, will only be subject to the "ordinary" taxable income limitation if their taxable income falls at or below which amount?a. $0b. $160,700c. $160,725d. $321,400

Taxpayers filing single, regardless of whether they did or did not engage in a specified service trade or business, will only be subject to the "ordinary" taxable income limitation if their taxable income falls at or below which amount?

a. $0

b. $160,700

c. $160,725

d. $321,400