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30 September, 03:48

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

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Answers (1)
  1. 30 September, 04:49
    0
    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
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