Ginger Is a Self-Employed Driver Finding Rides Via a Few

question 35

True/False

Ginger is a self-employed driver finding rides via a few different platform companies such as Lyft. She is single and claims the $12,000 standard deduction. For 2019, her income from driving is $67,000 and she has no other income. Ginger's QBI deduction for 2019 is $13,400.

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Definitions:

Retained Earnings

Accumulated profits of a corporation that have been kept in the business and not paid out as dividends. Retained Earnings is part of stockholders’ equity.

Preferred Stock

A class of ownership in a corporation with a fixed dividend, receiving priority over common stock in dividend distribution and asset liquidation.

Preferred Stock

A class of stock that provides shareholders with a fixed dividend before any dividends are issued to common stockholders, often with no voting rights.

Common Stock

A type of equity ownership in a corporation, representing a claim on part of the company's profits and assets.