2022 tax rules mune quam ni10. Partnership Income. (Obj. 3) Fred and Ken are general partners in a business sharing profitsand losses 60% and 40%, respectively. The partnership uses a calendar year. Ken files hisindividual return on the basis of the calendar year. The partnership's ordinary income forthe year is $140,000 (after deducting partners' guaranteed payments). During the year,each partner received a guaranteed payment of $8,000 per month. Compute the amountof partnership income Ken should report on his personal income tax return. How much ofthis amount is subject to self-employment tax?

The answer has been mentioned below.

Answered: f the calendar year. The partr ucting…

f the calendar year. The partr ucting partners' guaranteed ed payment of $8,000 per m Id report on his personal inco ployment tax?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

Question

2022 tax rules

mune quam ni
10. Partnership Income. (Obj. 3) Fred and Ken are general partners in a business sharing profits
and losses 60% and 40%, respectively. The partnership uses a calendar year. Ken files his
individual return on the basis of the calendar year. The partnership's ordinary income for
the year is $140,000 (after deducting partners' guaranteed payments). During the year,
each partner received a guaranteed payment of $8,000 per month. Compute the amount
of partnership income Ken should report on his personal income tax return. How much of
this amount is subject to self-employment tax?

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