Guardian Corporation. Guardian Corporation reported $310,000 of business income for the year (2023). Before considering her business income allocation from Guardian Corporation and the self-employment tax deduction (if any), Kiyara's adjusted gross income was $260,000 (all employee salary). Kiyara has $40,500 in itemized deductions. Answer the following questions for Kiyara.
Guardian Corporation. Guardian Corporation reported $310,000 of business income for the year (2023). Before considering her business income allocation from Guardian Corporation and the self-employment tax deduction (if any), Kiyara's adjusted gross income was $260,000 (all employee salary). Kiyara has $40,500 in itemized deductions. Answer the following questions for Kiyara.
Chapter9: Deductions: Employee And Self- Employed-related Expenses
Section: Chapter Questions
Problem 46P
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Problem 04-45 (LO 04-3) (Algo)
[The following information applies to the questions displayed below.]
Kiyara (single) is a 50 percent shareholder of Guardian Corporation (an S Corporation). Kiyara does not do any work for
Guardian Corporation. Guardian Corporation reported $310,000 of business income for the year (2023). Before
considering her business income allocation from Guardian Corporation and the self-employment tax deduction (if any),
Kiyara's adjusted gross income was $260,000 (all employee salary). Kiyara has $40,500 in itemized deductions. Answer
the following questions for Kiyara.
Note: Leave no answer blank. Enter zero if applicable.
Problem 04-45 Part c (Algo)
c. What is Kiyara's net investment income tax liability (assume no investment expenses)?
Income tax liability
Check](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa0cbcbcc-4fe6-4e89-9966-bc586c925e76%2F5fcc6977-d6be-4372-9f57-74b6a526dc39%2Fos5jp0r_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required information
Problem 04-45 (LO 04-3) (Algo)
[The following information applies to the questions displayed below.]
Kiyara (single) is a 50 percent shareholder of Guardian Corporation (an S Corporation). Kiyara does not do any work for
Guardian Corporation. Guardian Corporation reported $310,000 of business income for the year (2023). Before
considering her business income allocation from Guardian Corporation and the self-employment tax deduction (if any),
Kiyara's adjusted gross income was $260,000 (all employee salary). Kiyara has $40,500 in itemized deductions. Answer
the following questions for Kiyara.
Note: Leave no answer blank. Enter zero if applicable.
Problem 04-45 Part c (Algo)
c. What is Kiyara's net investment income tax liability (assume no investment expenses)?
Income tax liability
Check
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