!Required information[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 forGuardian Corporation. Guardian Corporation reported $300,000 of business income for the year (2022). Beforeconsidering her business income allocation from Guardian Corporation and the self-employment tax deduction (if any),Kiyara's adjusted gross income was $250,000 (all employee salary). Kiyara has $40,000 in itemized deductions. Answerthe following questions for Kiyara.Note: Leave no answer blank. Enter zero if applicable.d. What is Kiyara's additional Medicare tax liability (include all earned income in computing the tax)?Additional Medicare tax liability !Required information[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 forGuardian Corporation. Guardian Corporation reported $300,000 of business income for the year (2022). Beforeconsidering her business income allocation from Guardian Corporation and the self-employment tax deduction (if any).Kiyara's adjusted gross income was $250,000 (all employee salary). Kiyara has $40,000 in itemized deductions. Answerthe following questions for Kiyara.Note: Leave no answer blank. Enter zero if applicable.b. Assuming the income allocated to Kiyara is qualified business income, what is Kiyara's deduction for qualified business income?Assume Kiyara's share of wages paid by Guardian Corporation is $50,000 and her share in the unadjusted basis of qualified propertyused by Guardian was $200,000.Deduction for qualified business income

Note: Employees whose wages exceed $200,000 are also subject to a 0.9% additional medicare tax.

Answered: Kiyara (single) is a 50 percent…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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