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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 $304,000 of business income for the year (2022). Before considering her business income allocation from Guardian Corporation and the self-employment tax deduction (if any). Kiyara's adjusted gross income was $254,000 (all employee salary). Kiyara has $40,200 in itemized deductions. Answer the following questions for Kiyara. Note: Leave no answer blank. Enter zero if applicable. Problem 15-45 Part a (Algo) a. What is Kiyara's self-employment tax liability? Self-employment tax liability

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 $304,000 of business income for the year (2022). Before considering her business income allocation from Guardian Corporation and the self-employment tax deduction (if any). Kiyara's adjusted gross income was $254,000 (all employee salary). Kiyara has $40,200 in itemized deductions. Answer the following questions for Kiyara. Note: Leave no answer blank. Enter zero if applicable. Problem 15-45 Part a (Algo) a. What is Kiyara's self-employment tax liability? Self-employment tax liability

FINANCIAL ACCOUNTING
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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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 $304,000 of business income for the year (2022). Before considering her business income allocation from Guardian Corporation and the self-employment tax deduction (if any). Kiyara's adjusted gross income was $254,000 (all employee salary). Kiyara has $40,200 in itemized deductions. Answer the following questions for Kiyara. Note: Leave no answer blank. Enter zero if applicable. Problem 15-45 Part a (Algo) a. What is Kiyara's self-employment tax liability? Self-employment tax liability
Transcribed Image Text: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 $304,000 of business income for the year (2022). Before considering her business income allocation from Guardian Corporation and the self-employment tax deduction (if any). Kiyara's adjusted gross income was $254,000 (all employee salary). Kiyara has $40,200 in itemized deductions. Answer the following questions for Kiyara. Note: Leave no answer blank. Enter zero if applicable. Problem 15-45 Part a (Algo) a. What is Kiyara's self-employment tax liability? Self-employment tax liability
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