Required information Problem 04-45 (LO 04-3) (Static) [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 $300,000 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 $250,000 (all employee salary). Kiyara has $40,000 in itemized deductions. Answer the following questions for Kiyara. Note: Leave no answer blank. Enter zero if applicable. Problem 04 - 45 Part d (Static) d. What is Kiyara's additional Medicare tax liability (include all earned income in computing the tax)?

Required information Problem 04-45 (LO 04-3) (Static) [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 $300,000 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 $250,000 (all employee salary). Kiyara has $40,000 in itemized deductions. Answer the following questions for Kiyara. Note: Leave no answer blank. Enter zero if applicable. Problem 04 - 45 Part d (Static) d. What is Kiyara's additional Medicare tax liability (include all earned income in computing the 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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Main Content Bob and Joan incorporate their partnership and elect to be taxed as an S Corporation. At the time of incorporation, the partnership owneu contributed securities with a basis of $10,000 and a fair market value of $15,000. Two years later the S Corporation sold the securities for $18,000. Which of the following statements about the tax effects of these facts is false? The total stock basis of the shareholders is increased by $8,000 as a result of the securities sale. The shareholders are taxed on $8,000 of income as a result of the sale The S corporation is subject to an entity level built-in gains tax on $5,000 as a result of this sale none of the above
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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 for Guardian Corporation. Guardian Corporation reported $324,000 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 $274,000 (all employee salary). Kiyara has $41,200 in itemized deductions. Answer the 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 Problem 04-46 (LO 04-3) (Algo) [The following information applies to the questions displayed below.] Mason (single) is a 50 percent shareholder in Angels Corporation (an S Corporation). Mason receives a $192,500 salary working full time for Angels Corporation. Angels Corporation reported $450,000 of taxable business income for the year (2023). Before considering his business income allocation from Angels and the self-employment tax deduction (if any), Mason's adjusted gross income is $192,500 (all salary from Angels Corporation). Mason claims $75,000 in itemized deductions. Answer the following questions for Mason. Note: Leave no answer blank. Enter zero if applicable. Problem 04-46 Part b (Algo) b. Assuming the business income allocated to Mason is income from a specified service trade or business, what is Mason's deduction for qualified business income? Ignore the wage-based limitation when computing the deduction. X Answer is complete but not entirely correct.…
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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 for Guardian Corporation. Guardian Corporation reported $300,000 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 $250,000 (all employee salary). Kiyara has $40,000 in itemized deductions. Answer the following questions for Kiyara. Note: Leave no answer blank. Enter zero if applicable. a. What is Kiyara's self-employment tax liability? Answer is complete and correct. Self-employment tax liability $ 0
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