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 [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

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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Mark, single, is the sole shareholder of Mark's Tool and Dye, Inc., a tool and dye manufacturing company operating as an S corporation. Mark reports qualified business income of $121,500 and he has no employees. He also has qualified dividend income of $4,400. He has no itemized deductions and claims the standard deduction of $13,850 on his 2023 Form 1040. What is Mark's qualified business income deduction? Mark's qualified business income deduction tA $ 25,180
Thad, a single taxpayer, has taxable income before the QBI deduction of $189,500. Thad, a CPA, operates an accounting practice as a single member LLC (which he reports as a sole proprietorship). During 2021, his proprietorship generates qualified business income of $151,600, W–2 wages of $113,700, and $12,000 of qualified property. Assume the QBI amount is net of the self-employment tax deduction. If required, round any division to two decimal places and use that rounded amount in any future computations. Round your final answer to the nearest dollar. What is Thad's qualified business income deduction?
Required information [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 $180,000 salary working full time for Angels Corporation. Angels Corporation reported $400,000 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 $180,000 (all salary from Angels Corporation). Mason claims $50,000 in itemized deductions. Answer the following questions for Mason. Note: Leave no answer blank. Enter zero if applicable. c. Assume the same facts as question (b), except that Angels Corporation reported $150,000 of taxable business income for the year. What is Mason's deduction for qualified business income? Ignore the wage-based limitation when computing the deduction. Deduction for qualified business income CATE
Required information [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 $187,500 salary working full time for Angels Corporation. Angels Corporation reported $430,000 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 $187,500 (all salary from Angels Corporation). Mason claims $65,000 in itemized deductions. Answer the following questions for Mason. Note: Leave no answer blank. Enter zero if applicable. c. Assume the same facts as question (b), except that Angels Corporation reported $180,000 of taxable business income for the year. What is Mason's deduction for qualified business income? Ignore the wage-based limitation when computing the deduction. Deduction for qualified business income
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! Required information [The following information applies to the questions displayed below.] Kiyara (single) is a 50 percent shareholder of Jazz Corporation (an S Corporation). Kiyara does not do any work for Jazz Corporation. Jazz Corporation reported $300,000 of business income for the year (2021). Before considering her business income allocation from Jazz Corporation and the self-employment tax deduction (if any), Kiyara’s adjusted gross income was $250,000 (all employee salary). Answer the following questions for Kiyara. (Leave no answer blank. Enter zero if applicable.) a. Assuming the income allocated to Kiyara is qualified business income, what is Kiyara's deduction for qualified business income? Kiyara's deduction for qualified business income
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 $328,000 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 $278,000 (all employee salary). Kiyara has $41,400 in itemized deductions. Answer the 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 $57,000 and her share in the unadjusted basis of qualified property used by Guardian was $214,000. Answer is complete but not entirely correct. $28,300 Deduction…
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Farell is a member of Sierra Vista LLC. Although Sierra Vista is involved in a number of different business ventures, it is not currently involved in real estate either as an investor or as a developer. On January 1, year 1, Farell has a $199,000 tax basis in his LLC interest that includes his $179,000 share of Sierra Vista's general liabilities. By the end of the year, Farell's share of Sierra Vista's general liabilities have increased to $199,000. Because of the time he spends in other endeavors, Farell does not materially participate in Sierra Vista. His share of the Sierra Vista losses for year 1 is $238,000. As a partner in the Riverwoods Partnership, he also has year 1, Schedule K-1 passive income of $18,000. Farell is single and has no other sources of business income or loss. a-1. Determine how much of the Sierra Vista loss Farell will currently be able to deduct on his tax return for year 1. a-2. List the losses suspended due to tax-basis, at-risk, and passive activity…
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9. Phoebe's filing status is single. She owns and operates a hardware store. For the current year, the store has business revenues that total $100,000 and business expenses that total $120,000. Phoebe has qualified dividend income of $10,000 and corporate bond interest income of $35,000, but no other items that would affect her adjusted gross income (AGI). Her itemized deductions total $9,000. How much is Phoebe's qualified business income (QBI) deduction? a) $560 b) $4,560 c) $20,000 d) $-0- e) $2,800
Whitney received $77,000 of taxable income in 2022. - she is married but file a separate tax return. Her taxable income is $77,000. What is the income tax liability?