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 $189,500 salary working full time for Angels Corporation. Angels Corporation reported $438,000 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 $189,500 (all salary from Angels Corporation). Mason claims $69,000 in itemized deductions. Answer the following questions for Mason. Note: Leave no answer blank. Enter zero if applicable. e. Assuming the original facts, what is Mason's additional Medicare tax liability? Additional Medicare tax liability
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 $189,500 salary working full time for Angels Corporation. Angels Corporation reported $438,000 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 $189,500 (all salary from Angels Corporation). Mason claims $69,000 in itemized deductions. Answer the following questions for Mason. Note: Leave no answer blank. Enter zero if applicable. e. Assuming the original facts, what is Mason's additional Medicare tax liability? Additional Medicare tax liability
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Mujabhai
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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 $189,500
salary working full time for Angels Corporation. Angels
Corporation reported $438,000 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
$189,500 (all salary from Angels Corporation). Mason claims
$69,000 in itemized deductions. Answer the following
questions for Mason.
Note: Leave no answer blank. Enter zero if applicable.
e. Assuming the original facts, what is Mason's additional Medicare tax
liability?
Additional Medicare tax liability](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3693bead-8b9c-41ef-b3eb-bd65e95a030f%2F07b941e2-c3f1-4a85-af4a-810cdd1af646%2F1uypeg2_processed.jpeg&w=3840&q=75)
Transcribed Image Text:!
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 $189,500
salary working full time for Angels Corporation. Angels
Corporation reported $438,000 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
$189,500 (all salary from Angels Corporation). Mason claims
$69,000 in itemized deductions. Answer the following
questions for Mason.
Note: Leave no answer blank. Enter zero if applicable.
e. Assuming the original facts, what is Mason's additional Medicare tax
liability?
Additional Medicare tax liability
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