Required information [The following information applies to the questions displayed below.) Sofia (single) is a 50 percent owner in Beehive LLC (taxed as a partnership). Sofia does not do any work for Beehive. Beehive LLC reported $600,000 of taxable business income for the year (2022). Before considering her 50 percent business income allocation from Beehive and the self-employment tax deduction (if any). Sofia's adjusted gross income is $150.000 (all employee salary). Sofia has $35,000 in itemized deductions. Answer the following questions for Sofia. Note: Leave no answer blank. Enter zero if applicable. d. What is Sofia's additional Medicare tax liability? Additional Medicare tax liability $ 2,250
Required information [The following information applies to the questions displayed below.) Sofia (single) is a 50 percent owner in Beehive LLC (taxed as a partnership). Sofia does not do any work for Beehive. Beehive LLC reported $600,000 of taxable business income for the year (2022). Before considering her 50 percent business income allocation from Beehive and the self-employment tax deduction (if any). Sofia's adjusted gross income is $150.000 (all employee salary). Sofia has $35,000 in itemized deductions. Answer the following questions for Sofia. Note: Leave no answer blank. Enter zero if applicable. d. What is Sofia's additional Medicare tax liability? Additional Medicare tax liability $ 2,250
Chapter6: Business Expenses
Section: Chapter Questions
Problem 60P
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT