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Tara is the sole shareholder of an S Corporation. Tara's salary and bonus from the S Corporation is $110,000 and the ordinary income of the S Corporation after deducting all expenses (including Tara's compensation) is $30,000. How much of Tara's income from the S corporation is subject to social security and Medicare taxes? DO NOT USE COMMAS OR DOLLAR SIGNS IN YOUR ANSWER!! Answer: 140000

Tara is the sole shareholder of an S Corporation. Tara's salary and bonus from the S Corporation is $110,000 and the ordinary income of the S Corporation after deducting all expenses (including Tara's compensation) is $30,000. How much of Tara's income from the S corporation is subject to social security and Medicare taxes? DO NOT USE COMMAS OR DOLLAR SIGNS IN YOUR ANSWER!! Answer: 140000

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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Tara is the sole shareholder of an S Corporation. Tara's salary and bonus from the S Corporation is $110,000 and the ordinary income of the S Corporation after deducting all expenses (including Tara's compensation) is $30,000. How much of Tara's income from the S corporation is subject to social security and Medicare taxes? DO NOT USE COMMAS OR DOLLAR SIGNS IN YOUR ANSWER!! Answer: 140000
Transcribed Image Text:Tara is the sole shareholder of an S Corporation. Tara's salary and bonus from the S Corporation is $110,000 and the ordinary income of the S Corporation after deducting all expenses (including Tara's compensation) is $30,000. How much of Tara's income from the S corporation is subject to social security and Medicare taxes? DO NOT USE COMMAS OR DOLLAR SIGNS IN YOUR ANSWER!! Answer: 140000
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