Required information Problem 15-45 (LO 15-3) (Algo) [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 $320,000 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 $270,000 (all employee salary). Kiyara has $41,000 in itemized deductions. Answer the following questions for Kiyara. Note: Leave no answer blank. Enter zero if applicable. Problem 15-45 Part b (Algo) 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 $55,000 and her share in the unadjusted basis of qualified property used by Guardian was $210,000. Deduction for qualified business income Problem 15-45 Part c (Algo) S Income tax liability 30,000 c. What is Kiyara's net investment income tax liability (assume no investment expenses)? Problem 15-45 Part d (Algo) d. What is Kiyara's additional Medicare tax liability (include all earned income in computing the tax)? Additional Medicare tax liability
Required information Problem 15-45 (LO 15-3) (Algo) [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 $320,000 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 $270,000 (all employee salary). Kiyara has $41,000 in itemized deductions. Answer the following questions for Kiyara. Note: Leave no answer blank. Enter zero if applicable. Problem 15-45 Part b (Algo) 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 $55,000 and her share in the unadjusted basis of qualified property used by Guardian was $210,000. Deduction for qualified business income Problem 15-45 Part c (Algo) S Income tax liability 30,000 c. What is Kiyara's net investment income tax liability (assume no investment expenses)? Problem 15-45 Part d (Algo) d. What is Kiyara's additional Medicare tax liability (include all earned income in computing the tax)? Additional Medicare tax liability
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter12: Corporations: Organization, Capital Structure, And Operating Rules
Section: Chapter Questions
Problem 10P
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Required information
Problem 15-45 (LO 15-3) (Algo)
[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 $320,000 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 $270,000 (all employee salary). Kiyara has $41,000 in itemized deductions. Answer
the following questions for Kiyara.
Note: Leave no answer blank. Enter zero if applicable.
Problem 15-45 Part b (Algo)
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 $55,000 and her share in the unadjusted basis of qualified property
used by Guardian was $210,000.
Deduction for qualified business income
Problem 15-45 Part c (Algo)
c. What is Kiyara's net investment income tax liability (assume no investment expenses)?
Income tax liability
I
Problem 15-45 Part d (Algo)
30,000
Additional Medicare tax liability
d. What is Kiyara's additional Medicare tax liability (include all earned income in computing the tax)?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7c482516-c1b7-4413-ba9c-94a4a1d70bad%2Ffdd7cbb8-d2b1-4369-a32b-5964f9766bdb%2Fvr6k25e_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required information
Problem 15-45 (LO 15-3) (Algo)
[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 $320,000 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 $270,000 (all employee salary). Kiyara has $41,000 in itemized deductions. Answer
the following questions for Kiyara.
Note: Leave no answer blank. Enter zero if applicable.
Problem 15-45 Part b (Algo)
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 $55,000 and her share in the unadjusted basis of qualified property
used by Guardian was $210,000.
Deduction for qualified business income
Problem 15-45 Part c (Algo)
c. What is Kiyara's net investment income tax liability (assume no investment expenses)?
Income tax liability
I
Problem 15-45 Part d (Algo)
30,000
Additional Medicare tax liability
d. What is Kiyara's additional Medicare tax liability (include all earned income in computing the tax)?
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