Sagar Kiyara (single) is a 50 percent shareholder of Guardian Corporation (an S Corporation). Kiyara does not do any work forGuardian Corporation. Guardian Corporation reported $304,000 of business income for the year (2023). Beforeconsidering her business income allocation from Guardian Corporation and the self-employment tax deduction (if any).Kiyara's adjusted gross income was $254,000 (all employee salary). Kiyara has $40,200 in itemized deductions. Answerthe following questions for Kiyara.Note: Leave no answer blank. Enter zero if applicable.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$2,515

The payroll tax includes Social security And Medicare taxes, as well as various income tax…

Kiyara (single) is a 50 percent shareholder of Guardian Corporation (an S Corporation). Kiyara does not do an Guardian Corporation. Guardian Corporation reported $304,000 of business income for the year (2023). Bef considering her business income allocation from Guardian Corporation and the self-employment tax deducti Kiyara's adjusted gross income was $254,000 (all employee salary). Kiyara has $40,200 in itemized deductio

Kiyara (single) is a 50 percent shareholder of Guardian Corporation (an S Corporation). Kiyara does not do an Guardian Corporation. Guardian Corporation reported $304,000 of business income for the year (2023). Bef considering her business income allocation from Guardian Corporation and the self-employment tax deducti Kiyara's adjusted gross income was $254,000 (all employee salary). Kiyara has $40,200 in itemized deductio

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter5: Introduction To Business Expenses

Section: Chapter Questions

Problem 30P

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