Required information Problem 15-46 (LO 15-3) (Algo) [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 $186,500 salary working full time for Angels Corporation. Angels Corporation reported $426,000 of taxable business income for the year (2022). Before considering his business income allocation from Angels and the self-employment tax deduction (if any), Mason's adjusted gross income is $186,500 (all salary from Angels Corporation). Mason claims $63,000 in itemized deductions. Answer the following questions for Mason. Note: Leave no answer blank. Enter zero if applicable. Problem 15-46 Part b (Algo) b. Assuming the business income allocated to Mason is income from a specified service trade or business, what is Mason's deduction for qualified business income? Ignore the wage-based limitation when computing the deduction. Deduction for qualified business income Show Transcribed Text c. Assume the same facts as question (b), except that Angels Corporation reported $176,000 of taxable business income for the year. What is Mason's deduction for qualified business income? Ignore the wage-based limitation when computing the deduction Answer is not complete. G Deduction for qualified business income

Required information [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 $324,000 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 $274,000 (all employee salary). Kiyara has $41,200 in itemized deductions. Answer the following questions for Kiyara. Note: Leave no answer blank. Enter zero if applicable. d. What is Kiyara's additional Medicare tax liability (include all earned income in computing the tax)? Additional Medicare tax liability

Required information Problem 04-46 (LO 04-3) (Algo) [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 $192,500 salary working full time for Angels Corporation. Angels Corporation reported $450,000 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 $192,500 (all salary from Angels Corporation). Mason claims $75,000 in itemized deductions. Answer the following questions for Mason. Note: Leave no answer blank. Enter zero if applicable. Problem 04-46 Part b (Algo) b. Assuming the business income allocated to Mason is income from a specified service trade or business, what is Mason's deduction for qualified business income? Ignore the wage-based limitation when computing the deduction. X Answer is complete but not entirely correct.…

Required information Problem 8-56 (LO 8-2) (Algo) [The following information applies to the questions displayed below.] In 2023, Sven is single and has $132,000 of regular taxable income. He itemizes his deductions as follows: real property tax of $2,600, state income tax of $4,600, and mortgage interest expense of $18,000 (acquisition debt of $300,000). He also has a positive AMT depreciation adjustment of $1,700. Problem 8-56 Part a (Algo) a. What is Sven's alternative minimum taxable income (AMTI)? AMTI Description Regular taxable income Amount 0 0

Required information [The following information applies to the questions displayed below.] Jacob is a member of WCC (an LLC taxed as a partnership). Jacob was allocated $90,000 of business income from WCC for the year. Jacob's marginal income tax rate is 37 percent. The business allocation is subject to 2.9 percent of self- employment tax (Jacob has salary in excess of the wage base limitation) and 0.9 percent additional Medicare tax. Note: Round your intermediate calculations to the nearest whole dollar amount. b. What is the amount of tax Jacob will owe on the income allocation if the income is qualified business income (QBI) and Jacob qualifies for the full QBI deduction? > Answer is complete but not entirely correct. Tax owed if income is QBI $ 30,060 x

Problem 15-26 (LO. 3, 4) Scott and Laura are married and will file a joint tax return. Laura has a sole proprietorship (not a “specified services” business) that generates qualified business income of $300,000. The proprietorship pays W–2 wages of $40,000 and holds property with an unadjusted basis of $10,000. Scott is employed by a local school district. Their taxable income before the QBI deduction is $386,600 (this is also their modified taxable income). Click here to access the 2020 individual tax rate schedule to use for this problem. Assume the QBI amount is net of the self-employment tax deduction. a.   Scott and Laura's QBI deduction is $fill in the blank dc68cb06e052fa0_1, taxable income is $fill in the blank dc68cb06e052fa0_2, and tax liability is $fill in the blank dc68cb06e052fa0_3 for 2020.   b.   After providing you the original information in the problem, Scott finds out that he will be receiving a $6,000 bonus in December 2020 (increasing their taxable…

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Required information [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 $300,000 of business income for the year (2023). Before considering her business income allocation from Guardian Corporation and the self-employment tax deduction (if any), Kiyara's adjusted gross income was $250,000 (all employee salary). Kiyara has $40,000 in itemized deductions. Answer the following questions for Kiyara. Note: Leave no answer blank. Enter zero if applicable. a. What is Kiyara's self-employment tax liability? Answer is complete and correct. Self-employment tax liability $ 0

oblem 11-48 (LO 11-3, LO 11-4, LO 11-5) (Algo) Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2021, she sells the following long-term assets used in her business: Lily's taxable income before these transactions is $190,900. What are Lily's taxable income and tax liability for the year? Use Tax Rate Schedule for reference. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Answer is complete but not entirely correct.

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