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. d. What is Kiyara's additional Medicare tax liability (include all earned income in computing the tax)? Additional Medicare tax liability
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. d. What is Kiyara's additional Medicare tax liability (include all earned income in computing the tax)? Additional Medicare tax liability
Chapter20: Corporations And Parterships
Section: Chapter Questions
Problem 4BCRQ
Related questions
Question
![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.
c. What is Kiyara's net investment income tax liability (assume no investment expenses)?
Answer is complete and correct.
Income tax liability
$
5,700](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F48a54172-51c3-404f-a9f8-64814d7eb0d9%2Ffbb21d17-8f51-48c7-9819-3563dc3065e9%2Fw6eb0ch_processed.png&w=3840&q=75)
Transcribed Image Text: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.
c. What is Kiyara's net investment income tax liability (assume no investment expenses)?
Answer is complete and correct.
Income tax liability
$
5,700
![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.
d. What is Kiyara's additional Medicare tax liability (include all earned income in computing the tax)?
Additional Medicare tax liability](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F48a54172-51c3-404f-a9f8-64814d7eb0d9%2Ffbb21d17-8f51-48c7-9819-3563dc3065e9%2Fs78gh2_processed.png&w=3840&q=75)
Transcribed Image Text: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.
d. What is Kiyara's additional Medicare tax liability (include all earned income in computing the tax)?
Additional Medicare tax liability
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