Answered step by step
Verified Expert Solution
Question
1 Approved Answer
i need A to E please. answer all if them please its the same question different parts Required information [The following information applies to the
i need A to E please. answer all if them please its the same question different parts
Required information [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 \$180,000 salary working full time for Angels Corporation. Angels Corporation reported $400,000 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 $180,000 (all salary from Angels Corporation). Mason claims $50,000 in itemized deductions. Answer the following questions for Mason. Note: Leave no answer blank. Enter zero if applicable. o. What is Mason's self-employment tax liability? b. Assuming the business income allocated to Mason is income from a specified service trade or business, what is Mason's deductio for qualified business income? Ignore the wage-based limitation when computing the deduction. c. Assume the same facts as question (b), except that Angels Corporation reported $150,000 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. 3. Assuming the original facts, what is Mason's net investment income tax llability (assume no investment expenses)? e. Assuming the original facts, what is Mason's additional Medicare tax liability Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started