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Kiyara ( single ) is a 5 0 percent shareholder of Guardian Corporation ( an S Corporation ) . Kiyara does not do any work
Kiyara single is a percent shareholder of Guardian Corporation an S Corporation Kiyara does not do any work for Guardian Corporation. Guardian Corporation reported $ of business income for the year Before considering her business income allocation from Guardian Corporation and the selfemployment tax deduction if any Kiyara\'s adjusted gross income was $all employee salary Kiyara has $ in itemized
deductions. Answer the following questions for Kiyara.
Note: Leave no answer blank. Enter zero if applicable.
Problem Part a Algo
a What is Kiyara\'s selfemployment tax liability?
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 $ and her share in the
unadjusted basis of qualified property used by Guardian was $
c What is Kiyara\'s net investment income tax liability assume no investment expenses
d What is Kiyara\'s additional Medicare tax liability include all earned income in computing the tax
Step by Step Solution
There are 3 Steps involved in it
Step: 1
a To calculate Kiyaras selfemployment tax liability we need to determine her net selfemployment income first Since Kiyara is a 50 shareholder of Guard...Get Instant Access to Expert-Tailored Solutions
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Step: 2
Step: 3
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