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Kiyara (single) is a 50 percent shareholder of Jazz Corporation (an S Corporation). Kiyara does not do any work for Jazz Corporation. Jazz Corporation reported
Kiyara (single) is a 50 percent shareholder of Jazz Corporation (an S Corporation). Kiyara does not do any work for Jazz Corporation. Jazz Corporation reported $310,000 of business income for the year (2021). Before considering her business income allocation from Jazz Corporation and the self-employment tax deduction (if any), Kiyara's adjusted gross income was $260,000 (all employee salary). Answer the following questions for Kiyara. (Leave no answer blank. Enter zero if applicable.) Problem 15-44 Part b (Algo) b. What is Kiyara's net investment income tax liability (assume no investment expenses)? Kiyara's net investment income tax liability Kiyara (single) is a 50 percent shareholder of Jazz Corporation (an S Corporation). Kiyara does not do any work for Jazz Corporation, Jazz Corporation reported $310,000 of business income for the year (2021). Before considering her business income allocation from Jazz Corporation and the self-employment tax deduction (if any), Kiyara's adjusted gross income was $260,000 (all employee salary). Answer the following questions for Kiyara. (Leave no answer blank. Enter zero if applicable.) Problem 15-44 Part c (Algo) c. What is Kiyara's self-employment tax liability? Kiyara's self-employment tax liability Kiyara (single) is a 50 percent shareholder of Jazz Corporation (an S Corporation). Kiyara does not do any work for Jazz Corporation. Jazz Corporation reported $310,000 of business income for the year (2021). Before considering her business income allocation from Jazz Corporation and the self-employment tax deduction (if any), Kiyara's adjusted gross income was $260,000 (all employee salary). Answer the following questions for Kiyara. (Leave no answer blank. Enter zero if applicable.) Problem 15-44 Part d (Algo) d. What is Kiyara's additional Medicare tax liability (include all earned income in computing the tax)? Kiyara's additional Medicare tax liability Kiyara (single) is a 50 percent shareholder of Jazz Corporation (an S Corporation). Kiyara does not do any work for Jazz Corporation. Jazz Corporation reported $310,000 of business income for the year (2021). Before considering her business income allocation from Jazz Corporation and the self-employment tax deduction (if any), Kiyara's adjusted gross income was $260,000 (all employee salary). Answer the following questions for Kiyara. (Leave no answer blank. Enter zero if applicable.) Problem 15-44 Part a (Algo) a. Assuming the income allocated to Kiyara is qualified business income, what is Kiyara's deduction for qualified business income? Kiyara's deduction for qualified business income
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