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Please show step by step! Thank you. Required information [The following information applies to the questions displayed below] Omar (single) is a 50 percent owner
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Required information [The following information applies to the questions displayed below] Omar (single) is a 50 percent owner in Cougar LLC (taxed as a partnership). Omar works half time for Cougar and receives guaranteed payment of $50,000. Cougar LLC reported $450,000 of business income for the year (2023). Before considering his 50 percent business income allocation from Cougar and the self-employment tax deduction (if any). Omar's adjusted gross income is $210,000 (includes $50,000 guaranteed payment from Cougar and $180,000 salary from a different employer). Omar reports itemized deductions of $40,000. Answer the following questions for Omar. Note: Leave no answer blank. Enter zero if applicable. Round your intermediate calculations and final answers to the nearest whole dollar. b. What would be Omar's self-employment tax liability if he didn't receive any salary? Required information [The following information applies to the questions displayed below.] Omar (single) is a 50 percent owner in Cougar LLC (taxed as a partnership). Omar works half time for Cougar and receives guaranteed payment of $50,000. Cougar LLC reported $450,000 of business income for the year (2023). Before considering his 50 percent business income allocation from Cougar and the self-employment tax deduction (if any). Omar's adjusted gross income is $210,000 (includes $50,000 guaranteed payment from Cougar and $180,000 salary from a different employer). Omar reports itemized deductions of $40,000. Answer the following questions for Omar. Note: Leave no answer blank. Enter zero if applicable. Round your intermediate calculations and final answers to the nearest whole dollar. c. Assume the original facts and that the business income allocated to Omar is not from a specified service. What is Omar's deduction for qualified business income? Assume that 81.82 percent of the self-employment tax is from self-employment income included in QBI [1.e., $225.000 business income allocation $275.000 (business income allocation plus guaranteed payment)]. That is, the $50,000 guaranteed payment is not qualified business income. Ignore the wage-based limitation. Required information [The following information applies to the questions displayed below] Omar (single) is a 50 percent owner in Cougar LLC (taxed as a partnership). Omar works half time for Cougar and receives guaranteed payment of $50,000. Cougar LLC reported $450,000 of business income for the year (2023). Before considering his 50 percent business income allocation from Cougar and the self-employment tax deduction (if any). Omar's adjusted gross income is $210,000 (includes $50,000 guaranteed payment from Cougar and $180,000 salary from a different employer). Omar reports itemized deductions of $40,000. Answer the following questions for Omar. Note: Leave no answer blank. Enter zero if applicable. Round your intermediate calculations and final answers to the nearest whole dollar. e. What is Omar's additional Medicare tax liability Step by Step Solution
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