Problem 12-61 (LO 12-3) (Algo) Dave and his friend Stewart each owns 50 percent of KBS. During the year, Dave received $88,000 compensation for services he performed for KBS during the year. He performed a significant amount of work for the entity, and he was heavily involved in management decisions for the entity (he was not a passive investor in KBS). After deducting Dave's compensation, KBS reported taxable income of $35,200. . How much FICA and/or self-employment tax is Dave required to pay on his compensation and his share of the KBS income if KBS is formed as a C corporation, an S corporation, or a limited liability company (taxed as a partnership) (ignore the 0.9 percent additional Medicare tax)? How much FICA tax would the entity be required to pay on the compensation paid to Dave? Note: Do not round any percentage calculations. Round other intermediate calculations and final answers to the nearest whole dollar amount. C Corporation S Corporation Limited liability company

Dave and his friend Stewart each owns 50 percent of KBS. During the year, Dave recelved $88,000 compensation for services he performed for KBS during the year. He performed a significant amount of work for the entity, and he was heavily involved in management decisions for the entity (he was not a passive investor in KBS). After deducting Dave's compensation, KBS reported taxable income of $35,200 How much FICA and/or self-employment tax is Dave required to pay on his compensation and his share of the KBS income if KBS is formed as a C corporation, an S corporation, or a limited liability company (taxed as a partnership) (ignore the 09 percent additional Medicare tax)? How much FICA tax would the entity be required to pay on the compensation paid to Dave? Note: Do not round any percentage calculations. Round other intermediate calculations and final answers to the nearest whole dollar amount. Dave and his friend Stewart each owns 50 percent of KBS. During the year, Dave recelved $88,000 compensotion for services he performed for KBS during the year. He performed a significant amount of work for the envty, and he was heavily involved in management decisions for the entisy (he was not a passive investor in KBS). Aftei deducting Dave's compensaton. KBS reported taxabie income of $35,200. How much FiCA andior self-employment tax is Dave required to pay on his compensation and his share of the KBS income if K. 65 is formed as a C corporation, an 5 corporation, or a limited liablity company (taxed as a partnership) (ignore the 0.9 percent additional Medicare taxp? How much FICA tax would the entity be required to pay on the compensation paid to Dave? Note: Do not round any percentage calculations. Round other intermediate calculations and final answers to the nearest whole dollar amount