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Required Information Problem 04-46 (LO 04-3) (Algo) [The following Information applies to the questions displayed below.] Mason (single) is a 50 percent shareholder In
Required Information Problem 04-46 (LO 04-3) (Algo) [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 $192,500 salary working full time for Angels Corporation. Angels Corporation reported $450,000 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 $192,500 (all salary from Angels Corporation). Mason claims $75,000 in Itemized deductions. Answer the following questions for Mason. Note: Leave no answer blank. Enter zero if applicable. Problem 04-46 Part a (Algo) a. What is Mason's self-employment tax liability? Self-employment tax liability
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