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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).
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 (2020). 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 $160,000 salary from a different employer). Answer the following questions for Omar. (Leave no answer blank. Enter zero if applicable.) b. What is Omar's net investment income tax liability (assume no investment expenses)? Omar's net investment income tax liability c. What is Omar's self-employment tax liability (exclude the guaranteed payment)? (Do not round intermediate calculations and round your final answer to the nearest whole dollar.) Omar's self-employment tax liability d. What is Omar's additional Medicare tax liability? (Do not round intermediate calculations and round your final answer to the nearest whole dollar.) Omar's additional Medicare tax liability
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