Kiyara (single) is a 50 percent shareholder of Jazz Corporation (an S Corporation). Kiyara does not do any work for Jazz Corp. Jazz Corp. reported $300,000 of business income for the year (2020). Before considering her business income allocation from Jazz Corp. and the self-employment tax deduction (if any), Kiyara’s adjusted gross income was $250,000 (all employee salary). Answer the following questions for Kiyara. (Leave no answer blank. Enter zero if applicable.)
Required:
a. Assuming the income allocated to Kiyara is qualified business income, what is Kiyara’s deduction for qualified business income?
b. What is Kiyara’s additional Medicare tax liability (include all earned income)?
Answers: 2
($)
($)![[(250,000 + 150,000) - 200,000]\times 0.90 \ percent](/tpl/images/0806/8189/d8a21.png)
($)
Another question on Business
Business, 21.06.2019 21:40
Tandard product costs deerfield company manufactures product m in its factory. production of m requires 2 pounds of material p, costing $4 per pound and 0.5 hour of direct labor costing, $10 per hour. the variable overhead rate is $8 per direct labor hour, and the fixed overhead rate is $12 per direct labor hour. what is the standard product cost for product m? direct material answer direct labor answer variable overhead answer fixed overhead answer standard product cost per unit answer
Answers: 1
Business, 22.06.2019 06:00
Cash flow is often a problem for small businesses. how can an entrepreneur increase cash flow? a) locate lower-priced suppliers. b) forego sending in estimated tax payments to the irs c) shorten the terms on a bank loan to pay it off more quickly d) sell more low-margin items.
Answers: 1
Business, 22.06.2019 06:30
If a seller prepaid the taxes of $4,400 and the closing is set for may 19, using the 12 month/30 day method what will the buyer owe the seller as prorated taxes?
Answers: 1
You know the right answer?
Kiyara (single) is a 50 percent shareholder of Jazz Corporation (an S Corporation). Kiyara does not...
Questions
Mathematics, 08.12.2019 12:31
English, 08.12.2019 12:31
English, 08.12.2019 12:31
Mathematics, 08.12.2019 12:31
Mathematics, 08.12.2019 12:31
Mathematics, 08.12.2019 12:31
Chemistry, 08.12.2019 12:31
