Required information (The following information applies to the questions displayed below.) Mason (single) is a 50 percent shareholder in Angels Corp. (an S Corporation). Mason receives a $191,000 salary working full time for Angels Corp. Angels Corp. reported $444,000 of taxable business income for the year (2020). Before considering his business income allocation from Angels and the self-employment tax deduction (if any), Mason's adjusted gross income is $191,000 (all salary from Angels Corp.). Answer the following questions for Mason. (Leave no answer blank. Enter zero if applicable.) c. What is Mason's self-employment tax liability? Mason's self-employment tax liability d. What is Mason's additional Medicare tax liability? Mason's additional Medicare tax liability
Required information (The following information applies to the questions displayed below.) Mason (single) is a 50 percent shareholder in Angels Corp. (an S Corporation). Mason receives a $191,000 salary working full time for Angels Corp. Angels Corp. reported $444,000 of taxable business income for the year (2020). Before considering his business income allocation from Angels and the self-employment tax deduction (if any), Mason's adjusted gross income is $191,000 (all salary from Angels Corp.). Answer the following questions for Mason. (Leave no answer blank. Enter zero if applicable.) c. What is Mason's self-employment tax liability? Mason's self-employment tax liability d. What is Mason's additional Medicare tax liability? Mason's additional Medicare tax liability
Chapter14: Choice Of Business Entity—operations And Distributions
Section: Chapter Questions
Problem 28P
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Question
![Finance
Required information
[The following information applies to the questions displayed below.)
Mason (single) is a 50 percent shareholder in Angels Corp. (an S Corporation). Mason receives a $191,000 salary working
full time for Angels Corp. Angels Corp. reported $444,000 of taxable business income for the year (2020). Before
considering his business income allocation from Angels and the self-employment tax deduction (if any). Mason's adjusted
gross income is $191,000 (all salary from Angels Corp.). Answer the following questions for Mason. (Leave no answer
blank. Enter zero if applicable.)
c. What is Mason's self-employment tax liability?
Mason's self-employment tax liability
d. What is Mason's additional Medicare tax liability?
Mason's additional Medicare tax liability](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff6f1337b-d30a-4019-b3c5-0ab1a5fdabd6%2F7fc3c2cc-821e-44cb-af13-408b30b75635%2Fz4293rn_processed.png&w=3840&q=75)
Transcribed Image Text:Finance
Required information
[The following information applies to the questions displayed below.)
Mason (single) is a 50 percent shareholder in Angels Corp. (an S Corporation). Mason receives a $191,000 salary working
full time for Angels Corp. Angels Corp. reported $444,000 of taxable business income for the year (2020). Before
considering his business income allocation from Angels and the self-employment tax deduction (if any). Mason's adjusted
gross income is $191,000 (all salary from Angels Corp.). Answer the following questions for Mason. (Leave no answer
blank. Enter zero if applicable.)
c. What is Mason's self-employment tax liability?
Mason's self-employment tax liability
d. What is Mason's additional Medicare tax liability?
Mason's additional Medicare tax liability
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