[The following information applies to the questions displayed below.] Kiyara (single) is a 50 percent shareholder of Guardian Corporation (an S Corporation). Kiyara does not do any work for Guardian Corporation. Guardian Corporation reported $312,000 of business income for the year (2022). Before considering her business income allocation from Guardian Corporation and the self-employment tax deduction (if any), Kiyara's adjusted gross income was $262,000 (all employee salary). Kiyara has $40,600 In Itemized deductions. Answer the following questions for Kiyara. Note: Leave no answer blank. Enter zero if applicable. c. What is Kiyara's net investment income tax liability (assume no investment expenses)?
[The following information applies to the questions displayed below.] Kiyara (single) is a 50 percent shareholder of Guardian Corporation (an S Corporation). Kiyara does not do any work for Guardian Corporation. Guardian Corporation reported $312,000 of business income for the year (2022). Before considering her business income allocation from Guardian Corporation and the self-employment tax deduction (if any), Kiyara's adjusted gross income was $262,000 (all employee salary). Kiyara has $40,600 In Itemized deductions. Answer the following questions for Kiyara. Note: Leave no answer blank. Enter zero if applicable. c. What is Kiyara's net investment income tax liability (assume no investment expenses)?
Chapter5: Introduction To Business Expenses
Section: Chapter Questions
Problem 30P
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![Required information
[The following information applies to the questions displayed below.]
Kiyara (single) is a 50 percent shareholder of Guardian Corporation (an S Corporation). Kiyara does not do any work for
Guardian Corporation. Guardian Corporation reported $312,000 of business income for the year (2022). Before
considering her business income allocation from Guardian Corporation and the self-employment tax deduction (if any),
Kiyara's adjusted gross income was $262,000 (all employee salary). Kiyara has $40,600 in itemized deductions. Answer
the following questions for Kiyara.
Note: Leave no answer blank. Enter zero if applicable.
c. What is Kiyara's net investment income tax liability (assume no investment expenses)?
Income tax liability](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F04c90178-54e1-46d6-9d85-1587b2ac3d30%2Fb884235a-3bef-4283-a3bd-b87ce94c23c8%2Fzcdcvuk_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Kiyara (single) is a 50 percent shareholder of Guardian Corporation (an S Corporation). Kiyara does not do any work for
Guardian Corporation. Guardian Corporation reported $312,000 of business income for the year (2022). Before
considering her business income allocation from Guardian Corporation and the self-employment tax deduction (if any),
Kiyara's adjusted gross income was $262,000 (all employee salary). Kiyara has $40,600 in itemized deductions. Answer
the following questions for Kiyara.
Note: Leave no answer blank. Enter zero if applicable.
c. What is Kiyara's net investment income tax liability (assume no investment expenses)?
Income tax liability
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