Kiyara (single) is a 50 percent shareholder of Guardian Corporation (an S Corporation). Kiyara does not do an Guardian Corporation. Guardian Corporation reported $304,000 of business income for the year (2023). Bef considering her business income allocation from Guardian Corporation and the self-employment tax deducti Kiyara's adjusted gross income was $254,000 (all employee salary). Kiyara has $40,200 in itemized deductio
Kiyara (single) is a 50 percent shareholder of Guardian Corporation (an S Corporation). Kiyara does not do an Guardian Corporation. Guardian Corporation reported $304,000 of business income for the year (2023). Bef considering her business income allocation from Guardian Corporation and the self-employment tax deducti Kiyara's adjusted gross income was $254,000 (all employee salary). Kiyara has $40,200 in itemized deductio
Chapter5: Introduction To Business Expenses
Section: Chapter Questions
Problem 30P
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![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 $304,000 of business income for the year (2023). Before
considering her business income allocation from Guardian Corporation and the self-employment tax deduction (if any).
Kiyara's adjusted gross income was $254,000 (all employee salary). Kiyara has $40,200 in itemized deductions. Answer
the following questions for Kiyara.
Note: Leave no answer blank. Enter zero if applicable.
Problem 15-45 Part d (Algo)
d. What is Kiyara's additional Medicare tax liability (include all earned income in computing the tax)?
Additional Medicare tax liability
$
2,515](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3e6843cb-a32d-46fa-ba45-5e0c835e6cb6%2F3a2a56c5-de63-4796-85b2-ef5bc8b020f9%2Fnvijco4_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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 $304,000 of business income for the year (2023). Before
considering her business income allocation from Guardian Corporation and the self-employment tax deduction (if any).
Kiyara's adjusted gross income was $254,000 (all employee salary). Kiyara has $40,200 in itemized deductions. Answer
the following questions for Kiyara.
Note: Leave no answer blank. Enter zero if applicable.
Problem 15-45 Part d (Algo)
d. What is Kiyara's additional Medicare tax liability (include all earned income in computing the tax)?
Additional Medicare tax liability
$
2,515
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