Explain what is mason additional medicare tax liability

Assignment Help Accounting Basics
Reference no: EM132839726

Mason (single) is a 50 percent shareholder in Angels Corp. (an S Corporation). Mason receives a $185,500 salary working full time for Angels Corp. Angels Corp. reported $422,000 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 $185,500 (all salary from Angels Corp.). Answer the following questions for Mason.

Problem 1) What is Mason's self-employment tax liability?

Problem 2) What is Mason's additional Medicare tax liability?

Reference no: EM132839726

Questions Cloud

Which shall a licensee furnish to a client or former client : Which shall a licensee furnish to a client or former client upon request and reasonable notice? Any accounting or other records belonging to, or obtained
What is the effective semi-annual rate of a nominal interest : Question - What is the effective semi-annual rate of a nominal interest rate (i) of 18% compounded monthly
Enhancing techniques of impression management : 1- Balkrishna just started swimming lessons last week. After taking one look at her, Balkrishna's teacher was convinced that she had the perfect body for swimmi
Describe the policy health issue : Describe the policy health issue. Include the following information: (a) what population is affected, (b) at what level does it occur.
Explain what is mason additional medicare tax liability : What is Mason's additional Medicare tax liability? Mason receives $185,500 salary working full time for Angels Corp. Angels Corp. reported $422,000 of taxable.
In how many months money will double in value : Question - At an interest rate of 1.75% per month, in how many months money will double in value
How do you encourage language development : What are some concepts of print that are used in your classroom? How do you encourage language development? How do you motivate students to read and write?
What is the overall tax rate on SHO income in the first year : What is the overall tax rate on SHO's income in the first year if SHO is organized as an LLC or as a C corporation? Andrea would like to organize SHO as LLC.
Give entries to close Revenue and Expense Summary account : Give the entries to close the Revenue and Expense Summary account by following their profit and loss agreement as given below

Reviews

Write a Review

Accounting Basics Questions & Answers

  Bresenham''s algorithm for drawing a line

This assignment is about writing a line drawing subroutine in ARM assembly language. The following is a C implementation of Bresenham's algorithm for drawing a line between two points.

  At what amount will accounts receivable be shown

In Razz's budgeted balance sheet at December 31, at what amount will accounts receivable be shown

  Discuss nature of the necessary internal control features

Discuss how the nature of the necessary internal control features is affected by switchingfrom a manual system to (1) a large-scalecomputer-based accounting.

  Make the journal entry at the date of the bond purchase

On January 1, 2020, Sarasota Company purchased 10% bonds having a maturity value of $220,000, Make the journal entry at the date of the bond purchase

  Lilly li apparel is a manufacturer of fashion apparel that

lilly li apparel is a manufacturer of fashion apparel that has just opened its first large retail store for selling

  Determine the break-even time for the given equipment

Soles, a shoe manufacturer, is evaluating the costs and benefits of new equipment that would custom fit each pair of athletic shoes.

  What is the comer tax liability

Matt and Meg Comer's are married. What is the comer's tax liability for 2017 if they report the following capital gains and losses for the year

  Complete the pension spreadsheet

Complete the pension spreadsheet. Prepare the journal entry to record pension expense for the year.

  What is the amount of tax jacob will owe on the income

What is the amount of tax Jacob will owe on the income allocation if the income is qualified business income (QBI) and Jacob qualifies for full QBI deduction

  Mylife publishers inc budgeted production of 159000 diaries

at the beginning of the period the fabricating department budgeted direct labor of 6500 and equipment depreciation of

  Determine the amount of retained earnings

a. Journalize the entries required to complete the closing of the accounts. b. Determine the amount of Retained Earnings at the end of the period.

  Dans house payment on his residence is 2000 per month of

dans house payment on his residence is 2000 per month of which 1800 is interest and real estate taxes with the

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd