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Mason is a 50 percent share holder in angels Corp. Mason receives 191000 $ as a salary working full time for angels Corp. Reported 444000$ of taxable business income for the year 2020.before considering his business income allocation from angels and the self employment tax deduction. Mason's adjusted gross income is 191000$ . Answer the following questions What is the Mason's self employment tax liability What is Mason's additional Medicare tax liability |
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Answer» Hope you like the answer.If you like the answer please give it the brainliest answer.Explanation:Mason (single) is a 50 percent shareholder in ANGELS Corp. (an S Corporation). Mason receives a $189,500 salary working full TIME for Angels Corp. Angels Corp. reported $438,000 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 $189,500 (all salary from Angels Corp.). |
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