Arnie and Angela are married and file a joint return in 2018. Arnie is a partner in

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Arnie and Angela are married and file a joint return in 2018. Arnie is a partner in a public accounting firm. His share of the partnership's income in the current year is $40,000, and he receives guaranteed payments of $35,000. Angela receives wages of $50,000 from a large corporation. What is each taxpayer's self-employment tax amount? Guaranteed payments received from a partnership are considered selfemployment income.

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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Federal Taxation 2019 Individuals

ISBN: 9780134739670

32nd Edition

Authors: Timothy J. Rupert, Kenneth E. Anderson

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