Question: Omar ( single ) is a 5 0 percent owner in Cougar LLC ( taxed as a partnership ) . Omar works half time for

Omar (single) is a 50 percent owner in Cougar LLC (taxed as a partnership). Omar works half time for Cougar and receives guaranteed payment of $50,000. Cougar LLC reported $450,000 of business income for the year (2023). Before considering his 50 percent business income allocation from Cougar and the self-employment tax deduction (if any). Omar's adjusted gross income is $210,000(includes $50,000 guaranteed payment from Cougar and $180,000 salary from a different employer). Omar reports itemized deductions of $40,000. Answer the following questions for Omar.
Note: Leave no answer blank. Enter zero if applicable. Round your intermediate calculations and final answers to the nearest whole dollar.
e. What is Omar's additional Medicare tax liability?
 Omar (single) is a 50 percent owner in Cougar LLC (taxed

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!