Question: Sofia (single) is a 50 percent owner in Beehive LLC (taxed as a partnership). Sofia does not do any work for Beehive. Beehive LLC reported

Sofia (single) is a 50 percent owner in Beehive LLC (taxed as a partnership). Sofia does not do any work for Beehive. Beehive LLC reported $600,000 of taxable business income for the year (2022). Before considering her 50 percent business income allocation from Beehive and the self-employment tax deduction (if any), Sofia's adjusted gross income is $150,000 (all employee salary). Sofia has $35,000 in itemized deductions. Answer the following questions for Sofia.

a. What is Sofia's self-employment tax liability?

b.What is Sofia's net investment income tax liability (assume no investment expenses)?

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!

Complete the balance sheet and sales information in the table that follows for Hoffmeister Industries using the following financial data: Debt ratio: 50% Quick ratio: 0.80x Total assets turnover:...

Required information [The following information applies to the questions displayed below] Sofia (single) is a 50 percent owner in Beehive LLC (taxed as a partnership). Sofia does not do any work for...

Sofia (single) is a 50 percent owner in Beehive LLC (taxed as a partnership). Sofia does not do any work for Beehive. Beehive LLC reported $600,000 of taxable business income for the year (2022)....

Required information Problem 04-47 (LO 04-3) (Static) [The following information applies to the questions displayed below.] Sofia (single) is a 50 percent owner in Beehive LLC (taxed as a...

Sofia ( single ) is a 5 0 percent owner in Beehive LLC ( taxed as a partnership ) . Sofia does not do any work for Beehive. Beehive LLC reported $ 6 0 0 , 0 0 0 of taxable business income for the...

Required information Problem 0 4 - 4 7 ( LO 0 4 - 3 ) ( Static ) [ The following information applies to the questions displayed below. ] Sofia ( single ) is a 5 0 percent owner in Beehive LLC ( taxed...

Sofia (single) is a 50 percent owner in Beehive LLC (taxed as a partnership). Sofia does not work for Beehive. Beehive LLC reported $600,000 of taxable business income for the year (2022). Before...

Sofia (single) is a 50 percent owner in Beehive LLC (taxed as a partnership). Sofia does not do any work for Beehive. Beehive LLC reported $600,000 of taxable business income for the year (2023)....

Sofia ( single ) is a 5 0 percent owner in Beehive LLC ( taxed as a partnership ) . Sofia does not do any work for Beehive. Beehive LLC reported $ 6 0 0 , 0 0 0 of taxable business income for the...

Sofia (single) is a 50 percent owner in Beehive LLC (taxed as a partnership). Sofia does not do any work for Beehive. Beehive LLC reported $600,000 of taxable business income for the year (2022)....

The magnitude plot in Fig. 14.76 represents the transfer function of a preamplifier. Find H(s). Figure 14.76 H (dB) A 40 20 dB/decade 2,122 0 20 dB/decade 50 500

The U-Drive Rent-A-Truck company plans to spend $13 million on 320 new vehicles. Each commercial van will cost $25,000, each small truck $50,000, and each large truck $80,000. Past experience shows...

According to the Wall Street Journal article, what is the underlying reason for the jump in treasury yield? Select an answer and submit. For keyboard navigation, use the up / down arrow keys to...

While not binding or law, current FDA Guidances should be followed by manufacturers to every extent possible. Group of answer choices True False

5.79 The random variable X has probability density function as follows: a. Graph the probability density function for X. b. Show that the density has the properties of a proper probability density...

5.83 Let X1 and X2 be a pair of random variables. Show that the covariance between the random variables Y1 = 1X1 + X22 and Y2 = 1X1 - X22 is 0 if and only if X1 and X2 have the same variance.

5.85 A company services home air conditioners. It is known that times for service calls follow a normal distribution with a mean of 60 minutes and a standard deviation of 10 minutes. a. What is the...