Exercise 13-31 (b) (LO. 5) Cheng is an employee of KaTuk Corporation. He also has his...

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Exercise 13-31 (b) (LO. 5) Cheng is an employee of KaTuk Corporation. He also has his own business working as a caterer. For

business accounting

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Answer 1

Answer #1

Answer 1) his total income from employment I.e salary income is $198000

And income from business is $34000

So his total payroll income will be (198000+34000=232000 $)

Answer 2)

In this year Cheng had a loss of $9000 and income from salary is $198000

So his payroll income will be ($198000-$9000)=$189000

Answer 3 His NIIT will be summation of all income he earns

Wages $198000 + self business income $ 34000 +NII $6000=$238000

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Answer 2

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Exercise 13-31 (b) (LO. 5) Cheng is an employee of KaTuk Corporation. He also has his...

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