Gina Is a Single Taxpayer and an Active Partner in the GMA

question 88

True/False

Gina is a single taxpayer and an active partner in the GMA LLC. Gina's Schedule K-1 reflects a $20,000 ordinary income share, $2,000 of interest income, and a $10,000 guaranteed payment for services. Gina's self-employment income from other sources and modified adjusted gross income is about $300,000. With respect to the income from the LLC, Gina is subject to the 0.9% additional Medicare tax on $30,000 and the 3.8% net investment income tax of
$2,000.

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Definitions:

Mistaken Conclusions

Incorrect inferences or judgments formed based on faulty reasoning, inadequate evidence, or misunderstanding.

MMPI

Minnesota Multiphasic Personality Inventory, a comprehensive psychological test that assesses personality traits and psychopathology.

Researchers

Individuals who conduct systematic investigations to establish facts or principles or to collect information on a subject.

Personality Disorders

A category of mental health disorders characterized by enduring maladaptive patterns of behavior, cognition, and inner experience, exhibited across many contexts and deviating from those accepted by the individual's culture.