Morgan is a 50% managing member in the calendar year,cash basis MKK LLC.The LLC received $150,000 income from services and paid the following other amounts: Rent expense $10,000 Salary expense to employees 40,000 Payment to Morgan for services,per the operating agreement 40,000 Distributions to partners,Kristin and Katie 12,000 Payment to 30% cash basis partner Katie for tax and accounting services 10,000 How much will Morgan's adjusted gross income increase as a result of the above items? What amount will be included in Morgan's self-employment tax calculation?

Question

Morgan is a 50% managing member in the calendar year,cash basis MKK LLC.The LLC received $150,000 income from services and paid the following other amounts: Rent expense $10,000 Salary expense to employees 40,000 Payment to Morgan for services,per the operating agreement 40,000 Distributions to partners,Kristin and Katie 12,000 Payment to 30% cash basis partner Katie for tax and accounting services 10,000 ​ How much will Morgan's adjusted gross income increase as a result of the above items? What amount will be included in Morgan's self-employment tax calculation?

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The Answer of Morgan is a 50% managing member in the calendar year,cash basis MKK LLC.The LLC received $150,000 income from services and paid the following other amounts: Rent expense $10,000 Salary expense to employees 40,000 Payment to Morgan for services,per the operating agreement 40,000 Distributions to partners,Kristin and Katie 12,000 Payment to 30% cash basis partner Katie for tax and accounting services 10,000 ​ How much will Morgan's adjusted gross income increase as a result of the above items? What amount will be included in Morgan's self-employment tax calculation?

Morgan Is a 50% Managing Member in the Calendar Year,cash