Keith Thomas and Trent Brooks began a new consulting business on January 1, 2020. They...
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Keith Thomas and Trent Brooks began a new consulting business on January 1, 2020. They organized the business as a C corporation, KT, Inc. During 2020, the corporation was successful generated revenues of $2 million. KT had operating expenses of $800,000 before any payments Keith or Trent. During 2020, KT paid dividends to Keith and Trent in the amount of $350,000 each Assume that Keith's wife earned $130,000 from her job, they file a joint return, have itemized deductions of $40,000, and have no children. (Assume the qualified dividends tax rate is 15%.) Read the requirements. Requirement a. Compute the total tax liability of KT, Inc. and Keith and his wife for 2020. Ignore t table, leave the input field empty, do not select a label or enter a zero. Do not round intermediary schedule for necessary tax calculations.) Begin by calculating the tax liability for KT, Inc. Minus. Taxable income Corporate tax
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