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Seannie operates a business that produces $120.000 of income belore any amounts are paid to her. She is married, and her spouse teceives $94,000 of salary from an unrelated employer. They fle jointly, have $28,000 of iterrized deductions, and have no dependents. (The tax year is 2021.) (Click the icon to view the standard deduction amounts ) (Click the icon to vew the 2021 tax rate schedule for the Married fifing joint fang status.) Read the teauirement a. Jeannit operates the butiness as an s compration receiving a salary from the copporation of 360,000 . The corporation ditributes all of its remaining income to the sharehaldera. Begin by calculating taxable income for Jeamie under this scenario Now entor the income tax that would be paid by Jeannie and the coperation under this scenario, and compufe the total income tax. (Use the 2023 tax rate schedules for all tax calculations. Enter ( "0" it no tax is due. Do not round any intermediary calculations. Round your final tax labilly to the nearest whole dollar.) Next compute the total income tax that would be paid assuming the additional facts under scenario (b). Ignore payrol taxes. b. She operates the business as a C corporation recelving a salary from the corporation of $60,000, The corporation distributes its affer tax income to her as a dividend. Begin by calculating taxable income for Jeannie under this scenario. (Enter a " 0 for any zero amounts.) Now enter the income tax that would be paid by Jeannie and the corporation under this scenario. (Use the 2021 tax rate schedules for all tax calculations. Do not round any Round your final tax liability to the nearest whole dollar.) 2. How would the total tax change in each of the first two requirements if the corporation made no payments to the owner other than the salary? Let's begin by calculating any chango in tax under the set of facts for scenario (a), Bssuming that the corporation mode no payments to the owner other than the salary. (Enter a " in tax.) Now caloulate any change in tax under the set of facts for scenario (b), assuming that the corporation made no payments to the owner other than the salary. (Enter a "O" for no char minus sign or parentheses for a decrease in tax. STANDARD DEDUCTION $80,800 but not over $501,600 Next compute the total income tax that would be paid assuming the additional facts under sce b. She operates the business as a C corporation receiving a salary from the corporation of $6 C Begin by calculating taxable income for Jeannie under this scenario. (Enter a "0" for any zero he corporation under this scenaric 1e additional facts under scenario y from the corporation of $60,000. io. (Enter a "0" for any zero amoun Now enter the income tax that would be paid by Jeannie and the corporation under this scenario. (Use Round your final tax liability to the nearest whole dollar.) Round your final tax liability to the nearest whole dollar.) c. How would the total tax change in each of the first two requirements if the corporatic Let's begin by calculating any change in tax under the set of facts for scenario (a), asst in tax.) Round your final tax liability to the nearest whole dollar.) c. How would the total tax change in each of the first two requirements if the Let's begin by calculating any change in tax under the set of facts for scenario in tax. ) Seannie operates a business that produces $120.000 of income belore any amounts are paid to her. She is married, and her spouse teceives $94,000 of salary from an unrelated employer. They fle jointly, have $28,000 of iterrized deductions, and have no dependents. (The tax year is 2021.) (Click the icon to view the standard deduction amounts ) (Click the icon to vew the 2021 tax rate schedule for the Married fifing joint fang status.) Read the teauirement a. Jeannit operates the butiness as an s compration receiving a salary from the copporation of 360,000 . The corporation ditributes all of its remaining income to the sharehaldera. Begin by calculating taxable income for Jeamie under this scenario Now entor the income tax that would be paid by Jeannie and the coperation under this scenario, and compufe the total income tax. (Use the 2023 tax rate schedules for all tax calculations. Enter ( "0" it no tax is due. Do not round any intermediary calculations. Round your final tax labilly to the nearest whole dollar.) Next compute the total income tax that would be paid assuming the additional facts under scenario (b). Ignore payrol taxes. b. She operates the business as a C corporation recelving a salary from the corporation of $60,000, The corporation distributes its affer tax income to her as a dividend. Begin by calculating taxable income for Jeannie under this scenario. (Enter a " 0 for any zero amounts.) Now enter the income tax that would be paid by Jeannie and the corporation under this scenario. (Use the 2021 tax rate schedules for all tax calculations. Do not round any Round your final tax liability to the nearest whole dollar.) 2. How would the total tax change in each of the first two requirements if the corporation made no payments to the owner other than the salary? Let's begin by calculating any chango in tax under the set of facts for scenario (a), Bssuming that the corporation mode no payments to the owner other than the salary. (Enter a " in tax.) Now caloulate any change in tax under the set of facts for scenario (b), assuming that the corporation made no payments to the owner other than the salary. (Enter a "O" for no char minus sign or parentheses for a decrease in tax. STANDARD DEDUCTION $80,800 but not over $501,600 Next compute the total income tax that would be paid assuming the additional facts under sce b. She operates the business as a C corporation receiving a salary from the corporation of $6 C Begin by calculating taxable income for Jeannie under this scenario. (Enter a "0" for any zero he corporation under this scenaric 1e additional facts under scenario y from the corporation of $60,000. io. (Enter a "0" for any zero amoun Now enter the income tax that would be paid by Jeannie and the corporation under this scenario. (Use Round your final tax liability to the nearest whole dollar.) Round your final tax liability to the nearest whole dollar.) c. How would the total tax change in each of the first two requirements if the corporatic Let's begin by calculating any change in tax under the set of facts for scenario (a), asst in tax.) Round your final tax liability to the nearest whole dollar.) c. How would the total tax change in each of the first two requirements if the Let's begin by calculating any change in tax under the set of facts for scenario in tax. )

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