How much will the corporation pay in federal income taxes

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Reference no: EM133348441

Question: Andrew and Jake decide to start a new business. - Andrew will own T003 and Jake will own 30%. I They are both single taxpayers. Andrew is in the 24% marginal tax bracket and .Jake is in the 32% tax bracket. - In Year 1. the business makes a pro?t of 351001000. - Andrew withdraws $35,000 and Jake withdraws $15,000.

Rguired:

1. If they select to be a C-Eorporation, how much will the corporation pay in federal income taxes? How much will they each pay in federal income tales-s?

2. If they select to be a S-Corporation. how much will the corporation pay in federal income taxes? How much will they each pay in federal income taxes?

Reference no: EM133348441

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