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Mike Barton owns Barton Products, Inc. The corporation has 30 employees. Barton Corporation expects $800,000 of net income before taxes in 2016. Mike is married and files a joint return with his wife, Elaine, who has no earnings of her own. They have one dependent son, Robert, who is 16 years old. Mike and Elaine have no other income and do not itemize. Mike's salary is $180,000 per year (already dedcuted in computing Barton Corporation's $800,000 net income). Assume that variations in salaries will not affect the U.S. production activities deduction alread reflected in taxable income.
A) Should Mike increase his salary by $50,000.00 to reduce the overall tax burden to himself and Barton Products? Because of the social security cap, the corporation and and Mike each would incur a 1.45% pal tax with the corporate portion being deductible.
B) Should Barton employ Mike's wife Elaine for $50,000 rather than increase Mike's salary? Take into consideration employment taxes as well as.
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Balboa Island Corporation began operations on April 1 by issuing 60,000 shares of $5 par value common stock for cash at $13 per share. On April 19, it issued 2,000 shares of common stock to attorneys in settlement of their bill of $27,500 for orga..
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Gutierrez Company reported net income of $198,760 for 2014. Gutierrez also reported depreciation expense of $45,030 and a loss of $4,850 on the disposal of equipment. Prepare the operating activities section of the statement of cash flows for 2014.
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