User Account

All Pages

Should carol make the s election

Assignment Help Taxation
Reference no: EM13517076

Carol has recently incorporated her sole proprietorship and is considering making an S election. The corporation has $200,000 of gross revenue and expenses of $75,000 before Carol's salary. She plans to take a gross salary of $60,000 from the business and this will be her only income for the year. Compare the total tax burden for Carol and the corporation with and without the S election. Consider both income and employment taxes. Carol is single and does not itemize her deductions. She plans to reinvest all of the corporation's net income after taxes into the business. Based on tax burden alone for 2004, should Carol make the S election?

Reference no: EM13517076

Questions Cloud

Compare his tax costs for 2004 : Compare his tax costs for 2004 considering only income taxes if he is single and he has no other income. Which option do you recommend based solely on these tax costs?
How much is the pad compressed : A raw egg can be dropped from a third-floor window and land on a foam-rubber pad on the ground without breaking. How much is the pad compressed
What is the approximate delta of a long straddle composed : A 3-month call has a delta of 0.545.  What is the approximate delta of a long straddle composed of ten of these call contracts and twelve put contracts?
Explain what is the density of nitrogen : The barometer in the lab has a 626mm column of mercury and the thermometer reads 26degrees celsius. Given that air is 78% by volume nitrogen, what is the density of nitrogen in the lab. Can you do your experiment or should you just go home
Should carol make the s election : Carol is single and does not itemize her deductions. She plans to reinvest all of the corporation's net income after taxes into the business. Based on tax burden alone for 2004, should Carol make the S election?
What is the approximate length of the column : A column of soldiers, marching at 134 paces per minute, keep in step with the music of a band at the head of the column. what is the approximate length of the column
State the skeletal structure of the organic product : Draw the skeletal structure of the organic product obtained when benzyl bromide reacts with solid Mg in diethyl ether. Draw the skeletal structure of organic product obtained when the product from (a) above reacts with ethylene oxide followed by aci..
Which investment should the corporation make : It can invest in tax-exempt bonds that pay 4.5 percent interest or it can invest in taxable bonds that pay 6 percent interest. Which investment should the corporation make?
Determine the resistivity of the material of the wire : A piece of a wire, with the cross-sectional area of 0.5176 mm2 and 2.50 m long, has the resistance 1.28×10-1 ohms. What is the resistivity of the material of the wire

Reviews

Write a Review

Taxation Questions & Answers

  Find calculation and payment of company tax

There are no complex corporate transactions in this practice set beyond the calculation and payment of company tax. No dividends were paid during the period and tax effect accounting is beyond the scone of this nractice set.

  Part anbspbasil arrived in australia on 28 august 2013from

part anbspbasil arrived in australia on 28 august 2013from his usual domicile in england. he obtained a working visa

  Prepare regular corporation tax return

Prepare the C Regular Corporation Tax Return for the Lawson And Norman Enterprise

  Discuss the tax treatment

Discuss the tax treatment that Bob may take with regard to this loan.

  What effect does purchase of buildings financed by mortgage

Consider initial time interest is more than 1 and others are less than Want to understand if there is an increase, decrease, or no effect.

  Determine each of the employers payroll taxes

Determined total earnings, total deductions, and cash paid and determined each of the employers payroll taxes related to the earnings Ella Dodd for the week endd march 15.

  Cathy the manager of cathys catering inc uses

cathy the manager of cathys catering inc. uses activity-based costing to evaluate the costs of her catered parties.

  What is the possible tax savings if they buy the house

Julie and Gus are married and have no children. They expect to have $380,000 of taxable income in the next year and are considering whether to purchase a house that would provide additional itemized deductions of $114,000 from mortgage interes..

  Prepare journal entries to record the current tax liability

Prepare the journal entries to record the current tax liability and movements in deferred tax assets and liabilities.

  Question on january 1 20x1 clark and lois each contributed

question on january 1 20x1 clark and lois each contributed 110500 to form the kal-el general partnership and the

  Evaluate after-tax amount

Evaluate the after-tax amount Sarah will have at the end of five years under each alternative.

  The income tax return may be prepared manually or using the

the income tax return may be prepared manually or using the software or some other federal income tax or information

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd