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

  Taxable income

Determine taxable income before considering expense.

  Prepare a tax research memo

Prepare a tax research memo to the file that addresses the issues you feel are most relevant to Mimi's various issures.

  Income by ordinary concepts

Explain what is meant by income by ordinary concepts

  Identify the tax issues

Identify the tax issues that are raised and the relevant sections of the legislation. Identify any cases and other sources of law or information that apply.

  Calculate carolines taxable income

Calculate Carolines taxable income

  Taxation – law and practice

Show the tax issues that are raised and the relevant sections of the legislation.

  Payment to the taxpayer

Brief statement in your own words of the facts of the cases.

  Prepare regular corporation tax return

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

  Taxation law

Advise the participants in the ‘barter' system of the income tax implications, if any, of participating in the system.

  A tax on cigarettes is a good way of raising tax revenue

Discuss- A tax on cigarettes is a good way of raising tax revenue for the government

  Prepare the required journal entry

Prepare the required journal entry to record the tax expense

  Calculate barbs taxable income

Calculate Barb's taxable income? What nonrefundable credit is Barb eligible for based on the information you have?

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: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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