Silver Inc.is an S corporation.This year it earned $60,000 of taxable income and paid a $10,000 distribution to Daisy,its sole shareholder.Daisy has a marginal tax rate of 24%.Due to the corporation's results and the distribution paid,the IRS will receive total taxes of
A) $12,600.
B) $14,400.
C) $14,100.
D) $11,520.
Correct Answer:
Verified
Q79: In 2016,Leo's wife died.Leo has two small
Q80: If a 13-year-old has earned income of
Q81: If an individual with a taxable income
Q82: A $10,000 gain earned on stock held
Q83: In order to shift the taxation of
Q85: Generally,when a married couple files a joint
Q86: If a single taxpayer with a marginal
Q87: Ivan Trent,age five,receive $2,900 of dividends per
Q88: The only business entity that pays federal
Q89: For each of the following taxpayers,indicate the
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents