A 21 percent excise tax is imposed on compensation in excess of a certain dollar amount paid to a covered employee by an exempt organization.A 1.4 percent excise tax applies to the net investment income of private colleges and university with at least 500 students and assets of at least a certain dollar amount per student.What are these dollar amounts, respectively?

Question

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The dollar amounts are $1,000,000 for the excise tax on compensation paid to a covered employee by an exempt organization, and $500,000 for the excise tax on the net investment income of private colleges and universities.

A 21 Percent Excise Tax Is Imposed on Compensation in Excess