Steve has opened a sole proprietorship bicycle shop.The business shows a net income of $100,000.Steve took a salary of $40,000.The remaining money is left in the bank.
A) at tax time, the business pays taxes on $100,000 and Steve pays taxes on $40,000
B) at tax time the business pays taxes on $140,000
C) at tax time Steve pays taxes on $140,000
D) at tax time the business pays taxes on $70,000 and Steve pays taxes on $70,000
Correct Answer:
Verified
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