21. In a recent year the federal corporate tax rate was 15 percent on income up to...
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21. In a recent year the federal corporate tax rate was 15 percent on income up to $50,000 and 25 percent for income from $50,000–$75,000. In the same year, the individual income tax rate was 0 percent for income up to $7,500, 15 percent for income from $7,500–$30,500 and 25 percent for income from $30,500–$74,000. What would be the difference in income tax paid by a person who organized a small business as a corporation versus a sole proprietorship with a business income of $69,800?
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