1. Calculate the Taxable Income in Year 1 through Year 3, assuming straight-line depreciation on the next page, and calculate her yearly taxes, assuming she is married filing separately from her spouse. Tax Brackets for Married Individuals Filing Separately 4 Bracket Floor Lump Sum 1 0 0 2 3 4 5 6 9225 37450 75600 115225 205750 Ceiling 9225 37450 75600 115225 205750 2324254 922.54 5156.254 14693.75 25788.75 55662 Rate 0.12 0.15- 0.2544 0.282 0.3342 0.3542 2. If Mary incorporates the business, and pays herself a salary of $120,000 for all 6 years, what would be the corporate income tax payment for the corporation and personal tax payment for Mary in Year 1? Assume the corporate tax rate is a flat 25% H 1. Calculate the Taxable Income in Year 1 through Year 3, assuming straight-line depreciation on the next page, and calculate her yearly taxes, assuming she is married filing separately from her spouse. Tax Brackets for Married Individuals Filing Separately 4 Bracket Floor Lump Sum 1 0 0 2 3 4 5 6 9225 37450 75600 115225 205750 Ceiling 9225 37450 75600 115225 205750 2324254 922.54 5156.254 14693.75 25788.75 55662 Rate 0.12 0.15- 0.2544 0.282 0.3342 0.3542 2. If Mary incorporates the business, and pays herself a salary of $120,000 for all 6 years, what would be the corporate income tax payment for the corporation and personal tax payment for Mary in Year 1? Assume the corporate tax rate is a flat 25% H