A C-corporation has a 100-percent owner. The C-corporation earns $200,000 before paying its owners wages of $100,000 plus $30,000 of health insurance benefits. Ignore social security taxes.

1. Calculate the C-Corporations net income before taxes. Both the wages and benefits are fully-deductible.
2. What is the tax rate for a C corporation? This was covered in multiple-choice, but you can easily Google the answer.
3. What are taxes payable for the C Corp? Not a trick question. Show work.
4. Owner is single, has no other income, and does not itemize deductions. Calculate and show work for owners personal income taxes (ACCT 3101 is a pre-req for this course). Assume the C-Corp pays no dividends. The $30,000 of health insurance is not taxable income.
5. Prepare a table showing the combined taxes paid by C-Corp and its owner.