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 N/I for the corporation before tax

2) Owner is single, has no other income, and does not itemize deductions. Calculate and show work for the owners personal income taxes. Assume the C-Corp pays no dividends. The $30,000 of health insurance is not taxable income.