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Badger Corporation reported taxable income of $300,000 this year. Badger paid a dividend of $75,000 to its sole shareholder, Gil Thorpe. Badger Corporation is subject
Badger Corporation reported taxable income of $300,000 this year. Badger paid a dividend of $75,000 to its sole shareholder, Gil Thorpe. Badger Corporation is subject to a flat rate tax of 34%. The dividend meets the requirements to be a qualified dividend and Gil is subject to a tax rate of 20% on the dividend. What is the total income tax imposed on the corporate income earned by Badger and the income tax on the dividend distributed to GI?
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