Blue Eyed Beauty Supply is the talk of the town. When Elaine started her business, she had no idea it would evolve to be the number one supplier of cosmetology supply in the region. While her business has been successfully operating as a sole proprietorship for many years, her legal counsel has urged her to form a separate legal entity for a variety of nontax reasons. Elaine will form an LLC but has come to you for advice as to which tax classification is best positioned to pay the least overall tax. She has provided you with her 2023 tax data and the following assumptions to develop an Excel model: As a C Corporation, the business will dividend out all earnings after taxes are paid to Elaine . Elaine is Single and her sole source of income is from her business activities It is expected that her business meets the definition of a trade or business for Qualified Business Income deduction purposes The business net income before contemplating any taxes: $115,000 Elaine is assuming a reasonable compensation amount of: $45,000 Required: 1. Complete the "The tax is:" column for the filing status table using a formula. 2. Complete the Schedule C tax calculations using VLOOKUP formulas to the 2023 tax brackets. 3. Complete the S Corporation tax calculations using VLOOKUP formulas to the 2023 tax brackets. 4. Complete the C Corporation tax calculations using VLOOKUP formulas to the 2023 tax brackets. (HINT: Use the TRUE logical value for VLOOKUP formulas; link to cells C10 and C11 as appropriate) Navigation: button to launch this question.4 X V f A B C D 8 19 (HINT: Use the TRUE logical value for VLOOKUP formulas; link to cells C10 and C11 as appropriate) 20 21 Schedule X - Single 22 If taxable income is over: But not over: The tax is: Plus: 23 S 11,000.00 $ 10% 24 11,000.00 $ 44,725.00 12% 25 44,725.00 S 95,375.00 22% 26 95,375.00 $ 182,100.00 24% 27 182,100.00 $ 231,250.00 32% 28 231,250.00 S 578,125.00 35% 29 578,125.00 S 37% 30 31 32 Schedule C 33 Schedule C Income 34 Self-Employment TaxB C D E 31 82 Schedule C 33 Schedule C Income 34 Self-Employment Tax 35 36 Less: 50% Self-Employment Tax 37 AGI 38 Less: Standard Deduction 13,850.00 39 Less: OBI (HINT: Use a MIN function to apply the taxable income limitation) 40 Taxable Income: 41 42 If taxable income is over: 43 But not over: 44 The tax is: 45 Plus tax percentage: 46 Plus tax amount: 47 Ordinary Personal Income TaxC24 A B C 46 Plus tax amount: 47 Ordinary Personal Income Tax 48 49 Overall Total Tax 50 51 Overall Tax Rate 52 53 54 S Corporation 55 W-2 Income 56 Less: Employee Share of Payroll Taxes 57 Net W-2 Compensation 58 59 S Corporation Income Before Payroll Tax 60 Less: S Corporation Payroll Tax 61 Other Income - S Corp K-1 62 63 AGIC24 X V fx A B C D E 62 63 AGI 64 Less: Standard Deduction 13,850.00 65 Less: OBI (HINT: Use a MIN function to apply the taxable income limitation) 66 Taxable Income: 67 68 If taxable income is over: 69 But not over: 70 The tax is: 71 Plus tax percentage: 72 Plus tax amount: 73 Ordinary Personal Income Tax 74 75 Overall Total Tax 76 + 77 Overall Tax Rate 78A 80 C Corporation W-2 Income 82 Less: Employee Share of Payroll Taxes 83 Net W-2 Compensation 84 85 C Corporation Income Before Payroll Tax 86 Less: C Corporation Payroll Tax 87 C Corporation Taxable Income 88 C Corporation Income Tax 89 90 AGI 91 Less: Standard Deduction 13,850.00 92 Taxable Income 94 If taxable income is over: 95 But not over: 96 The tax is:C24 X JX A B 93 94 If taxable income is over: 95 But not over: 96 The tax is: 97 Plus tax percentage: 98 Plus tax amount: 99 Ordinary Personal Income Tax 100 101 Dividend From C Corporation 102 Qualified Dividends Tax (HINT: Some dividends may be taxed at 0% 103 104 Total Personal Tax 105 106 Overall Total Tax 107 108 Overall Tax Rate 109