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Bobby and Whitney are husband and wife, and Whitney operates a sole proprietorship. They expect their joint taxable income next year to be $ 2

Bobby and Whitney are husband and wife, and Whitney operates a sole proprietorship. They expect their joint taxable income next year to be $225,000, of which $175,000 is attributed to the sole proprietorship. Whitney is contemplating incorporating the sole proprietorship. Using the 2024 married filing jointly tax brackets and the corporate tax brackets, how much current tax could this save Bobby and Whitney? How much income should be retained in the corporation?Schedule Y-1-Married Filing Jointly or Qualifying surviving spouse
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