Can you please help me answer the below question? If possible, provide steps on how each question was answered. Thanks for the help.
2019 Tax Rate Schedules Single-Schedule X Head of household-Schedule Z If taxable of the If taxable of the income is: But not amount income is: But not amount Over- over- The tax is: over- Over- over- The tax is: over- $ 0 $ 9,700 ....10% $ 0 $ 0 $ 13,850 ..10% $ 0 9,700 39,475 $ 970.00 + 12% 9,700 13,850 52,850 $ 1,385.00 + 12% 13,850 39,475 84,200 4,543.00 + 22% 39,475 52,850 84,200 6,065.00 + 22% 52,850 84,200 160,725 14,382.50 + 24% 84,200 84,200 160,700 12,962.00 + 24% 84,200 160,725 204,100 32,748.50 + 32% 160,725 160,700 204,100 31,322.00 + 32% 160,700 204,100 510,300 46,628.50 + 35% 204,100 204,100 510,300 45,210.00 + 35% 204,100 510,300 153,798.50 + 37% 510,300 510,300 152,380.00 + 37% 510,300 Married filing jointly or Qualifying widow(er)- Married filing separately-Schedule Y-2 Schedule Y-1 If taxable of the If taxable of the income is: But not amount income is: But not amount Over- over- The tax is: over- Over- over- The tax is: over- 0 $ 19,400 ..10% $ 0 $ 0 $ 9,700 ..10% $ 0 19,400 78,950 $ 1,940.00 + 12% 19,400 9,700 39,475 $ 970.00 + 12% 9,700 78,950 168,400 9,086.00 + 22% 78,950 39,475 84,200 4,543.00 + 22% 39,475 168,400 321,450 28,765.00 + 24% 168,400 84,200 160,725 14,382.50 + 24% 84,200 321,450 408,200 65,497.00 + 32% 321,450 160,725 204,100 32,748.50 + 32% 160,725 408,200 612,350 93,257.00 + 35% 408,200 204,100 306,175 46,628.50 + 35% 204,100 612,350 164,709.50 + 37% 612,350 306,175 82,354.75 + 37% 306,175Prbblem 15-21 (LO. 1) Purple Company records $200,000 in net income for 2019I before deducting any compensation or other payment to its sole owner, Kirsten. Kirsten is single and she claims the $12,200 standard deduction. Purple Company is Kirsten's only source of income. Ignoring any employment tax considerations, compute Kirsten's after-tax income for each of the following situations. Click here to access the 2019 individual tax rate schedule to use for this problem. Assume the corporate tax rate is 21%. When required, carryout Intermediate tax computations to the nearest cent and then round your nal tax liability to the nearest dollar. a. If Purple is a proprietorship. Kirsten withdraws $50,000 from the business during the year: she claims a $32,560 deduction for qualied business income. Kirsten's taxable income is b. Purple is a C corporation and pays out all of its after-tax inoome as a dividend to Kirsten. Note: Individual taxpayers received preferential treatment regarding the taxation of qualied dividends (0%,15%,20%). For single taxpayers, the 0 percent rate applies to the rst $38,600 of taxable income. Purple Corporation's after-tax income is $:] and Kristen's aer tax income is 4:] . 1:. Purple is a C corporation and pays Kirsten a salary of $158,000. Kirsten's after-tax income is s
