Jeannie operates a business that produces $118,000 of income before any amounts are paid to her. She is married, and her spouse receiv $94,000 of salary from an unrelated employer. They file jointly, have $29,500 of itemized deductions, and have no dependents. (The tax yer is 2021.) a. Jeannte operates the business as an S corporation receiving a salary from the corporation of $74,000. The corporation distributes all of it remaining income to the shareholders. Begin by calculating taxable income for Jeannie under this scenario. Minus: Minus: Taxable income $1,700 Additional standard deduction for the aged and the blind; Individual who is unmarried and not a surviving spouse Taxpayer claimed as dependent on another taxpayer's return: Greater of (1) earned income plus $350 or (2) $1,100. * These amounts are $2.700 and $3,400, respectively, for a taxpayer who is both aged and blind. Married, Filing Joint and Surviving Spouse If taxable income is: The tax is: Not over $19,900 10% of taxable income Over $19,900 but not over $81,050 $1,990.00 + 12% of the excess over $19,900 Over $81,050 but not over $172,750 $9,328.00 + 22% of the excess over $81,050 Over $172.750 but not over $329,850 $29,502.00 +24% of the excess over $172,750 Over $329,850 but not over $418,850 $67,206.00 + 32% of the excess over $329,850 Over $418,850 but not over $628,300 $95,686.00 + 35% of the excess over $418,850 Dn 160.002.50 27tha au CR2000 Over $81,050 but not over $172,750 Over $172,750 but not over $329,850 Over $329,850 but not over $418,850 Over $418,850 but not over $628,300 Over $628,300 $9,328.00 + 22% of the excess over $81,050 $29,502,00 + 24% of the excess over $172,750 $67,206.00 + 32% of the excess over $329,850 $95,686,00 + 35% of the excess over $418,850 $168,993,50 + 37% of the excess over $628,300 Qualified Dividends are taxed at a 15% rate for married taxpayers whose taxable income is higher than $80,800 but not over $501,600