Joe Biden, due November 14

1.3 points Max, Default grade that meets all requirements is B = 1.1

In the WeWork assignment, I did not mention an additional 3.8 percent tax described in this article.Nearly all income, except for income earned through an S-Corporation, is subject to the additional 3.8 percent tax on high earners.Please see the accompanying Wall Street Journal story and answer the following questions.

1.What is an S-Corporation? You can use any source, including Wikipedia, but you must cite and reference the source (see example below).

2.Why did Biden earn his speeches through an S Corporation rather than get paid directly?

3.What were the two forms of income that Biden received from the S Corporation?

4.What is the name of Biden S-Corporation?

5.How much did the S Corporation pay the Biden's in salary over the two years?

6.How much in profits did the S Corporation make during over the two years?

7.Show the math of how the Wall Street Journal came up with $500,000 per year.

References:

Rubin, R. (2019, July 10).Joe Biden Used Tax-Code Loophole Obama Tried to Plug.The Wall Street Journal, https://www.wsj.com/articles/joe-biden-used-tax-code-loophole-obama-tried-to-plug-11562779300

Additional Reference (please also attach):