Question
K Ken Tully and Truman Bailey began a new consulting business on January 1, 2021. Requirement a. Compute the total tax liability of KT,
K Ken Tully and Truman Bailey began a new consulting business on January 1, 2021. Requirement a. Compute the total tax liability of KT, Inc. and Ken and his wife for 2021. Ignore the net investment income tax (Enter amounts in dollars and not in millions. If an input field is not used in the table, leave the input field empty; do not select a label or enter a zero. Do not round intermediary calculations. Only round the amounts you enter in the input fields to the nearest cent. Use the tax rate schedule for necessary tax calculations.) Begin by calculating the tax liability for KT, Inc. Minus: Taxable income Corporate tax Compute the tax liability of Ken and his wife.
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