Lois and Clark are both single and neither one has any dependents. They are 50 percent co-owners of a new business and they are trying to decide whether to organize the business as a partnership or a C corporation. They know that one of the factors to consider is the tax impact of the organizational form. Use the Excel spreadsheet available on Brightspace to compute the 2022 income tax payable by Lois and Clark and by their business entity. Lois will receive an annual salary from the business of $120,000. Clark will receive an annual salary of $80,000. Their only other source of income is their share of business profit. Both use the standard deduction, which is $12950 for a single individual in 2022 . The business net income after salaries will pass through to Lois and Clark in equal amounts if their business is organized as a partnership. Remember to take into account the Qualified Business Income Deduction (section 199A ) related to partnership income. The business is not involved in a service trade or business such as accounting, health, or law. None of the income qualifies as self-employment income. The W-2 wages of the business, paid to employees other than Lois and Clark, will be $300,000. The unadjusted basis of the assets of the business, immediately after they were placed in service, is $2,000,000. The Excel spreadsheet on Brightspace includes a 2022 individual tax calculator. 1. Compute the taxes payable by Lois and Clark assuming their business is a partnership that earns the following amounts of net income (after their guaranteed payments of $120,000 and $80,000 ). Then compute the tax payable by Lois, Clark, and the corporation assuming the same business income amounts (after salaries of $120,000 and a. $10,000. b. $0. c. $10,000. d. $500,000. e. $1,000,000. The computation should be of the 2022 tax only. Ignore carryforwards or carrybacks to other years. 2. Based on your findings, what do you recommend to Lois and Clark? Lois and Clark are both single and neither one has any dependents. They are 50 percent co-owners of a new business and they are trying to decide whether to organize the business as a partnership or a C corporation. They know that one of the factors to consider is the tax impact of the organizational form. Use the Excel spreadsheet available on Brightspace to compute the 2022 income tax payable by Lois and Clark and by their business entity. Lois will receive an annual salary from the business of $120,000. Clark will receive an annual salary of $80,000. Their only other source of income is their share of business profit. Both use the standard deduction, which is $12950 for a single individual in 2022 . The business net income after salaries will pass through to Lois and Clark in equal amounts if their business is organized as a partnership. Remember to take into account the Qualified Business Income Deduction (section 199A ) related to partnership income. The business is not involved in a service trade or business such as accounting, health, or law. None of the income qualifies as self-employment income. The W-2 wages of the business, paid to employees other than Lois and Clark, will be $300,000. The unadjusted basis of the assets of the business, immediately after they were placed in service, is $2,000,000. The Excel spreadsheet on Brightspace includes a 2022 individual tax calculator. 1. Compute the taxes payable by Lois and Clark assuming their business is a partnership that earns the following amounts of net income (after their guaranteed payments of $120,000 and $80,000 ). Then compute the tax payable by Lois, Clark, and the corporation assuming the same business income amounts (after salaries of $120,000 and a. $10,000. b. $0. c. $10,000. d. $500,000. e. $1,000,000. The computation should be of the 2022 tax only. Ignore carryforwards or carrybacks to other years. 2. Based on your findings, what do you recommend to Lois and Clark