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Moana is a single taxpayer who operates a sole proprietorship. She expects her taxable income next year to be $250,000, of which $200,000 is attributed
Moana is a single taxpayer who operates a sole proprietorship. She expects her taxable income next year to be $250,000, of which $200,000 is attributed to her sole proprietorship. Moana is contemplating Incorporating her sole proprietorship. (Use the tax rate schedule e. Using the single Indvidual tax brackets and the corporate tax rate of 21 percent, find out how much current tax this strategy could save Moana dgnore any Social Securty, Medicare, or self employment tax issues) (Round your intermediate calculetions and final answer to nearest whole doller amount.) b. How much income should be left in the corporation
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