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Ms. Xie, who is in the 37 percent tax bracket, is the sole shareholder and president of Xenon. The corporation's financial records show the following:
Ms. Xie, who is in the 37 percent tax bracket, is the sole shareholder and president of Xenon. The corporation's financial records show the following: Gross income from sales at goods $ 1,629,069 Operating expenses (943,660) Salary paid to Ms. Xie (313,660) Dividend distributions (213,660) Required: 3. Compute the combined tax cost for Xenon and Ms. Xie. (Ignore payroll tax.) b. How would your computation change if Ms. Xie's salary was $526,000 and Xenon paid no dividends? Complete this question by entering your answers in the tabs below. Required A Required B Compute the combined tax cost for Xenon and Ms. Xie. (Ignore payroll tax.) Xenon's tax Ms. Xie's tax on salary Ms. Xie's tax on dividend Total income tax cost Required B > Ms. Xie, who is in the 37 percent tax bracket, is the sole shareholder and president of Xenon. The corporation's financial records show the following: Gross income from sales of goods 3 1,529,666 Operating expenses (943,666) Salary paid to Ms. Xie (313,666) Dividend distributions (213,666) Required: a. Compute the combined tax cost for Xenon and Ms. Xie. (Ignore payroll tax.) [3. How would your computation change if Ms. Xie's salary was $526,000 and Xenon paid no dividends? Complete this question by entering your answers in the tabs below. Required A Required B How would your computation change if Ms. Xie's salary was $526,000 and Xenon paid no dividends? Xenon's tax Ms. Xie's tax on salary Total income tax cost ( Required A
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