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must enter formulas, so please put formulas for each column formi an LiC sut has come to you for advice as to which tax dassifcaten
must enter formulas, so please put formulas for each column
formi an LiC sut has come to you for advice as to which tax dassifcaten is best poutioned to pay the least overail tax. She has provided you with her 2022 tax data and the followire mumpolons to develop an ficel medel: 31 32 Schedule C 33 Schedule Cincome $140,000,00 34 Self-Employment Tax 35 36 Less: 50% Self-Employment Tax 37 AG! 38 Less: Standard Deduction 39 Less: QBI 40 Taxable income: 41. 42. If taxable income is over: A3 But not over: 44 The tax is: 45 Plus tax percentage: 46. Plus tax amount: 47 Ordinary Personal Income Tax 4. 49 Overall Total Tax 30 51 Overall Tax Rate 52 4. scorporotion \$5. W-2 Income $50,000.00 56. Less: Employee Share of Payroll Taxes 57. Net W-2 Compensation Lith So 5 Corporation Income Before Payroll Tax co Less: 5 Corporation Payroll Tax 6) Other income - S Corp X-1 $12,950.00 the 6) AG 6a Leisi Standard Deduction os Les: Q8I of tanate incorne: If twable income is over: but nol over: Phetan is: Plus tax percentage: Plus tax amount: Ondinary Peroonal tncome Tax Overall Total Tax Overall Tex Rate c Corporation W-2 Income Less: Employee Share of Payroll Taxes Net W-2 Compensation C Corporation Income Before Payroll Tax Less: C Corporation Payroll Tax C Corporation Taxable Income c Corporation Income Tax AGI Less: Standard Deduction $12,950.00 Taxable Income If taxable income is over: HN/A But not over: The tax is: Plus tax percentage: Plus tax amount: Ordinary Personal Income Tax 101 Dividend From C Corporation 102 Quallfied Dividends Tax 103 104 Total Personal Tax 105 106 Overall Total Tax 107 I0 Overall Tax Rate 100 formi an LiC sut has come to you for advice as to which tax dassifcaten is best poutioned to pay the least overail tax. She has provided you with her 2022 tax data and the followire mumpolons to develop an ficel medel: 31 32 Schedule C 33 Schedule Cincome $140,000,00 34 Self-Employment Tax 35 36 Less: 50% Self-Employment Tax 37 AG! 38 Less: Standard Deduction 39 Less: QBI 40 Taxable income: 41. 42. If taxable income is over: A3 But not over: 44 The tax is: 45 Plus tax percentage: 46. Plus tax amount: 47 Ordinary Personal Income Tax 4. 49 Overall Total Tax 30 51 Overall Tax Rate 52 4. scorporotion \$5. W-2 Income $50,000.00 56. Less: Employee Share of Payroll Taxes 57. Net W-2 Compensation Lith So 5 Corporation Income Before Payroll Tax co Less: 5 Corporation Payroll Tax 6) Other income - S Corp X-1 $12,950.00 the 6) AG 6a Leisi Standard Deduction os Les: Q8I of tanate incorne: If twable income is over: but nol over: Phetan is: Plus tax percentage: Plus tax amount: Ondinary Peroonal tncome Tax Overall Total Tax Overall Tex Rate c Corporation W-2 Income Less: Employee Share of Payroll Taxes Net W-2 Compensation C Corporation Income Before Payroll Tax Less: C Corporation Payroll Tax C Corporation Taxable Income c Corporation Income Tax AGI Less: Standard Deduction $12,950.00 Taxable Income If taxable income is over: HN/A But not over: The tax is: Plus tax percentage: Plus tax amount: Ordinary Personal Income Tax 101 Dividend From C Corporation 102 Quallfied Dividends Tax 103 104 Total Personal Tax 105 106 Overall Total Tax 107 I0 Overall Tax Rate 100 Step by Step Solution
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