NOTE: When you answer the questions, round to whole numbers and don't use dollar signs, commas, or periods in your answer. Samantha and Trevor are siblings that have started their own business. When they first created their business, they formed an S Corporation. They are considering changing to a C Corporation and but first want to know the tax implications to each of them individually as well as the corporation. Samantha owns 10% and Trevor owns 90% of the business. Samantha works full-time at the business and takes a salary of $30,000. For 2020, they expect their profits to be $250,000 before paying a salary to Samantha. They also plan on taking a total distribution of $40,000 (Samantha = $4,000 and Trevor=$36,000) For this project, assume that all business transactions are cash transactions. All business income of the S Corporation is eligible for Section 199A deduction for Samantha and Trevor. Use business income multiplied by 20% to calculate the Section 199A deduction. Samantha and Trevor also have other sources of income, which you will ignore, except that you need to know that Samantha's marginal tax rate is 35% and Trevor's marginal tax rate is 35%. You can ignore above the line deductions, itemized deductions and standard deductions when calculating taxable income. Question 3 2 pts Part 2a: Based on the fact pattern above, answer the following questions for Samatha assuming the business is an C Corporation: 1. How much cash will she receive from the C Corp? 2. How much business income will be allocated to her from the C Corp? 3. What is her dividend income? 4. What is her total income? 5. What is her Section 199A deduction? 6. What is her taxable income? 7. What is her income tax? 8. How much cash does she have left after paying taxes? NOTE: When you answer the questions, round to whole numbers and don't use dollar signs, commas, or periods in your answer. Samantha and Trevor are siblings that have started their own business. When they first created their business, they formed an S Corporation. They are considering changing to a C Corporation and but first want to know the tax implications to each of them individually as well as the corporation. Samantha owns 10% and Trevor owns 90% of the business. Samantha works full-time at the business and takes a salary of $30,000. For 2020, they expect their profits to be $250,000 before paying a salary to Samantha. They also plan on taking a total distribution of $40,000 (Samantha = $4,000 and Trevor=$36,000) For this project, assume that all business transactions are cash transactions. All business income of the S Corporation is eligible for Section 199A deduction for Samantha and Trevor. Use business income multiplied by 20% to calculate the Section 199A deduction. Samantha and Trevor also have other sources of income, which you will ignore, except that you need to know that Samantha's marginal tax rate is 35% and Trevor's marginal tax rate is 35%. You can ignore above the line deductions, itemized deductions and standard deductions when calculating taxable income. Question 3 2 pts Part 2a: Based on the fact pattern above, answer the following questions for Samatha assuming the business is an C Corporation: 1. How much cash will she receive from the C Corp? 2. How much business income will be allocated to her from the C Corp? 3. What is her dividend income? 4. What is her total income? 5. What is her Section 199A deduction? 6. What is her taxable income? 7. What is her income tax? 8. How much cash does she have left after paying taxes