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Please answer A and B, thanks Orle and Jane, husband and wife, operate a sole proprletorship. They expect thelr taxable Income next year to be
Please answer A and B, thanks
Orle and Jane, husband and wife, operate a sole proprletorship. They expect thelr taxable Income next year to be $450,000, of which $250,000 is attrlbuted to the sole proprletorship. Orle and Jane are contemplating incorporating thelr sole proprletorship. (Use the tax rate schedule.] Required: a. Using the marrled-joint tax brackets and the corporate tax rate, find out how much current tax this strategy could save Orle and Jane. Note: Do not round your intermedlate calculatlons. Round your final answer to the nearest whole dollar amount. b. How much Income should be left in the corporation? Complete this question by entering your answers in the tabs below. Using the married-joint tax brackets and the corporate tax rate, find out how much current tax this strategy could save Orie and Jane. Note: Do not round your intermediate calculations. Round your final answer to the nearest whole dollar amount. 2022 Tax Rate Schedules Individuals Soharnla X_GinelaStep by Step Solution
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