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Kenneth Trudell and Terrell Benning began a new consulting business on January 1, 2020. They organized the business as a C corporation, KT, Inc. During 2020, the corporation was successful and generated revenues of $1.8 million. KT had operating expenses of $840,000 before any payments to Kenneth or Terrell. During 2020, KT paid dividends to Kenneth and Terrell in the amount of $240,000 each. Assume that Kenneth's wife earned $160,000 from her job, they file a joint return, have itemized deductions of $39,000, and have no children. (Assume the qualified dividends tax rate is 15%.) Read the requirements. Requirement a. Compute the total tax liability of KI, Inc. and Kenneth and his wife for 2020. Ignore the net investment income tax. (Enter amounts in dollars and not Only round the amounts you enter in the input fields to the nearest cent. Use the tax rate schedule for necessary tax calculations.) Begin by calculating the tax liability for KT, Inc. Gross income 1800000 Minus: Operating expenses (840000) 960000 201600 Taxable income Corporate tax Compute the tax liability of Kenneth and his wife. Dividend income Salary income 240000 160000 400000 Adjusted gross income (AGI) Minus: Deductions from AGI: Itemized deductions (39000) 361000 Taxable income Tax on taxable income without dividends (tax rate schedule) Tax on dividends Total tax (Individual) Kenneth Trudell and Terrell Benning began a new consulting business on January 1, 2020. They organized the business as a C corporation, KT, Inc. During 2020, the corporation was successful and generated revenues of $1.8 million. KT had operating expenses of $840,000 before any payments to Kenneth or Terrell. During 2020, KT paid dividends to Kenneth and Terrell in the amount of $240,000 each. Assume that Kenneth's wife earned $160,000 from her job, they file a joint return, have itemized deductions of $39,000, and have no children. (Assume the qualified dividends tax rate is 15%.) Read the requirements (Click the icon to view the 2020 tax rate schedule for the Married filing jointly filing status.) (Click the icon to view the corporation tax rate information.) (Click the icon to view the standard deduction amounts.) Requirement b. Instead of organizing the consulting business as a C corporation, assume Kenneth and Terrell organized the business as a limited liability company, KT, LLC. KT made a distribution of $240,000 each to Kenneth and Terrell during 2020. Compute the total tax liability of KT, LLC and Kenneth for 2020. Ignore any additional tax on net investment income, and ignore the qualified business income deduction (Enter amounts in dollars and not in millions. If an input field is not used in the table, leave the input field empty, do not select a label or enter a zero. Do not round intermediary calculations. Only round the amounts you enter in the input fields to the nearest cent. Use the tax rate schedule for necessary tax calculations. Enter a "0" for items with a zero balance.) Begin by calculating the tax liability for KT, LLC. Minus: Taxable income Corporate tax Compute the tax liability of Kenneth for 2020 Adjusted gross income (AGI) Minus: Deductions from AGI: Taxable income Tax on taxable income without dividends (tax rate schedule) Tax on dividends Total tax (Individual) Reference eference $ 24,800 $ 18,650 $ STANDARD DEDUCTION Filing Status Married individuals filing joint returns and surviving spouses Heads of households Unmarried individuals (other than surviving spouses and heads of households) Married individuals filing separate returns Additional standard deduction for the aged and the blind; Individual who is married and surviving spouses Additional standard deduction for the aged and the blind; Individual who is unmarried and not a surviving spouse Taxpayer claimed as dependent on another taxpayer's return: Greater of (1) earned income plus $350 or (2) $1,100. *These amounts are $2,600 and $3,300, respectively, for a taxpayer who is both aged and blind. 12,400 12,400 $ $1,300* Married, Filing Joint and Surviving Spouse If taxable income is: The tax is: Not over $19,750 10% of taxable income. Over $19,750 but not over $80,250 .$1,975.00 + 12% of the excess over $19,750. Over $80,250 but not over $171,050 .$9,235.00 + 22% of the excess over $80,250. Over $171,050 but not over $326,600 . $29,211.00 + 24% of the excess over $171,050. Over $326,600 but not over $414,700 . $66,543.00 + 32% of the excess over $326,600. Over $414,700 but not over $622,050 .$94,735.00 + 35% of the excess over $414,700. Over $622,050 $167,307.50 + 37% of the excess over $622,050. Personal and Dependency Exemptions Suspended: In conjunction with the increased standard deduction amount, the Tax Cuts and Jobs Act reduces the personal exemption amount to $0 for tax years from 2018 through 2025, effectively suspending the exemptions for these years. $1,650* Print Done Reference Print Done A corporation's taxable income is subject to a flat tax rate of 21%