Problem 2-23 (LO. 1) In 2023, Purple Company reports $200,000 in net income before deducting any compensation or other payment to its sole owner, Kirsten. Kirsten is single and she claims the $13,850 standard deduction for 2023 (she has no other deductions). Purple Company is Kirsten's only source of income. Ignoring any employment tax considerations, compute Kirsten's after-tax income for each of the following situations. Click here to access the 2023 individual tax rate schedule to use for this problem. Assume the corporate tax rate is 21%. When required, carryout intermediate tax computations to the nearest cent and then round your final tax liability to the nearest dollar. a. Purple Company is a proprietorship and Kirsten withdraws $50,000 from the

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In 2023, Purple Company reports $200,000 in net income before deducting any compensation or other payment to its sole owner, Kirsten. Kirsten is single and she claims the $13,850 standard deduction for 2023 (she has no other deductions). Purple Company is Kirsten's only source of income. Ignoring any employment tax considerations, compute Kirsten's after-tax income for each of the following situations. Click here to access the 2023 individual tax rate schedule to use for this problem. Assume the corporate tax rate is 21%. When required, carryout intermediate tax computations to the nearest cent and then round your final tax liability to the nearest dollar. a. Purple Company is a proprietorship and Kirsten withdraws $50,000 from the business during the year; Kirsten claims a $37,230 deduction for qualified business income. Kirsten's taxable income is $ X, and her after-tax income is $ X. Feedback Check My Work b. Purple Company is a C corporation and the corporation pays out all of its after-tax income as a dividend to Kirsten. Note: Individual taxpayers received preferential treatment regarding the taxation of qualified dividends (0\%,15\%,20\%). For single taxpayers, the 0 percent rate applies to the first $44,625 of taxable income. Purple Corporation's after-tax income is $ and Kirsten's after tax income is \$ Feedback Check My Work c. Purple Company is a C corporation and the corporation pays Kirsten a salary of $158,000. Purple Corporation's after-tax income is $ and Kirsten's after-tax income is $