Report the employee and employers portion to FUTA and FICA payroll taxes. How can they reduce this double taxation effect?

On September 10th, 2012, Janet Morton and Kim Wong formed PK, Inc. (a C corporation) to sell pets and pet supplies. Pertinent information regarding PK is summarized as follows: - PK's business address is 1010 Northwest Parkway, Dallas, TX 75225; its telephone number is (214) 555-2211; and its e-mail address is pk@pki.com. - The employer identification number is 11-2354781, and the principal business activity code is 453910 . - Janet and Kim each own 50% of the common stock; Janet is president and Kim is vice president of the company. No other class of stock is authorized. - Both Janet and Kim are full-time employees of PK. Janet's Social Security number is 123-45-6789, and Kim's Social Security number is 987-65-4321. - PK is an accrual method, calendar year taxpayer. Inventories are determined using FIFO and the lower of cost or market method. PK uses the straight-line method of depreciation for book purposes and accelerated depreciation (MACRS) for tax purposes. - During 2022, the corporation distributed cash dividends of $266,000. PK's financial statements for 2022 are shown below. Interest income: State bonds $18,000 Certificates of deposit 20,000 Total income $$3,696,00038,000 Expenses Salaries-officers Janet Morton Kim Wong Salaries-clerical and sales Taxes (state, local, and payroll) Repairs and maintenance Interest expense: Loan to purchase state bonds $12,000 \begin{tabular}{lrr} \multicolumn{1}{l}{ Other business loans } & 207,000 & 219,000 \\ Advertising & 58,000 \\ Rental expense & 109,000 \\ Depreciation** & 106,000 \\ Charitable contributions & 55,000 \\ Employee benefit programs & 60,000 \\ Premiums on term life insurance policies*** & 42,000 \\ \hline \end{tabular} Total expenses * PK's ownership in each of these corporations was less than 20%. ** Depreciation for tax purposes is $168,000. Note: you are not provided enough detailed information to complete a Form 4562 (depreciation). Enter the tax depreciation on line 20 of Form 1120. *** The life insurance policies are on the lives of Janet Morton and Kim Wong. PK is the beneficiary. During 2022, PK made estimated tax payments of $74,000 each quarter to the IRS