Requirement a. Compute the total tax liability of KT, Inc. and

Ken

and his wife for

2021.

Ignore the net investment income tax. (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.)

Begin by calculating the tax liability for KT, Inc.

Gross income

Minus:

Operating expenses

Taxable income

Corporate tax

Part 2

Compute the tax liability of

Ken

and his wife.

Adjusted gross income (AGI)
Minus:	Deductions from AGI:
Taxable income

Part 3

Tax on taxable income without dividends (tax rate schedule)
Tax on dividends
Total tax (Individual)

Part 4

Requirement b. Instead of organizing the consulting business as a C corporation, assume

Ken

and

Troy

organized the business as a limited liability company, KT, LLC. KT made a distribution of

$340,000

each to

Ken

and

Troy

during

2021.

Compute the total tax liability of KT, LLC and

Ken

for

2021.

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

Part 5

Compute the tax liability of

Ken

for

2021.

Adjusted gross income (AGI)
Minus:	Deductions from AGI:
Taxable income

Part 6

Tax on taxable income without dividends (tax rate schedule)
Tax on dividends
Total tax (Individual)

Requirement a. Compute the total tax liability of KT, Inc. and Ken and his wife for 2021. Ignore the net investrn field empty; do not select a label or enter a zero. Do not round intermediary calculations. Only round the amour Reference Requirement a. Compute the total tax liability of KT, Inc. and Ken and his wife for 2021. Ignore the net investrn field empty; do not select a label or enter a zero. Do not round intermediary calculations. Only round the amour Reference