STANDARD DEDUCTION Filing Status b. She operates the business as a C corporation receiving a salary from the corporation of $75.00. The corporation detributes to after tax income to her as a dividend Begin by calculating tanabis income for Gina under this scenario (Enter a " for any are amounts) $ 25,100 $ 18,800 $ 12,550 $ 12,550 Mas $1,350" 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 $2,700 and $3,400, respectively, for a taxpayer who is both aged and blind. $1,700 If taxable income is: Not over $19,900 Married, Filing Joint and Surviving Spouse Over $19,900 but not over $81,050 Over $81,050 but not over $172,750 Over $172,750 but not over $329,850 Over $329,850 but not over $418,850 Over $418,850 but not over $628,300 Over $628,300 The tax is: 10% of taxable income. $1,990.00 + 12% of the excess over $19,900. ..$9,328.00 +22% of the excess over $81,050. ... $29.502.00 +24% of the excess over $172,750. ..$67,206.00 + 32% of the excess over $329,850. ... $95,686.00 + 35% of the excess over $418,850. $168,993.50 + 37% of the excess over $628,300 Gina operates a business that produces 5105 000 of income before any amounts are paid to her. She is marted, and her spouse receives $85 000 of salary from an unrelated employer. They file jointly have $31,500 of embeddeductions, and have no dependents. (The sax year is 2021) (Click the icon to view the standard deduction amounts) Click the icon to view the 2021 tax rate schedule for the Marled fling jointing status) Read the Gina operates the business as an S corporation receiving a salary from the corporation of $75,000. The corporation distributes all of its remaining income to the shareholders Begin by calculating taxable income for Gine under this scenario Salaries Scorporation income Adjusted gross income M deductions Now enter the income tax that would be paid by Gina and the corporation under the scenario, and compute the total income tax (Use the 2021 tax rate schedules for all tax calculations Enter a "0" if no taxis due. Do not round aty intermediary calculators Round your feal tar fability to the nearest whole dollar) Income tax paid by Amount of tax Gina Corporation Total conta Taxable inco Now enter the income to that would be paid by Gora and the corporation under the scenere. (Use the 2021 tax rate schedules foral to calculations. Do not round any intermediary catulations. Round your fialtex lably to the nearest whole dol Income pad by Aunt G Corporation Tits income tax Income tax paid by Net affect on tax Chi Corporation Now calcalde any change in an under the lace for scenario (b) asuming that the operation nice to payments to the one ther than the salary frite a T for no change in tax Use a minus sign or parentheses or a decrease in ( Income tax paid by Net effect on tax C Corporator 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 $2,700 and $3,400, respectively, for a taxpayer who is both aged and blind 25,100 $ 18,800 S 12,550 $ 12,550 $1,350 $1,700 If taxable income is Not over $9,950 Over $9,950 but not over $40,525 Over $40,525 but not over $86,375 Over $86,375 but not over $164,925 Over $164,925 but not over $209,425 Over $209,425 but not over $523,600 Over $523,600 Single The tax is: 10% of taxable income. ....$995.00+ 12% of the excess over $9,950. ...$4,664.00 + 22% of the excess over $40.525. ..$14,751.00 +24% of the excess over $86,375. .$33.603.00 + 32% of the excess over $164,925. $47,843.00 + 35% of the excess over $209.425. $157,804.25 + 37% of the excess over $523,600 If taxable income is: Married, Filing Joint and Surviving Spouse The tax is: Not over $19,900 Over $19,900 but not over $81,050 Over $81,050 but not over $172,750 Over $172,750 but not over $329,850 Over $329,850 but not over $418,850 Over $418,850 but not over $628,300 Over $628,300 10% of taxable income. .....$1,990.00 + 12% of the excess over $19,900. ....$9,328.00 +22% of the excess over $81,050. ...$29,502.00 +24% of the excess over $172,750. ...$67,206.00 + 32% of the excess over $329,850. ... $95.686.00 + 35% of the excess over $418,850. $168,993.50 + 37% of the excess over $628,300. 12 and a dependent of her parents Her only gross income is the $12.500 of interest Begin by computing the amount that Robert and Tassa would pay in tax they owned the bands bart and porting the intent income would be Now compute the tax that Patsy ovies on the interest income Pay total income tax reporting the interest com Finally in the amount of the family in the curent year because Pay on the bonds rather than Robert and T The anno obs a matte at any one standerlust Requirement b. Determine the amount of tax the family saves in the current year because Patsy out the bonds rather than Robert and Tessa. Assume Patty dains the standard deduction Pass age 25 and not a dependent of her parents. Her gross income is comprised of the $12.500 of interest and $34,000 of sages. Do not round intermediary calculations Only round the amount you input in the call to the nearest dolar Pay were age 25, her tax would be computed using the tax cat schedule for Pay would the tax rate schedule because the kiddie Patsy owned the bonds, her income sax would increase by The amount of to the family saves because Patsy owns the bonds rather than Robert and Tesse is