Tableau Dashboard Activity 04.01: Entity Choice for the Entrepreneur (Static) Entity Choice for the Entrepreneur Blue-Eyed Beauty Supply is the talk of the town. When Elaine started her business, she had no idea it would evolve to be the number-one supplier of cosmetology products in the region While her business has been successfully operating as a sole proprietorship for many years, her legal counsel has urged her to form a separate legal entity for a variety of nontax reasons. Elaine has come to you for advice on the tax implications of her decision. You have loaded her 2022 tax data. based upon proviged assumptions, into a model based on the following facts: - Elaine is single and her sole source of income is from her business activities. - It is expected that her business meets the definition of a trade or business for Qualified Business Income deduction purposes. - Given her responsibilities, Elaine is assuming a reasonable compensation amount of $50.000. - As a C Corporation, the business will pay out all earnings after taxes are pald to Elaine. Elaine wants to minimize her overall tax burden while protecting her assets. Biue-Eyed Beauty Supply is in an industry enjoying a period of growth and investment, and Elaine wants to grow her business to take advantage of the expanding market. Using 2022 income tax rules, you have created the following Tableau visualization for the current tax year to heip Elaine make a decision. Mouse over the graphs to reveal specific amounts for use in answering the following questions. lue Eyed Beauty Supply a. How much total tax does Elaine pay currently as a sole proprietorship? Note: Rounded to the nearest whole dollar b. How much less Employment tax will Elaine pay if she incorporates and makes a timely S election as opposed to a sole proprietorship? Note: Rounded to the neerest whole dollar c. How much of the business income will be issued to Elaine as a dividend under the C Corporation scenario? Note: Rounded to the nearest whole dollar d. What is the Corporatelevel tax due if she does not make an S Corporation election? Note: Rounded to the nearest whole dollar e. Which option provides Elaine with the lowest overall tax? Complete this question by entering your answers in the tabs below. Complete this question by antering your answers in the tabs below. How much total tax does Elaine pay currently as a sole proprietorship? Note: Rounded to the nearest whole dollar Complete this question by entering your answers in the tabs below. How much less Employment tax will Elaine pay if she incorporates and makns a timely 5 election as opposed to a sole proprietorship? Nuoce: Founded to the nearest whole dollar How much of the business income will be issued to Elaine as a dividend under the C Corporation scenario? Note: Rounded to the nearest whole dollar What is the Corporate-level tax due if she does not make an S Corporation election? Tote: Rounded to the nearest whole dollar. Tableau Dashboard Activity 04.01: Entity Choice for the Entrepreneur (Static) Entity Choice for the Entrepreneur Blue-Eyed Beauty Supply is the talk of the town. When Elaine started her business, she had no idea it would evolve to be the number-one supplier of cosmetology products in the region While her business has been successfully operating as a sole proprietorship for many years, her legal counsel has urged her to form a separate legal entity for a variety of nontax reasons. Elaine has come to you for advice on the tax implications of her decision. You have loaded her 2022 tax data. based upon proviged assumptions, into a model based on the following facts: - Elaine is single and her sole source of income is from her business activities. - It is expected that her business meets the definition of a trade or business for Qualified Business Income deduction purposes. - Given her responsibilities, Elaine is assuming a reasonable compensation amount of $50.000. - As a C Corporation, the business will pay out all earnings after taxes are pald to Elaine. Elaine wants to minimize her overall tax burden while protecting her assets. Biue-Eyed Beauty Supply is in an industry enjoying a period of growth and investment, and Elaine wants to grow her business to take advantage of the expanding market. Using 2022 income tax rules, you have created the following Tableau visualization for the current tax year to heip Elaine make a decision. Mouse over the graphs to reveal specific amounts for use in answering the following questions. lue Eyed Beauty Supply a. How much total tax does Elaine pay currently as a sole proprietorship? Note: Rounded to the nearest whole dollar b. How much less Employment tax will Elaine pay if she incorporates and makes a timely S election as opposed to a sole proprietorship? Note: Rounded to the neerest whole dollar c. How much of the business income will be issued to Elaine as a dividend under the C Corporation scenario? Note: Rounded to the nearest whole dollar d. What is the Corporatelevel tax due if she does not make an S Corporation election? Note: Rounded to the nearest whole dollar e. Which option provides Elaine with the lowest overall tax? Complete this question by entering your answers in the tabs below. Complete this question by antering your answers in the tabs below. How much total tax does Elaine pay currently as a sole proprietorship? Note: Rounded to the nearest whole dollar Complete this question by entering your answers in the tabs below. How much less Employment tax will Elaine pay if she incorporates and makns a timely 5 election as opposed to a sole proprietorship? Nuoce: Founded to the nearest whole dollar How much of the business income will be issued to Elaine as a dividend under the C Corporation scenario? Note: Rounded to the nearest whole dollar What is the Corporate-level tax due if she does not make an S Corporation election? Tote: Rounded to the nearest whole dollar