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using 2022 tax rate schedule. thank you. Orie and Jane, husband and wife, operate a sole proprietorship. They expect their taxable income next yearto be
using 2022 tax rate schedule. thank you.
Orie and Jane, husband and wife, operate a sole proprietorship. They expect their taxable income next yearto be $450,000, of which $250,000 is attributed to the sole proprietorship. Orie and Jane are contemplating incorporating their sole proprietorship. (Use the tax rate schedule.) Required: a. Using the married-joint tax brackets and the corporate tax rate, find out how much current tax this strategy could save Orie and Jane. Note: Do not round your intermediate calculations. Round your final answer to the nearest whole dollar amount. b. How much income should be left in the corporation Step by Step Solution
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