LO.7 Blue is the owner of all of the shares of Blue Bell, an S corporation. Blue
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LO.7 Blue is the owner of all of the shares of Blue Bell, an S corporation. Blue is considering receiving a salary of $110,000 from the business. She will pay the 7.65% FICA taxes on the salary, and the S corporation will pay the same amount of FICA tax. If Blue reduces her salary to $50,000 and takes an additional $60,000 as a cash distribution from AAA, how would her Federal income tax liabilities change?
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Related Book For
Essentials Of Taxation Individuals And Business Entities 2019
ISBN: 9780357233290
1st Edition
Authors: William A Raabe, James C Young
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