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Chapter 1 Homework - 10 points 1. See the double taxation structure and determine which pay structure is applicable to before / after 2003...
Chapter 1 Homework - 10 points
1. See the double taxation structure and determine which pay structure is applicable to before / after 2003 regulations. Write in black boxes below.
Partnership
Corporation
Profit
$1,650,000
$1,650,000
Corp tax
$0
$544,500
Net income
$1,650,000
$1,105,500
Cash div
$1,650,000
$1,105,500
Tax div
$0
$221,100
Tax partnership
$594,000
$0
After-tax disposable income
$1,056,000
$1,785,000
Partnership
Corporation
Profit
$1,650,000
$1,650,000
Corp tax
$0
$577,500
Net income
$1,650,000
$1,072,500
Cash div
$1,650,000
$1,072,500
Personal tax
$636,900
$413,985
After-tax disposable income
$1,013,100
$658,515
2. Calculate the five respective taxes and also please indicate whether the taxes are applicable for before / after 2003 regulation: Corporate tax, Dividend tax, Partnership tax, Corporate tax, and Personal tax. Write answers below black boxes above.
