Explain how much total tax could be saved, Accounting Basics

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Explain how much total tax could be saved

Ruby is the owner of all shares of an S corporation. Ruby is considering receiving a salary of $80,000 from the business. She will pay 7.65% FICA taxes on the salary, and the S corporation will pay the same amount of FICA tax. If Ruby reduces her salary to $40,000, and takes an additional $40,000 as a distribution, how much total tax could be saved?

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Accounting Basics: Explain how much total tax could be saved

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Explain how much total tax could be saved

Reference No:- TGS0713203

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Fixed manufacturing overhead cost

Q : What inflation rate is expected during year

Q : Calculate the buoyant force exerted by the water

Q : The overhead allocation base is labor hours

Q : Explain how much total tax could be saved

Q : How much unpopular paints added using gauss-seidel method

Q : How will taxable rent received by an individual in june

Q : Compute the direct materials price and quanitiy

Q : Electron is released from rest in a uniform electric field

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Explain how much total tax could be saved

Reference No:- TGS0713203

Recent Questions Asked Accounting Basics

Q : Fixed manufacturing overhead cost

Q : What inflation rate is expected during year

Q : Calculate the buoyant force exerted by the water

Q : The overhead allocation base is labor hours

Q : Explain how much total tax could be saved

Q : How much unpopular paints added using gauss-seidel method

Q : How will taxable rent received by an individual in june

Q : Compute the direct materials price and quanitiy

Q : Electron is released from rest in a uniform electric field

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