|McGraw Hill Connect BUS 530 Finance Week 2, full homework, 25 problems with fully worked solutions, work shown. Text: Fundamentals of Corporate Finance, Brealy, 7th edition
You have set up your tax preparation firm as an incorporated business. You took $77,500 from the firm as your salary. The firm’s taxable income for the year (net of your salary) was $15,000. Assume you pay personal taxes as an unmarried taxpayer. Use the tax rates presented in Table 3-5 and Table 3-7.
|a.||How much taxes must be paid to the federal government, including both your personal taxes and the firm’s taxes?