Calculate the taxable income and the income tax

Assignment Help Financial Management

Reference no: EM131970603

LL began a consulting business on 1/1/2016. Her business is organized as a C (regular corporation) called L & L, Inc. Lucy owns 100% of the company's stock.

Income and expense information for 2016:

Revenue- 1,020,000

Operating Expenses-870,000

Qualified Dividend paid to Lucy during year-100,000

Lucy did not receive any salary from the business

Lucy and Jason (married filing joint return, no children)

Jason salary- 142,000

Total itemized deduction for couple- 28,000

Calculate the taxable income and the income tax for the corporation and for Lucy and Jason.

Reference no: EM131970603

Questions Cloud

How sox legislation might be improved : Research the Sarbanes-Oxley Act of 2002. Based on your research, prepare a paper (1,500-1,800 words). Recommendations on how SOX legislation might be improved?

How would these affect the taxable income for each partner : V and D devote full time on LLC, so partners agree tat V and D receive a guaranteed payment from LLC of 40,000 each.

Finding the price in the bond market : How should this be entered into Excel to find the price in the bond market (ie,PV)/which formula to use? (calculating the present value of a bond)

Explain what experience do you have with auditor work : Explain What experience do you have with auditor work within your company? Are there items that you need to provide them that feel relates to risk assessment?

Calculate the taxable income and the income tax : LL began a consulting business on 1/1/2016. Her business is organized as a C (regular corporation) called L & L, Inc. Lucy owns 100% of the company's stock.

What are the various methods that can be used : What are the various methods that can be used to analyze distribution costs? Why is it important for the controller to keep track of distribution costs?

Find the value of the annuity at the end of 30 years : Lisa Goodman would like to know how much money will be in her retirement account in 30 years when she reaches age 60.

What is the equal payment series : What is the equal payment series for 15 years that is equivalent to a payment series of $10'000 at the end of the first year decreasing by $500 each year over.

What is the discounted payback period of each investment : The engineering team at Manuel's Manufacturing, Inc., is planning to purchase an enterprise resource planning (ERP) system.

User Account

All Pages