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Wendy and Lisa operate a music store as a sole proprietorship. They have one child, Sheila E, who is 15. The business earns $170,000 annually. Wendy must pay self-employment tax on the net self-employment income from the business. Wendy's net self-employment income is $156,995 ($170,000 × 92.35%), and her self-employment tax is $21,628. One-half of the self-employment taxes paid, $10,814 ($21,628 × 50%), is a deduction for AGI. The couple has taxable income of $134,386 and a joint income tax liability of $21,145. Their total tax liability is $42,773.
Problem 1: Can the couple decrease their income tax liability by shifting business income to a corporate entity (i.e., by incorporating their business)?
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