Solution-Compute the combined tax cost for xenon and ms xie

Compute the combined tax cost for xenon and ms xie

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Reference no: EM133164116

Question - Ms. Xie, who is in the 37 percent tax bracket, is the sole shareholder and president of Xenon. The corporation's financial records show the following:

Gross income from sales of goods $1,602,000

Operating expenses (934,000)

Salary paid to Ms. Xie (304,000)

Dividend distributions (204,000)

Required -

1. Compute the combined tax cost for Xenon and Ms. Xie.

2. How would your computation change if Ms. Xie's salary was $508,000 and Xenon paid no dividends?

Reference no: EM133164116

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Compute the combined tax cost for xenon and ms xie

Reference no: EM133164116

Reference no: EM133164116

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