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Determine what is the tax liability

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Question 1: In 2019, a single person operates a business as a sole proprietorship. The business sells hammers on the internet. The business has revenues of $550,000 and expenses of 350,000, which includes $90,000 of wages. The individual also has a part-time job and earns $20,000. The individuals average tax rate is 24%, and the corporate tax rate is 21%. If the business operates as a C corporation, what is the 2019 tax liability?

Reference no: EM132589859

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