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How much would each owner have to pay in taxes

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Reference no: EM133235948

Ace, Bob, Cat, and Dan have generated $80,000 in gross sales from the operation of Baggage, LLC. The owners are all equal owners.

Corporate Tax Rate is 20%

Individual Tax Rate is 20% as well

1. How would the breakdown regarding taxes be calculated in this scenario under an LLC?

2. How much would each owner have to pay in taxes?

3. How much would each owner end up with after paying taxes?

Reference no: EM133235948

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