Proprietorships and last year gross profit

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Reference no: EM1384090

Jack Flubber, who owns sons of Flubber Construction Co. and runs it as a proprietorships had gross profit last year of $ 80000. His personal and family expenses are $ 52000 and he has $ 7000 in exemptions and deductions. He paid $ 17000 in taxes. If he paid himself a salary of $ 55000 taxed at 20 % would be advantageous for him to incorporate as a closely held corporation? Explain?

Reference no: EM1384090

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