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What are the income and fica tax consequences

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Reference no: EM13517122

Charlie, who is in the 35 percent marginal tax bracket, is the president and sole owner of Charlie Corporation (a C corporation in the 34 percent tax bracket). His current year salary is $700,000 per year. What are the income and FICA tax consequences if the IRS determines that $200,000 of his salary is unreasonable compensation?

Reference no: EM13517122

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