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What is the tax liability

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Question - 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%. business operates as a C corporation, what is the 2019 tax liability?

A. $48,000

B. $42,000

C. $46,200

D. $40,000

Reference no: EM132994309

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