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Problem 2-23 (LO. 1) Purple Company has $200,000 in net income for 2020 before deducting any compensation or other payment to
following situations. Click here to access the 2020 individual tax rate schedule to use for this problem. Assume the corporat
Kirstens taxable income is and her after-tax income is $ b. Purple Company is a C corporation and the corporation pays out a
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Answer #1

(a)Net income $ 200000

standard deduction     12400

   187600

deduction for qualified business income 37520

150080

(b)Purple company after tax income is Rs.200000

Kirsten's aftr tax income is Rs.147600 [ 2000000 - (12400 +40000)]

(c)Purple company after tax income is Rs.29600 [200000 -(12400 + 158000)

Kirsten's after tax income is Rs. 158000 (The salary received by her)

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