Solved: Bill owns 100 of an s corporation in 2015 the corporation, Taxation

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Bill owns 100 of an s corporation in 2015 the corporation

Problem

Bill owns 100% of an S corporation. In 2015, the corporation paid Bill a salary of $100,000. BIll's share of S corporation income for the year was $42,000. Assuming this is Bill's only income for 2015, compute Bill's payroll and self employment income taxes.

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Taxation: Bill owns 100 of an s corporation in 2015 the corporation

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Taxation: Bill owns 100 of an s corporation in 2015 the corporation

Reference No:- TGS02592395

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