Calculate the amount of bonus needed to reduce taxable income to the point where all of the taxable income is eligible for the small business deduction. Assuming that the bonus is declared and paid, calculate the personal tax on the bonus received by the individual and their after-tax cash. Assuming that the bonus is not declared, the calculate the amount of corporate tax the company will pay on the amount of the bonus identified in step 1. Then calculate the corporate after-tax cash on this bon

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Answer A bonus is declared by the employer it is considered taxable in the financial year in which i... View the full answer