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Assume your new venture, organized as a proprietorship, is in its first year of operation. You expect to have taxable

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Assume your new venture, organized as a proprietorship, is in its first year of operation. You expect to have taxable income of $50,000. Use the income tax rate information contained in Figure 3.6 to estimate the amount of income taxes you would have to pay.

A. Calculate the amount of your income taxes if you were filing as a single individual.

B. Calculate the amount of your income taxes if you were married and filing jointly.

C. If your venture had been organized as a standard corporation instead of a proprietorship; calculate your income tax liability.


Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

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Entrepreneurial Finance

Entrepreneurial Finance

ISBN: 978-0538478151

4th edition

Authors: J . chris leach, Ronald w. melicher

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Question Posted: August 13, 2012 21:52:25
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