Craig is a 20 percent shareholder in an S corporation and works an average of 20 hours

Question:

Craig is a 20 percent shareholder in an S corporation and works an average of 20 hours per week in the business. His wife, Lynn, is a full-time employee of the corporation. The corporation provides fully paid health and life insurance benefits for herself, Craig, and their children.

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...