Question: 2. Deb - single, 46 years old - is the sole shareholder of Timeless Corporation, a calendar year C corporation. In the current year-2020 -

2. Deb - single, 46 years old - is the sole shareholder of Timeless Corporation, a calendar year C corporation. In the current year-2020 - Timeless camed taxable income of $200,000 and distributed $50,000 to Deb as a dividend. What is Timeless Corp's federal income tax for 20202 Deb is in the highest tax bracket - 37% - what is her federal income tax if this is her only income for 2020? (both of these in concept were covered in class in PPs) Kyle-single - is the sole shareholder of Swanky Corporation, an corporation. In the current year-2020- Swanky earned taxable income of $250,000 and distributed $175,000 to Kyle. What is Swanky's federal income tax for 2020? Kyle in the highest tax bracket of 37% what is his federal income tax if this is his only income for 2020 (ignore any potential "Qualified Business Income Deduction that might be available here)? 100 word 09 11.06 PN

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