A single individual has formed a partnership, which is not a qualified business, in which the individual owns 33.33%. The first year of the partnership, it earns gross income of $150,000 for the tax year of 2018.

What is the total tax that will be paid by the individual this year if the individual's marginal tax rate is 12% and the corporate marginal rate is 21%?

Answer rating: 100% (QA)

As a partnership is a passthrough entity for tax purposes the partnership itself ... View the full answer