Question: Assume the same facts as Problem 43, except that Malvern Company is a corporation, and Melva and Jim are the only shareholders. Assume that $80,000
Assume the same facts as Problem 43, except that Malvern Company is a corporation, and Melva and Jim are the only shareholders. Assume that $80,000 of the $130,000 payment to Melva is a reasonable salary, and the remaining $50,000 is a taxable dividend. what are the FICA taxes paid by melva as an employer, FICA taxes paid by Malvern co on melva's salary, federal income taxes paid by melva and jim, and total taxes paid
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
