Question: Can you please help me answer the below question? If possible, provide steps on how each question was answered. Thanks for the help. 2019 Tax
Can you please help me answer the below question? If possible, provide steps on how each question was answered. Thanks for the help.


2019 Tax Rate Schedules Single-Schedule X Head of household-Schedule Z If taxable of the If taxable of the income is: But not amount income is: But not amount Over- over- The tax is: over- Over- over- The tax is: over- $ 0 $ 9,700 ....10% $ 0 $ 0 $ 13,850 ..10% $ 0 9,700 39,475 $ 970.00 + 12% 9,700 13,850 52,850 $ 1,385.00 + 12% 13,850 39,475 84,200 4,543.00 + 22% 39,475 52,850 84,200 6,065.00 + 22% 52,850 84,200 160,725 14,382.50 + 24% 84,200 84,200 160,700 12,962.00 + 24% 84,200 160,725 204,100 32,748.50 + 32% 160,725 160,700 204,100 31,322.00 + 32% 160,700 204,100 510,300 46,628.50 + 35% 204,100 204,100 510,300 45,210.00 + 35% 204,100 510,300 153,798.50 + 37% 510,300 510,300 152,380.00 + 37% 510,300 Married filing jointly or Qualifying widow(er)- Married filing separately-Schedule Y-2 Schedule Y-1 If taxable of the If taxable of the income is: But not amount income is: But not amount Over- over- The tax is: over- Over- over- The tax is: over- 0 $ 19,400 ..10% $ 0 $ 0 $ 9,700 ..10% $ 0 19,400 78,950 $ 1,940.00 + 12% 19,400 9,700 39,475 $ 970.00 + 12% 9,700 78,950 168,400 9,086.00 + 22% 78,950 39,475 84,200 4,543.00 + 22% 39,475 168,400 321,450 28,765.00 + 24% 168,400 84,200 160,725 14,382.50 + 24% 84,200 321,450 408,200 65,497.00 + 32% 321,450 160,725 204,100 32,748.50 + 32% 160,725 408,200 612,350 93,257.00 + 35% 408,200 204,100 306,175 46,628.50 + 35% 204,100 612,350 164,709.50 + 37% 612,350 306,175 82,354.75 + 37% 306,175Prbblem 15-21 (LO. 1) Purple Company records $200,000 in net income for 2019I before deducting any compensation or other payment to its sole owner, Kirsten. Kirsten is single and she claims the $12,200 standard deduction. Purple Company is Kirsten's only source of income. Ignoring any employment tax considerations, compute Kirsten's after-tax income for each of the following situations. Click here to access the 2019 individual tax rate schedule to use for this problem. Assume the corporate tax rate is 21%. When required, carryout Intermediate tax computations to the nearest cent and then round your nal tax liability to the nearest dollar. a. If Purple is a proprietorship. Kirsten withdraws $50,000 from the business during the year: she claims a $32,560 deduction for qualied business income. Kirsten's taxable income is b. Purple is a C corporation and pays out all of its after-tax inoome as a dividend to Kirsten. Note: Individual taxpayers received preferential treatment regarding the taxation of qualied dividends (0%,15%,20%). For single taxpayers, the 0 percent rate applies to the rst $38,600 of taxable income. Purple Corporation's after-tax income is $:] and Kristen's aer tax income is 4:] . 1:. Purple is a C corporation and pays Kirsten a salary of $158,000. Kirsten's after-tax income is s
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