Compute how much total tax is owed if a business you own earns $1,215,000 dollars pretax (and pays out all the net income to yourself); show the computation under 3 different forms of organizations: proprietorship, limited liability company, and corporation (assuming your personal income tax rate is 37% and the corporate income tax rate is 21%).

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1 Proprietorship In a proprietorship the business income is taxed at the personal income tax rate of ... View the full answer