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Required Information [The following Information applies to the questions displayed below] Entity Cholce for the Entrepreneur Blue-Eyed Beauty Supply Is the talk of the town. When Elaine started her business, she had no Idea it would evolve to be the number one supplier of cosmetology supply In the region. While her business has been successfully operating as a sole proprietorship for many years, her legal counsel has urged her to form a separate legal entity for a variety of nontax reasons. Elaine has come to you for advice on the tax Implications of her decision. You have loaded her 2024 tax data, based upon provided assumptions, Into a model based on the following facts: . Elaine is single and her sole source of income is from her business activities. . It Is expected that her business meets the definition of a trade or business for Qualified Business Income deduction purposes. . Given her responsibilities, Elaine is assuming a reasonable compensation amount of $50,000. . As a C Corporation, the business will dividend out all earnings after taxes are paid to Elaine. Elaine wants to minimize her overall tax burden while protecting her assets. Blue Eyed Beauty Supply Is In an Industry enjoying a period of growth and Investment. Elaine wants to grow the business to take advantage of the expanding market. Using 2024 income tax rules, you have created the following Tableau visualization for the current tax year to help Elaine make a decision. Mouse-over the graphs to reveal specific amounts for use in answering the following questions. HINT: If necessary, be sure to change the Reasonable Compensation radio button to $50,000.Blue Eyed Beauty Supply Sch C S Corp C Corp 7,650 7,650 17,897 21,247 21,901 10,605 20,964 4,016 Description Reasonable Compensation Corporate-level tax 50,000 Owner-level Income Tax )55,000 Owner-level Dividends Tax )60,000 OOOOO Employment Tax 65,000 70,000 75,000 Sch C S Corp C Corp Total Tax 39,798 28,614 43,518 Sch C S Corp C Corp Overall tax rate 25.68% 18.46% 28.08% Sch C S Corp C Corp Total Business Income 155,000 155,000 155,000 Sch C/ Reasonable Comp 155,000 50,000 50,000 50% Self-Emply Tax 10,950 3,825 3,825 5-Corp K-1 101,175 0 Adjusted Gross Income 144,050 151,175 129,928 Standard Deduction 14,600 14,600 14,600 QBI 25,890 20,235 Taxable Income 103,560 116,340 115,328 Ordinary Taxable Income 103,560 116,340 50,000 Qualified Dividend Income 0 0 79,928Required: a. How much total tax does Elaine pay currently as a sole proprietorship? b.How much less Employment tax will Elaine pay if she incorporates and makes a timely $ election as opposed to a sole proprietorship? c. How much of the business Income will be issued to Elaine as a dividend under the C Corporation scenario? d. What is the Corporate-level tax due if she does not make an $ Corporation election? e. Which option provides Elaine with the most amount of tax savings? Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E How much less Employment tax will Elaine pay if she incorporates and makes a timely S election as opposed to a sole proprietorship? Note: Round to the nearest whole dollar Reduction in Elaine's Employment tax