Required information Tableau Dashboard Activity 15-01: Entity Choice for the Entrepreneur [Static] Entity Choice 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 products 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 2021 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 denition of a trade or business for Qualied Business Income deduction purposes. - Given her executive responsibilities. elaine is assuming a reasonable compensation amount of $100,000. - As a C Corporation. the business will pay 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, and Elaine wants to grow her business to take advantage of the expanding market Using 2021 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 specic amounts for use in answering the following questions. $ $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 3 Tax Dollars : Sole Prop 5 Corp (2 Corp Sch C Income 150,000 0 0 we II'Ioorne 0 100,000 100,000 other Income 0 42,350 Dividend Income 0 0 33,455 Less: 50% SelfEmply Tax 10,59? 0 0 AGI 139,403 142,350 133,456 Std Deducl: 12,400 12,400 12,400 Lass:QBl 21381 3,4?0 0 Lass:an 21,331 3,470 0 PersonalTaxablelncome 99,122 121,480 121,055 Tax 13,810 23,116 20,053 Other Taxes 21,194 0 0 Entity-level Taxes 0 0 8,894 Elli-2 Taxes 0 15,300 15,300 Total Tax 39,004 33,475 44,257 Entity Choice for the Entrepreneur - Part 1 {Static} Required: a. How much total tax does Elaine pay currently as a sole proprietorship? b. How much less Employment tax will Elaine pa}:I if she incorporates and makes a timer 5 election as opposed to a sole proprietorship? c. How much of the business income will he issued to Elaine as a dividend under the C Corporation scenario? d. What is the Corporate-level tax due if she does not malce an S Corporation election? e. Which option provides Elaine with the lowest overall tax