Charlie, who is in the 37 percent marginal tax bracket, is the president and sole owner of
Question:
Charlie, who is in the 37 percent marginal tax bracket, is the president and sole owner of Charlie Corporation (a C corporation in the 21 percent tax bracket). His current salary is $700,000 per year. What are the income and FICA tax consequences if the IRS determines that $200,000 of his salary is unreasonable compensation?
CorporationA Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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There will be an overall increase in taxes of 2809 200000 will not be deductible by Charlie Corporat...View the full answer
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Related Book For 
Taxation For Decision Makers 2019
ISBN: 9781119497288
9th Edition
Authors: Shirley Dennis Escoffier, Karen A. Fortin
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