Deeana, Henry, and Pat have equal ownership of My Business LLC which made a profit of $90,000 this year. Deeana and Henry have a 28% tax rate and Pat has a 15% rate. The company has a 20% tax rate. How much total taxes will be paid on Pat's portion of the profit?
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Deeana, Henry, and Pat have equal ownership of My Business LLC which made a profit of $90,000 this year. Deeana and Henry have a 28% tax rate and Pat has a 15% rate. The company has a 20% tax rate. How much total taxes will be paid on Pat's portion of the profit?
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- Mr. Borbon had the following data for his income tax return for the current year: Php 490, 000 150, 000 200, 000 120, 000 70, 000 320,000 Sales Personal Exemption Cost of Sales Administrative and Selling Expenses Personal Expenses Professional Income If he opted to be taxed by 8%, how much is the tax base?Adam Fleeman, a skilled carpenter, started a home improvement business with Tom Collins, a master plumber. Adam and Tom are concerned about the payroll taxes they will have to pay. Assume they form an S corporation, and each earns a salary of $85,000 from the corporation; in addition, they expect their share of business profits to be $60,000 each. How much combined Social Security tax and Medicare tax (Employee Rate=7.65%; Employer Rate=7.65%) will Adam and the corporation have to pay on his salary and profits?Vikrambhai