S Corporation had income of $9,000 comprised of $6,000 of ordinary income and $3,000 from short-term capital gains. During the year, $4,800 of ordinary income was distributed to the sole shareholder.  S Corporation will report to the sole shareholder on Form K-1:

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Q: what is the amount of income tax payable for 2022?

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A: aNSWER

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Q: Conrad Corporation has $700,000 of taxable income. In determining its earnings and profits for the…

A: Taxable income refers to that income on which tax is required to be computed. The standard…

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A: Adjusted Gross Income (AGI):  Adjusted gross income is the amount on which the tax liability of the…

Q: Cramer Corporation, a calendar year, accrual basis corporation, reported $1.30 million of net income…

A: Income Tax - Federal, state, and local governments levy taxes on the gross income of individuals and…

Q: Cramer Corporation, a calendar year, accrual basis corporation, reported $1 million of net income…

A:

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A: Gross profit from sales $30000 Tax free interest $3000 Dividend $5000 Taxable interest $40000…

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Q: At the beginning of the current year, Maple Corporation (a calendar year taxpayer) has accumulated E…

A: Dividends are the part or share of profits that is being distributed to the shareholders.

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A:

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Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.