A Calendar Year Personal Service Corporation with Taxable Income of $100,000

question 88

True/False

A calendar year personal service corporation with taxable income of $100,000 in the current year will have a tax liability of $21,000.

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Definitions:

Dependent

Reliant on someone or something else for support, sustenance, or aid.

Decisions

The act of making choices between two or more possibilities.

Responsibility

The state or fact of having a duty to deal with something or of having control over someone.

Borderline

Often referring to borderline personality disorder, a mental health condition characterized by unstable moods, behavior, and relationships.