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

Name: A calendar year personal service corporation with taxable income of $100,000 in the current year will have a tax liability of $21,000.
Brand: Quizplus
Rating: 4.8 (38 reviews)

Question

Quizplus · Accepted Answer

A personal service corporation is taxed at a flat rate of 21% on its taxable income, so with $100,000 in taxable income, the tax liability would indeed be $21,000 (21% of $100,000).

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