Tonya, an actuary, is the sole shareholder of Shrike Corporation, a professional corporation. The corporation paid Tonya a salary of $360,000 during its fiscal year ending September 30, 2014.
a. How much salary must Shrike Corporation pay Tonya during the period October 1 through December 31, 2014, to enable the corporation to continue to use its fiscal year without negative tax effects?
b. If Shrike Corporation had taxable income of $75,000 for the year ending September 30, 2014, what is its tax liability?

Question

Quizplus · Accepted Answer

The Answer of Tonya, an actuary, is the sole shareholder of Shrike Corporation, a professional corporation. The corporation paid Tonya a salary of $360,000 during its fiscal year ending September 30, 2014.
a. How much salary must Shrike Corporation pay Tonya during the period October 1 through December 31, 2014, to enable the corporation to continue to use its fiscal year without negative tax effects?
b. If Shrike Corporation had taxable income of $75,000 for the year ending September 30, 2014, what is its tax liability?

Tonya, an Actuary, Is the Sole Shareholder of Shrike Corporation