Triton Corp. (an S corp) had $450,000 of income. Brittany is…

Triton Corp. (an S corp) had $450,000 of income. Brittany is 100% owner and her ordinary tax rate is 32% (assume all income on her return is taxed at 32%). What is the effective tax rate on Triton Corp.’s income? Make sure to incorporate the 20% QBI deduction in your analysis but ignore any self-employment tax.

Prime Supply Mine (LLC) purchased a silver deposit for $1.5…

Prime Supply Mine (LLC) purchased a silver deposit for $1.5 million. It estimated it would extract 500,000 ounces of silver from the deposit. Prime Supply mined the silver and sold it, reporting gross receipts of $1 million, $2.5 million, and $2 million for years 1-3 respectively. During years 1-3, Prime Supply reported net income (loss) from the silver deposit activity in the amount of $100,000, $300,000, and $1,000,000, respectively. The applicable percentage depletion for silver is 15%.  In years 1-3, Prime Supply actually extracted 300,000 ounces of silver as follows: What is Prime Supply’s depletion expense for year 2?

Hera earned $235,000 salary in 2024. Assuming the FICA rate…

Hera earned $235,000 salary in 2024. Assuming the FICA rate is 7.65% (comprised of 6.2% Social Security and 1.45% Medicare) and that for 2024 the Medicare tax rate increases to 2.35% on wages over $200,000 and that the wage limit for Social Security is $168,600, how much FICA will Hera pay in 2024? Round answer to nearest dollar.

CCD was formed as a calendar-year S corporation with Bryan,…

CCD was formed as a calendar-year S corporation with Bryan, Susan, and Beth as equal 1/3 shareholders. On May 17th, Bryan sold his shares to Susan. CCD reported the following business income for the year: Period Income January 1 – May 17 (137 days) $125,000 May 18 – December 31 (228 days) $200,000 How much income is allocated to Susan if CCD uses the normal accounting rules election method to allocate income? Round your answer to the nearest whole number.