(Answered) Question machela a single individual owns all the stock in

Accounting

Question: Machela, a single individual, owns all the stock in Gordon Corporation, which reports taxable income of $58,800. The corporation distributes the $58,800 in earnings as a dividend. Machela also receives a salary from the company of $68,300. She has itemized deductions for the year of $15,700.

Refer to 2016 Tax Rate Schedules to answer the following questions. Do not round intermediate computations. Round final tax liability to the nearest dollar.

Machela's tax liability for the year is $___ and Gordon Corporation's tax liability for the year is $___ .

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