Please do not use outside sources, no plagiarism and make sure to complete every part. Theres 5 questions which are required so please answer them and have it in excel.
These are the questions to be answered with the provided information in the attached pdf:
1. Calculate LS’s business taxable income for year 2022 (17 points).
2. What is Max’s 2022 tax liability assuming Max files as a single for 2022. Ignore
any potential tax credits, self–employment, or employment taxes (2 points)
3. What are Max’s federal tax return filing deadline and payment deadline for 2022
taxes (2 points)?
4. What is Max’s:
a. Average tax rate (3 pts)
b. Effective tax rate (3 pts)
c. Marginal tax rate (3 pts)
5. How much federal income tax could Max save (or pay additional) in 2022 if he
had converted LS from a sole proprietorship to a C Corp? (5pts)