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Author: 500PSI Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 122099  
Subject: Re: 1099's erroneously sent to individual, not C Date: 2/5/2004 7:44 PM
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Is there any reason your dad incorporated as a C corp? It really is significantly more expensive to be a C corp over an S corp if you intend to keep any retained earnings at all. If all the earnings get paid out in salary, it doesn't really matter.

Corporate Taxes
Income Levels Tax Rates
$0 to $50,000 15% of the Income
from $ 50 to $ 75,000 $ 7,500 plus 25% of income above $50,000
from $ 75 to $100,000 $15,250 plus 34% of income above $75,000
from $100 to $335,000 plus 39.5% over $100,000
$335,000 and up 34% (effectively 34% on all income)

Joint return
0 14000 10.00%
14000 56800 0.15
56800 114650 0.25
114650 174700 0.28
174700 311950 0.33
311950 0.35

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