Federal Taxes I 1. Explain the difference between the following three taxes (i.e. who is subject, how are they calculated): a. Income tax b. Franchise tax c. Minimum tax 2. Explain what is meant by...

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Federal Taxes I 1. Explain the difference between the following three taxes (i.e. who is subject, how are they calculated): a. Income tax b. Franchise tax c. Minimum tax 2. Explain what is meant by the term “double taxation” what type of entity is this term related to and why? 3. What is the primary function of the IRS and what types of taxpayers are more likely to be audited and why? For example, single business owners, contractors, employees, etc 4. Using the table below calculate the tax due by each taxpayer, also provide the marginal and average tax rates for each case. Please show work where necessary: a. Income = $225,000 b. Income = $98,000 c. Income = $35,000 5. Corporation XYZ has the following income/expenses/dividends paid: a. Income = $1,000,000 b. Expenses = $335,000 c. Dividends paid to Tyler: $100,000 Net taxable income is: Assuming a 21% tax rate, how much tax is due? How much tax does Tyler owe (assume Tyler is subject to 20% tax rate)? What is the total tax paid by both Tyler and Corporation XYZ? Would this differ if XYZ was a partnership rather than a corporation? Why?