Paula deen salary

Rachael Ray, Paula Deen and Gordon Ramsay each own one-­‐third of the common stock of Celebrity Catering Services, Inc. (CCS). CCS was incorporated on February 2, 2009. It has only one class of stock outstanding and operates as a C corporation for tax purposes. CCS caters to all types of social events. • CCS is located at 540 Waverly Way Burbank, CA 91501 • Its employer ID is 38-­‐4743474 • CCS’s business activity is catering food services. Its business activity code is 722300. • The shareholders also work as officers for the corporation as follows: o Rachael is the chief executive officer and president, (SS# 231-­‐54-­‐8976). Her salary this year is $180,000. o Paula is the executive VP and Chief operating officer (SS#798-­‐56-­‐3241). Her salary this year is $120,000. o Gordon is the VP of Finance (SS# 879-­‐21-­‐4536). His salary this year is $150,000. • All officers devote 100% of their time to the business and all of the officers are US citizens. • CCS uses the accrual method of accounting and has a calendar year-­‐end. • CCS made four equal quarterly estimated tax payments of $36,500 each. Its tax liability last year was $125,800. If it has overpaid its federal tax liability, CCS would like to receive a refund. • In the prior year, the company made a large charitable contribution. $43,000 of that contribution exceeded the amount deductible and was carried forward to the current year. • CCS paid a dividend of $30,000 to each of its shareholders on November 1. CCS had ample earnings and profits (E&P) to absorb the distribution. Rachael Ray, Paula Deen and Gordon Ramsay each own one-­‐third of the common stock of Celebrity Catering Services, Inc. (CCS). CCS was incorporated on February 2, 2009. It has only one class of stock outstanding and operates as a C corporation for tax purposes. CCS caters to all types of social events. • CCS is located at 540 Waverly Way Burbank, CA 91501 • Its employer ID is 38-­‐4743474 • CCS’s business activity is catering food services. Its business activity code is 722300. • The shareholders also work as officers for the corporation as follows: o Rachael is the chief executive officer and president, (SS# 231-­‐54-­‐8976). Her salary this year is $180,000. o Paula is the executive VP and Chief operating officer (SS#798-­‐56-­‐3241). Her salary this year is $120,000. o Gordon is the VP of Finance (SS# 879-­‐21-­‐4536). His salary this year is $150,000. • All officers devote 100% of their time to the business and all of the officers are US citizens.