The combined taxes are lower under part b because the majority of the corporation's earnings are only subject to one level of tax (the individual tax on the salary). In part a the taxable income after salary is $200,000 but in part b it is $50,000 since the deduction of $150,000 is taken and this leads to only $50,000 that is taxed twice in part b. 66. [LO 3] In its first year of existence (year 1), Willow Corp. (a C corporation) reported a loss for tax purposes of $30,000. In year 2 it reports a $40,000 loss.
768547 Cr. 632900 Dr. Question Attempts: 2 of 3 used * Question 2 Gordon Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2012 and 2013. 2012 2013 Plan assets (fair value), December 31 $1,287,558 $1,563,858 Projected benefit obligation, January 1 1,289,400
When does a taxpayer receive the W-2? Who will provide this form to the taxpayer? The IRS requires your employer to send you a W-2 no later than January 31 following the close of the tax year, which is usually December 31. 10. What items on the W-2 make up Federal Insurance Contributions Act or FICA?
| | | Student Answer: | | TOTAL manufacturing overhead =$951,888 +($5.55*$85,000)=$1423,638 Company’s predetermined overhead rate=$1423,638/$85,000=$16.75 or $16.748 | | Instructor Explanation: | Estimated total manufacturing overhead = $951,888 + ($5.55 per machine hour 85,000 machine hours) = $1,423,638 Predetermined overhead rate = estimated total manufacturing overhead estimated total amount of the allocation base = $1,423,638 85,000 machine hours = $16.75 per machine hour. See Chapter 3. | | 2. | Question : | (TCO F) Payment Inc. is preparing its cash budget for February. The budgeted beginning cash balance is $27,000.
4. Keep a copy. 8. On the Wage and Tax statement, list how much Gloria paid in her Federal Tax Withholding? Fed Tax-1,500 9.
They are always raising college tuition to help pay for different programs but, it seems that they are not focusing on the programs for the diverse students that are here in the United States. A part of this solution we should be helping the low – income performing schools and encourage parents involvement. Parents need to
The government of Dallas became frugal with their spending due to funding. Volunteer groups such as The Salvation Army and North Dallas Share Ministries had to pick up the slack instead and try to expand their facilities to accommodate more people (November 27, 1986). With the withering economy cutting down in donations in the private sector problems became apparent. Many of these groups had to turn down help to the needy with rent, food, and shelter. With increasing demand for these facilities, organizations are seeing 25 to 60 percent increases (November 27, 1986).
When living in a big city you barely have time or the money to spend for yourself especially if you’re a single parent. Being raised by a single mother there were a lot of things we didn’t have that the other kids had. Now I understand where all of the paycheck went to but if my mother had some money left over she would spend it on us. In other countries just having a house, a farm, and some livestock they considered that being rich but that doesn’t really have an impact here in the United States. Here you have to have some education and a good paying job and wear brand name clothes but there are some citizens who may look high class but they just dress well to make other people assume that they are.
One of the main things that employers will have to do in order to make money will be to reduce hours, limit job creation, and increase prices. Many believe the minimum wage jobs are not meant to be a career, they are transitional jobs. Therefore minimum wage employees should receive transitional pay. A vast majority of the employees who attain minimum wage jobs have families that are on welfare, so they may receive Link, W.I.C., and Section 8 living therefore their needs are taken care of if they live within their means. Major corporations like McDonald’s and Walmart will barely be affected by the increase but the small businesses will be a thing of the past and slowly but surely fade away.
Proponents believe that a government subsidy for those who are unable to provide for themselves is absolutely necessary for a society such as ours to function. The problem is todays Social Security insurance serves the interests of those who aren’t working and burdens those men and women who spend the majority of their lives as working, middle-class Americans. Yes, an insurance to benefit those who are unable to take care of themselves is necessary in our complex society. However, our political leaders should consider the interests of the men and women who make up the working, middle-class; these are the people who most consider the backbone of the American free-enterprise