Answered: Kai is the president of Zebra Antiques | bartleby

CONCEPTS IN FED.TAX.,2020-W/ACCESS

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 50P

See similar textbooks

Related questions

Question

Note: Round your answers to 2 decimal places.
Yearly Benefit Costs
Medical insurance
Dental insurance
Life insurance
AD&D
Short-term disability
Long-term disability
Answer is not complete.
Company
Cost (New)
401(k)
Social Security
Medicare
Tuition reimbursement
Total yearly benefit costs (employer)
Employee's annual salary
The total value of employee's compensation
69
LA
24
$
$
69
$
$
7,590.00
178.25
342.00
171.00
68.40
34.20
1,761.30
2,350.00
58,710.00
58,710.00
$
69 69
$
$
Employee
Cost (New)
1,138.50
178.25
0
0
0
0
4,696.80
0

Kai is the president of Zebra Antiques. An employee, Reese Francis, is due a raise. Reese's current benefit analysis is as follows:
Company Cost
(Current)
Employee Cost
(Current)
$ 6,600.00
$ 990.00
155.00
155.00
342.00
171.00
68.40
34.20
855.00
Yearly Benefit Costs
Medical insurance
Dental insurance
Life insurance
AD&D
Short-term disability
Long-term disability
401(k)
Social Security
Medicare
.
Tuition reimbursement
Total yearly benefit costs (employer)
Employee's annual salary
The total value of employee's compensation
Required:
Compute the benefit analysis assuming:
3,463.01
809.90
2,350.00
$14,848.51
57,000.00
$ 71,848.51
0
0
0
0
1,710.00
3,463.01
809.90
0
• 3 percent increase in pay.
• Reese will increase the 401(k) contribution to 8 percent with a company match of 50 percent up to 3 percent contribution by the
employer.
15 percent increase in medical and dental insurance premiums.
Note: Round your answers to 2 decimal places.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Blurred answer

Similar questions

Kai is the president of Zebra Antiques. An employee, Reese Francis, is due a raise. Reese's current benefit analysis is as follows: Company Cost Employee Cost (Current) (Current) $ 6,500.00 150.00 336.00 168.00 Yearly Benefit Costs Medical insurance Dental insurance Life insurance AD&D Short-term disability Long-term disability 401(k) Social Security Medicare Tuition reimbursement Total yearly benefit costs (employer) Employee's annual salary The total value of employee's compensation Required: Compute the benefit analysis assuming: Yearly Benefit Costs Medical insurance Dental insurance Life insurance AD&D Short-term disability Long-term disability 401(k) Social Security Medicare Tuition reimbursement Total yearly benefit costs (employer) Employee's annual salary The total value of employee's compensation 67.20 33.60 840.00 Answer is complete but not entirely correct. Company Cost (New) $ $ $ $ $ $ $ $ $ $ $ $ 3,402.25 795.69 2,300.00 $14,592.74 56,000.00 $ 70,592.74 |$ • 3 percent…
Claude Lopez is the president of Zebra Antiques. His employee, Dwight Francis, is due a raise. Dwight's current benefit analysis is as follows: Yearly Benefit Costs Medical insurance Dental insurance Life insurance AD&D Short-term disability Long-term disability 401(k) Social Security Medicare Tuition reimbursement Total yearly benefit costs (employer) Employee's annual salary. The Total value of employee's compensation Required: Compute the benefit analysis assuming: Company Cost (Current) $ 8,000.00 120.00 300.00 150.00 60.00 30.00 750.00 3,018.16 705.86 $ 2,000.00 $ 15,134.02 50,000.00 $ 65,134.02 Employee Cost (Current) $ 1,200.00 120.00 0 0 0 0 1,500.00 3,018.16 705.86 0 • 3 percent increase in pay. • Dwight will increase his 401(k) contribution to 8 percent with a company match of 50 percent up to 6 percent of the employee's annual salary. • 15 percent increase in medical and dental insurance premiums. (Round your answers to 2 decimal places.)
Critical Thinking 6 - 2 (Algo) Kai is the president of Zebra Antiques. An employee, Reese Francis, is due a raise. Reese's current benefit analysis is as follows: Yearly Benefit Costs Company Cost (Current) Employee Cost (Current) Medical insurance $ 6,800.00 $ 1,020.00 Dental insurance 165.00 165.00 Life insurance 354.00 0 AD&D 177.00 0 Short-term disability 70.80 0 Long - term disability 35.40 0 401(k) 885.00 1, 770.00 Social Security 3, 584.53 3, 584.53 Medicare 838.32 838.32 Tuition reimbursement 2,450.00 0 Total yearly benefit costs (employer) $ 15,360.05 Employee's annual salary 59,000.00 The total value of the employee's compensation $ 74,360.05 Required: Compute the benefit analysis assuming: 3 percent increase in pay. Reese will increase the 401(k) contribution to 8 percent with a company match of 50 percent up to a 3 percent contribution by the employer. 15 percent increase in medical and dental insurance premiums. Note: Round your answers to 2 decimal places.\
In EB13, you prepared the journal entries for Janet Evanovich, an employee of Marc Associates. You have now been given the following additional information: June is the first pay period for this employee. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to the employee. FICA Social Security and FICA Medicare match employee deductions. The employer is responsible for 60% of the health insurance premium. The employer matches 50% of employee pension plan contributions. Using the information from EB13 and the additional information provided: A. Record the employer payroll for the month of June, dated June 30, 2017. B. Record the payment in cash of all employer liabilities only on July 1.
Classified Electronics has an unfunded retiree health care plan. Each of the company's three employees has been with the firm since its inception at the beginning of 2023. As of the end of 2024, the actuary estimates the total net cost of providing health care benefits to employees during their retirement years to have a present value of $84,000. Each of the employees will become fully eligible for benefits after 22 more years of service but aren't expected to retire for 35 more years. The interest rate is 6%. Required: 1. What is the expected postretirement benefit obligation at the end of 2024? 2. What is the accumulated postretirement benefit obligation at the end of 2024? 3. What is the expected postretirement benefit obligation at the end of 2025? 4. What is the accumulated postretirement benefit obligation at the end of 2025? 1. Expected postretirement benefit obligation 2024 2. Accumulated postretirement benefit obligation 2024 3. Expected postretirement benefit obligation 2025…
Claude Lopez is the president of Zebra Antiques. His employee, Dwight Francis, is due a raise. Dwight's current benefit analysis is as follows: Yearly Benefit Costs Medical insurance Dental insurance Life insurance AD&D Short-term disability Long-term disability 401(k) Social Security Medicare Tuition reimbursement Total yearly benefit costs (employer) Employee's annual salary The total value of employee's compensation Required: Compute the benefit analysis assuming: Company Cost (Current) $ 6,400.00 145.00 228.00 114.00 45.60 22.80 1,140.00 2,287.49 534.98 2,250.00 $ 13,167.87 38,000.00 $ 51,167.87 Employee Cost (Current) $ 960.00 145.00 0 0 0 0 2,280.00 2,287.49 534.98 0 3 percent increase in pay. • Dwight will increase his 401(k) contribution to 8 percent with a company match of 50 percent up to 6 percent of the employee's annual salary. • 15 percent increase in medical and dental insurance premiums.
The following data are for Guava Company's retiree health care plan for the current calendar year. Number of employees covered Years employed as of January 1 Attribution period EPBO, January 1 EPBO, December 31 Interest rate Funding and plan assets Multiple Choice O O What is the service cost to be included in the current year's postretirement benefit expense? (Round your answer to the nearest whole dollar.) $3,200. $3,456. $3,900. 5 4 (each) 20years $3,306. $ 64,000 $69,120 8% None
Calculate the Indirect compensation of Mr. Ali, with the following information (all in RO): Basic Salary - 400, Healthcare Insurance–150, Pay for vacation- 40, Bonus – 35, employer contribution to retirement – 60 Calculate the direct compensation of Mr. Ibrahim, with the following information (all in RO) Basic Salary - OMR 500, profit sharing – OMR 250 health insurance OMR 75 , Air Ticket - OMR 120
Critical Thinking 6-2 (Algo) Kai is the president of Zebra Antiques. An employee, Reese Francis, is due a raise. Reese's current benefit analysis is as follows: Yearly Benefit Costs Medical insurance Company Cost (Current) $ 7,900.00 220.00 Employee Cost (Current) $ 1,185.00 220.00 Dental insurance Life insurance AD&D Short-term disability Long-term disability 401(k) Social Security Medicare Tuition reimbursement Total yearly benefit costs (employer) Employee's annual salary The total value of the employee's compensation Required: 420.00 0 210.00 0 84.00 0 42.00 0 1,050.00 2,100.00 4,252.89 4,252.89 994.63 3,000.00 $ 18,173.52 70,000.00 994.63 0 $ 88,173.52 Compute the benefit analysis assuming: .3 percent increase in pay. • Reese will increase the 401(k) contribution to 8 percent with a company match of 50 percent up to a 3 percent contribution by the employer. • 15 percent increase in medical and dental insurance premiums. Note: Round your answers to 2 decimal places. Yearly Benefit…
Matt works for Fresh Corporation. Fresh offers a cafeteria plan that allows each employee to receive $15,000 worth of benefits each year. The menu of benefits is as follows:Benefit CostHealth insurance—single $ 5,000Health insurance—with spouse $ 8,000Health insurance—with spouse and dependents $ 11,000Dental and vision $ 1,500Dependent care—any specified amount up to $5,000 VariableAdoption benefits—any specified amount up to $5,000 VariableCash—any specified amount up to $15,000 plan benefit Variable401(k)—any specified amount up to $10,000 VariableFor each of the following independent circumstances, determine the amount of income Matt must recognize and the amount of deduction Fresh may claim: (Leave no answer blank. Enter zero if applicable.)Problem 12-49 Part b (Static) a) Matt elects the single health insurance benefit and places 10,000 dollars in his 401Kb) Matt selects the single health insurance benefit, is reimbursed $5,000 for dependent care,…
Sandra Company provided the following information for the 1. What is the employee benefit expense for the current current year: 500,000 Current service cost Interest expense on PBO Interest income on plan assets Loss on plan settlement before normal retirement date Present value of benefit obligation settled in advance Past service cost during the year Actual return on plan assets Actuarial loss on PBO during the year Contribution to the plan Benefita paid to retirees Discount rate 600,000 390,000 250,000 950,000 300,000 850,000 200,000 1,500,000 1,000,000 10% year? a 1,300,000 b. 1,050,000 1,500,000 d. 1,100,000 C. 2 What is the net remeasurement for the current yes.? a. 500,000 gain b. 200,000 loss c. 300,000 gain d. 300,000 loss 3 What amount should be reported as accrued benefit cost at year-end? a 2,000,000 b. 1,500,000 c. 1,750,000 d. 500,000
How do I go about calculating pension payouts to determine a company's financial obligation? Additional info is below: Postretirement BenefitsPeyton Approved has revised its postretirement plan. It will now provide health insurance to retired employees. Management has requested that you report the short- and long-term financial implications of this. The company is currently employing 60, and actuaries estimate that the company has a pension liability of $107,041.70. The estimated cost of retired employees’ health insurance is $43,718.91. Prepare adjusting entries for the pension liability and the health insurance liability

SEE MORE QUESTIONS

Recommended textbooks for you

CONCEPTS IN FED.TAX., 2020-W/ACCESS

CONCEPTS IN FED.TAX., 2020-W/ACCESS

Accounting

ISBN:

9780357110362

Author:

Murphy

Publisher:

CENGAGE L

SWFT Comprehensive Volume 2019

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

SWFT Comprehensive Vol 2020

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

CONCEPTS IN FED.TAX., 2020-W/ACCESS

CONCEPTS IN FED.TAX., 2020-W/ACCESS

Accounting

ISBN:

9780357110362

Author:

Murphy

Publisher:

CENGAGE L

SWFT Comprehensive Volume 2019

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

SWFT Comprehensive Vol 2020

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

SWFT Individual Income Taxes

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

Principles of Accounting Volume 1

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

SEE MORE TEXTBOOKS