A firm pays $22,000,000 in compensation to its 401K participants in 2021. What is the maximum tax-deferred contribution the firm can make in 2021?
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A firm pays $22,000,000 in compensation to its 401K participants in 2021. What is the maximum tax-deferred contribution the firm can make in 2021? (Round to the nearest whole dollar)
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- Roscoe Company has a contract with its CEO to pay him a bonus during each of the years 2018 – 2021.The profit before deductions for bonus and income taxes were P12,500,000 in 2018; P18,000,000 in 2019; P21,700,000 in 2020; and P24,000,000 in 2021. The bonus of 20% is deductible for tax purposes in each year. The tax rate is 25%.• The 2018 bonus is based on profit before bonus and taxes• The 2019 bonus is based on profit after bonus but before taxes• The 2020 bonus is based on profit before bonus but after taxes• The 2021 bonus is based on profit after bonus and taxesCompute the amount of the bonus for each year.K Ltd. paid an employee a tax-free travel allowance of $5,300 based on 9,000 kilometres of out-of-town driving in 2022. What amount can K deduct for tax purposes?A Canadian public company has income tax payable of $62,000 in 2020, $95,000 in 2021, and $75,000 in 2022. The company would like to minimize its 2022 instalments. What would its instalments be? O a. One monthly payment of $5,167 per month, followed by eleven monthly payments of $8,167 per month. O b. Twelve payments of $5,167 per month. O c. Twelve payments of $6,250 per month. O d. Two monthly payments of $5,167 per month, followed by ten monthly payments of $8,467 per month.
- Employees in 2020 pay 6.2% of their gross wages towards social security (FICA tax), while employers paid another 6.2%. How much social security tax will be paid on an income of $65,000 a year? (Enter your answer rounded as a whole number.K Ltd. paid an employee a tax-free travel allowance of $7, 700 based on 7,000 kilometres of out-of - town driving in 2023. What amount can K deduct for tax purposes? Please can you solve this based on the CRA thank you!Orlando Company has a contract with its CEO to pay him a bonus during each of the years 2021 – 2024. The profit before deductions for bonus and income taxes were P14,500,000 in 2021; P18,000,000 in 2022; P22,500,000 in 2023; and P25,000,000 in 2024. The bonus of 25% is deductible for tax purposes in each year. The tax rate is 20%. The 2022 bonus is based on profit after bonus but before taxes. Compute the amount of the bonus for 2022. 2. Orlando Company has a contract with its CEO to pay him a bonus during each of the years 2021 – 2024. The profit before deductions for bonus and income taxes were P14,500,000 in 2021; P18,000,000 in 2022; P22,500,000 in 2023; and P25,000,000 in 2024. The bonus of 25% is deductible for tax purposes in each year. The tax rate is 20%. The 2024 bonus is based on profit after bonus and taxes Compute the amount of the bonus for 2024 3. Wizards Company sold 4,100,000 boxes of apple pie mix. Each box contains one coupon, in which 10 coupons, with P5…
- Orlando Company has a contract with its CEO to pay him a bonus during each of the years 2021 – 2024. The profit before deductions for bonus and income taxes were P14,500,000 in 2021; P18,000,000 in 2022; P22,500,000 in 2023; and P25,000,000 in 2024. The bonus of 25% is deductible for tax purposes in each year. The tax rate is 20%. Compute the amount of the bonus for 2021 if the bonus is based on profit bonus and taxes. 2.Knicks Company requires nonrefundable advance payments with special orders from customers for machinery constructed to their specifications. Information for 2023 follows: Customers advances, 12/31/22 P 500,000 Advances received with orders in 2023 840,000 Advances applied to orders shipped in 2023 600,000 Advances applicable to orders canceled in 2023 190,000 How much is the ending balance of advances on December 31, 2023?Suppose that Blake Companys total pretax difference from a change to FIFO was 100,000 and the company pays a bonus of 5% of its income before income taxes and bonus to employees. If Blake pays an additional bonus | based on the change in income, would it recognize any expense? If so, when and how much?ABC Co. distributes annual bonus to its sales manager. The company reported P2 million profit for 2021 before bonus and income tax. Income tax of ABC Co. is 25%.What is the amount of bonus if bonus is computed at 10% of profit after taxes and bonuses?
- A company is considering two different proposals for computing the bonus for its new company president. The first plan states that the bonus would be equal to 6% of profits after the bonus but before tax have been deducted. The second method is based on profits after both tax and bonus have been deducted, at the rate of 12%. Income before income tax and bonus for 2021 is P 9,000,000. Income tax rate is 35%. How much is the amount of bonus under the second plan? How much is the amount of bonus under the first plan?16. We must make remittances to Canada Revenue Agency (CRA) on a regular basis. What taxes are considered to be statutory deductions? What does my company have to contribute to these taxes? If the monthly remittances averaged $26,500 in 2018, what is our remitter type? When do I have to have my remittances in to CRA for my May 31, 2020 payroll?9. Compute the prescribed minimum withholding tax of a manager whose monthly salary is P120 000 with transportation allowance of P20 000 and cost of living allowance of P25 000. How much will be her net earnings?
