MN’s compensation package for its PEO consisted of a $600,000 salary plus $200,000 unfunded deferred compensation. The PEO will receive the $200,000 when he retires in 2026. He is also a participant in MN’s qualified pension plan. MN contributed $21,000 to fund a $90,000 annual pension that the PEO will begin to receive in 2026.   Required: Compute MN's current year financial statement expense for the PEO’s compensation. Compute MN's current year tax deduction for the PEO’s compensation. Compute the PEO’s current year taxable compensation income. How much taxable income will the PEO recognize in 2026?

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17 For the past 4 years, Raj has belonged to a contributory defined benefit pension plan in a jurisdiction that has a two-year vesting provision. The time for vesting and locking-in coincide. Over the past four years, Raj's contributions, including interest, have amounted to $16,000 and his employer has contributed an equal amount. Raj has decided to leave his current job. What lump sum cash payment is Raj entitled to receive? a) $0 Ob) $8,000 Oc) $16,000 d) $32,000

10. Newton Inc offers its employees a defined benefit pension plan. Newton Inc reports under US GAAP. It records actuarial gains and losses in Other Comprehensive Income (OCI) and amortizes these amounts over the average remaining service life of its employees when they exceed a threshold. Newton Inc did not record any past service cost in fiscal year 2021. Below you can find excerpts from Newton's pension footnotes: 4+1 f Service cost Interest cost Expected return on plan assets Actual return on plan assets Contributions to defined benefits plan Benefits paid Pension liability Accumulated OCI losses related to defined benefit plans a. £6,950 b. £6,600 c. £6,250 d. £8,150 e. None of the above 2020 £3,300 £1,600 £2,100 £1,900 £2,000 £1,250 What is your best approximation of the net pension expenses recorded in P&L related to defined benefit plans in fiscal year 2021? ANSWER: C £35,000 £4,500 2021 £3,500 £1,750 £1,900 £2,000 £2,100 £1,350 £42,500 £5,100

Wi Saved 61-65 Using the simplified method, determine the tax-free amount of the following distributions from a qualified pension plan. Individual contributions, if any, are made with previously taxed dollars. Use monthly payments table Required: a. Person A, age 66, made no contributions to the pension plan and will receive a $1,300 monthly check for life. b. Person B, age 71, made contributions of $31,000 to the pension plan and will receive a monthly check of $2,900 for life. Note: Round your answer to 2 decimal places. c. Person C, age 52, made contributions of $30,000 to the pension plan and will receive monthly payments of $2,500 over her life and the life of her 54-year-old husband Note: Round your answer to 2 decimal places. d. Person D, age 72, made contributions of $43,000 to the pension plan. He will receive quarterly payments of $5,500 over his life and the life of his 69-year-old wife Note: Round your answer to 2 decimal places. the Individuals 110 or under 111-120 121-130…

Hardev

Give me correct answer with explanation

6

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