Problem 12-45 (LO 12-3) (Algo) Meg works for Freedom Airlines in the accounts payable department. Meg and all other employees receive free flight benefits (for the employee, family, and 10 free buddy passes for friends per year) as part of its employee benefits package. If Meg uses 30 flights with a value of $14,220 this year, how much must she include in her compensation this year? X Answer is complete but not entirely correct. Amount included $ 14,220 X Return to que

Problem 12-45 (LO 12-3) (Algo) Meg works for Freedom Airlines in the accounts payable department. Meg and all other employees receive free flight benefits (for the employee, family, and 10 free buddy passes for friends per year) as part of its employee benefits package. If Meg uses 30 flights with a value of $14,220 this year, how much must she include in her compensation this year? X Answer is complete but not entirely correct. Amount included $ 14,220 X Return to que

PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)

6th Edition

ISBN:9781337117005

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter14: Planning For Retirement

Section: Chapter Questions

Problem 6FPE

See similar textbooks

Similar questions

Problem #4 Youngston Company (a Massachusetts employer) wants to give a holiday bonus check of $750 to each employee. Since it wants the check amount to be $750, it will need to gross-up the amount of the bonus. Calculate the withholding taxes and the gross amount of the bonus to be made to Genna Fredrich if her earnings for the year are $55,920. Besides being subject to social security taxes and federal income tax (supplemental rate), a 5.05% Massachusetts income tax must be withheld on supplemental payments $ Problem #5 Samantha Montgomery (age 42) is employed by Canon Company and is paid a salary of $62,430. She has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions. Answer the following for Montgomery: a. What is the maximum that she can contribute into this retirement fund? $ b. What would be the company's contribution? $ c. What would be her weekly take-home pay with the retirement contribution deducted (married filing jointly,…
You have to decide whether or not to participate in the employer match program at your work. If you place 8% of your gross pay into a retirement account, your employer will match it. You plan to retire in 30 years. You expect to earn 6% return on your investment. How much will you have in the account if your average annual gross salary is $50,000? A. $316,232.80 B. $22,973.96 C. $45,947.92 D. $632,465.60 Using the same information as the previous question, assume that you want to increase your portion of the contribution to 10%. The employer will only match up to 8%. How much would you have in this situation? A. $692,523.80 B. $711,523.80 C. $316,232.80 D. $632,465.60
Solve the problem using 6.2%, up to $128,400 for Social Security tax and using 1.45%, no wage limit, for Medicare tax. Calculate the monthly Social Security and Medicare withholdings (in $) for the employee as the payroll manager for a cargo and freight company. Employee Year-to-DateEarnings Current Month Social Security Medicare Graham, C. $14,600 $1,940 $ $
Problem #5 Samantha Montgomery (age 42) is employed by Canon Company and is paid a salary of $62,430. She has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions. Answer the following for Montgomery: a. What is the maximum that she can contribute into this retirement fund? $ b. What would be the company's contribution? $ c. What would be her weekly take-home pay with the retirement contribution deducted (married filing jointly, wage-bracket method, and a 2.3% state income tax on total wages)? $_ d. What would be her weekly take-home pay without the retirement contribution deduction? $
Tania's weekly salary is $675.37, pension plan costs her $23.61 and income tax is 15.85% of her pre-pension plan salary. What is her net pay per week (round to the nearest cents)? O a. $544.71 O b. $635.91 O c. $103.30 O d. $548.46 Previous page e Type here to search ASUS
Direction: Read and understand the problems below. Write your solutions and answers at the back of this page or in a separate sheet of paper. 1. Jessa is a government employee with an annual gross income of P476,164 which includes her basic monthly salary of P36,628 and 13th month pay. She is a widow and has no dependents. She has an annual mandatory contribution of P 47,351 (GSIS, PhilHealth, and Pag-Ibig). What are the important information that you need to consider in computing for the tax due? How much is her annual income tax due?
y Best Buy® Visa... S Next 2/
In 2013, workers earned one credit towards Social Security for every $1,160 in earnings, up to a maximum of four credits per year. Jeni earns $4,350 per year at her part-time job. At this rate, how long will it take her to be eligible for Social Security benefits? Answers A.11 years B.10 years C.15 years D.14 years
Solve the problem using 6.2%, up to $128,400 for Social Security tax and using 1.45%, no wage limit, for Medicare tax. Calculate the monthly Social Security and Medicare withholdings (in $) for the employee as the payroll manager for a cargo and freight company. (Round your answers to the nearest cent.) Employee Year-to-DateEarnings Current Month Social Security Medicare Andretti, K. $141,000 $12,850
************* LaMont works for a company in downtown Chicago. The company encourages employees to use public transportation (to save the environment) by providing them with transit passes at a cost of $283 per month. a. If LaMont receives one pass (worth $283) each month, how much of this benefit must he include in his gross income each year? Transit pass benefit to be included in gross income Show Transcribed Text b. If the company provides each employee with $283 per month in parking benefits, how much of the parking benefit must LaMont include in his gross income each year? Parking benefit to be included in gross income
1. Payroll. Lorna Chavez is a line manager of Sunday Machine Works and is receiving a monthly salary of P30,000. She is the head of the family with two dependents. She got a cash advance of P1,500 on March 20 to be deducted from her take home pay on March 31. a) How much is her monthly net taxable income? b) How much is her take home pay as at March 15? March 31? Use the SS contribution rate of 4%, 2.75% for Philhealth, 2% of P5,000 for Pag-ibig. Gross Pay Less SS Semi monthly taxable income Less Withholding tax PH SS for half month Philhealth for half month Pag-ibig for half month Net earnings (take home pay) PxXx (xx) (xx) (xx) Pxx / 2 Pxx Use the Semi-monthly Withholding Tax Table Column 2. Pag-ibig Net Monthly Taxable Income Semi-monthly Taxable Income Pxx (xx) (xx) (xx) (xx) Prx
Required information [The following information applies to the questions displayed below.] Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start- up company. What amount of child and dependent care credit can Julie claim in 2021 in each of the following alternative scenarios? Use Exhibit 8-10 a. Julie paid $2,500 to the day care center and her AGI is $51,000 (all salary). Child and dependent care credit S 1.040 b. Julle paid $6,250 to the day care center and her AGI is $51,000 (all salary). Child and dependent care credit S 2,600 X c. Julle paid $6,500 to the day care center and her AGI IS $125,300 (all salary). Child and dependent care credit d. Julie paid $4,500 to the day care center and her AGI is $400,300 (all salary). Child and dependent care credit e. Julle paid $6,500 to the day care center and her AGI is $14,000 ($4,500 salary and $9,500 unearned Income). Child and dependent care credit