Question 18Sean was negotiating his salary and benefit package with South Beach Hospital. First, South Beach offered Sean asalary of $75,000. Sean and his wife, Rachelle, had a baby last year and were paying $2,000 per month for day carecosts. Assume their daycare costs have no tax benefit, Knowing the hospital had an onsite daycare, Sean asked SouthBeach for a salary of $60,000 and fully paid daycare at their on-site daycare. If Sean and Rachelle are in the 25% taxbracket, what is their after-tax savings per year if South Beach agrees to Sean's request?C A) $6,750C B) $24,000C C) $12,75soC D) $18,750

In this question, the First offer is when sean has been offered a salary of $75,000 per year, but…

Answered: Sean was negotiating his salary and…

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter11: Planning For Health Care Expenses

Section: Chapter Questions

Problem 3FPC

See similar textbooks

Similar questions

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 e. Julie paid $5,300 to the day care center and her AGI is $14,000 ($3,300 salary and $10,700 unearned income). Child and dependent care credit
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 c. Julie paid $5,300 to the day care center and her AGI is $126,200 (all salary). Child nd dependent care credit
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 d. Julie paid $3,300 to the day care center and her AGI is $401,200 (all salary). Child and dependent care credit
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
Rhonda Brennan found her first job after graduating from college through the classifieds of the Miami Herald. She was delighted wher the offer came through at $16.20 per hour. She completed her W-4 stating that she is married with a child and claims an allowance of 3. Her company will pay her biweekly for 80 hours (assume a tax rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare). Calculate her take-home pay for her first check. (Use Table 9.1 and Table 9.2) (Round your answer to the nearest cent.) Net pay
LaMont works for a company in downtown Chicago. The firm encourages employees to use public transportation (to save the environment) by providing them with transit passes at a cost of $270 per month. a. If LaMont receives one pass (worth $270) each month, how much of this benefit must he include in his gross income each year? b. If the company provides each employee with $270 per month in parking benefits, how much of the parking benefit must LaMont include in his gross income each year?
Use Exhibit 14.2 to estimate the average Social Security benefits for a retired couple. Assume that one spouse has a part-time job that pays $28,000 a year, and that this person also receives another $47,000 a year from a company pension. Assume, that the earnings limit was $17,040 per year. Also assume for Social Security benefits the recipients are aged below 67 and will lose $1 in benefits for every $2 they earn above the earnings test amount. Also assume that they would have to pay taxes of 50% on a combined income between $32,000 and $44,000, of their Social Security benefits. If their combined income is more than $44,000, up to 85% of their Social Security benefits is subject to income tax. Round your answer to the nearest dollar.$ __________ Based on current policies, would this couple be liable for any tax on their Social Security income?-Select: YES or NO
Rhonda Brennan found her first job after graduating from college through the classifieds of the Miami Herald. She was delighted when the offer came through at $18.50 per hour. She completed her W-4 stating that she is married with a child and claims an allowance of 3. Her company will pay her biweekly for 80 hours (assume a tax rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare).Calculate her take-home pay for her first check. (Use Table 9.1 and Table 9.2) (Round your answer to the nearest cent.)
Judi Pendergrass is an account representative at Ever Pharmaceuticals. She has a company car for customer visits, which she uses to commute from home to work on Monday mornings and work to home on Friday nights, 50 weeks per year. Her commute is 23 miles each direction. Required:Using the commuting rule, what is the valuation of the fringe benefit? Value of fringe benefit
You have been hired as a benefit consultant by Jean Honore, the owner of Pina Angels. She wants to establish a retirement plan for herself and her three employees. Jean has provided the following information. The retirement plan is to be based upon annual salary for the last year before retirement and is to provide 50% of Jean's last-year annual salary and 40% of the last-year annual salary for each employee. The plan will make annual payments at the beginning of each year for 20 years from the date of retirement. Jean wishes to fund the plan by making 15 annual deposits beginning January 1, 2025. Invested funds will earn 11% compounded annually. Information about plan participants as of January 1, 2025, is as follows. Jean Honore, owner: Current annual salary of $51,900; estimated retirement date January 1, 2050. Colin Davis, flower arranger: Current annual salary of $37,230; estimated retirement date January 1, 2055. Anita Baker, sales clerk: Current annual salary of $19,700;…
You have been hired as a benefit consultant by Jean Honore, the owner of Sweet Angels. She wants to establish a retirement plan for herself and her three employees. Jean has provided the following information. The retirement plan is to be based upon annual salary for the last year before retirement and is to provide 50% of Jean's last-year annual salary and 40% of the last-year annual salary for each employee. The plan will make annual payments at the beginning of each year for 20 years from the date of retirement. Jean wishes to fund the plan by making 15 annual deposits beginning January 1, 2025. Invested funds will earn 11% compounded annually. Information about plan participants as of January 1, 2025, is as follows. Jean Honore, owner: Current annual salary of $49,990; estimated retirement date January 1, 2050. Colin Davis, flower arranger: Current annual salary of $37.190; estimated retirement date January 1, 2055. Anita Baker, sales clerk: Current annual salary of $20,900;…
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? a. Julie paid $2,000 to the day care center and her AGI is $50,000 (all salary). b. Julie paid $10,000 to the day care center and her AGI is $50,000 (all salary). c. Julie paid $4,000 to the day care center and her AGI is $127,000 (all salary). d. Julie paid $2,000 to the day care center and her AGI is $402,000 (all salary). e. Julie paid $4,000 to the day care center and her AGI is $14,000 ($2,000 salary and $12,000 unearned income).

SEE MORE QUESTIONS

Recommended textbooks for you

Personal Finance

Finance

ISBN:

9781337669214

Author:

GARMAN

Publisher:

Cengage

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

Accounting

ISBN:

9780357110362

Author:

Murphy

Publisher:

CENGAGE L

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

Personal Finance

Finance

ISBN:

9781337669214

Author:

GARMAN

Publisher:

Cengage

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

Accounting

ISBN:

9780357110362

Author:

Murphy

Publisher:

CENGAGE L

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

Pfin (with Mindtap, 1 Term Printed Access Card) (…

Finance

ISBN:

9780357033609

Author:

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

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS