The manager of Wildhorse is given a bonus based on net income before taxes. The net income after taxes is $64430 for FIFO and $53300 for LIFO. The tax rate is 30%. The bonus rate is 20%. How much higher is the manager's bonus if FIFO is adopted instead of LIFO? $22260 $11130 $3180

Sheehan works for Andy Company and is a superior sales guy. His total compensation this year is $600,000. Andy sponsors an integrated profit sharing plan with a base percentage of 5.5% and a maximum excess percentage. It uses the current wage base as the integration level. How much will the company contribute for Sheehan for 2019? Select one: $15,125 $23,491 $23,785 $56,000

Required information Use the following information for the Exercises below. (Algo) Skip to question   [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee.    Gross Pay through August 31 Gross Pay for September a. $ 6,400 $ 1,700 b. 2,700 2,800 c. 133,300 9,900   Exercise 11-8 (Algo) Payroll-related journal entries LO P2 Assuming situation (a), prepare the employer’s September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee’s federal income taxes withheld by the employer are $60 for this pay period.

Suppose two workers earn labor incomes of $20,000 per year in each of two tax accounting periods. One worker saves 20% of her labor earnings in the first period and spends all of her savings and accumulated interest in the final period. The other worker never saves any of her labor earnings. The market rate of interest is 10%.' a. Calculate the discounted present value of taxes paid over the two periods for each of the workers under a 15% comprehensive income tax. b. Calculate the discounted present value of taxes paid over the two periods under a comprehensive consumption tax. c. Comment on the equity and efficiency aspects of each of the two taxes.

Bill Mason is considering two job offers. Job 1 pays a salary of $41,900 with $4,875 of nontaxable employee benefits. Job 2 pays a salary of $40,000 and $6,530 of nontaxable benefits. Use a 28 percent tax rate. a. Calculate the monetary value of each job. b. Which position would have the higher monetary value? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the monetary value of each job. Note: Round your final answers to the nearest whole number. Monetary Value Job 1 Job 2

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Deductible Commission Salesperson Expenses - Example 4 Barton Ho is a commission salesperson. During the current year, in addition to his salary of $92,500, he earns and receives $34,700 in commissions. His costs for advertising were $12,200 and, in addition, he spent $6,400 on client entertainment. Because of the extensive travel required by his work, his travel accommodation costs totaled $16,100. Mr. Ho paid $5,000 for a sports club membership where he regularly entertains clients. He is required to pay his own expenses and does not receive any allowance from his employer. What is Mr. Ho's maximum expense deduction for the current year? Show your calculations.

The manager of Pharoah is given a bonus based on net income before taxes. The net income after taxes is $75980 for FIFO and $64500 for LIFO. The tax rate is 30%. The bonus rate is 20%. How much higher is the manager's bonus if FIFO is adopted instead of LIFO?

Po 27.

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