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In: Accounting
JDD Corporation provides the following benefits to its employee, Ahmed (age 47): Salary &
|
JDD Corporation provides the following benefits to its employee, Ahmed (age 47):
Assume the life insurance is a group-term life insurance policy that provides $200,000 of coverage for Ahmed. What is the total amount of taxable wages and benefits? |
Solutions
ekkarill92 answered 1 year agoRelated Solutions
JDD Corporation provides the following benefits to its employee, Ahmed (age 47): Salary  
JDD Corporation provides the following benefits to its employee,
Ahmed (age 47):
Salary $310,000
Health
insurance:
$10,000
Dental
insurance:
$2,000
Life
insurance:
$3,000
Dependent
care: $5,000
Professional
dues:
$500
Personal use of company
jet: $200,000
Assume the life insurance is a group-term life insurance policy
that provides $200,000 of coverage for Ahmed. What is the total
amount of taxable wages and benefits?
JDD Corporation provides the , following benefits to its employee, Ahmed (age 47): Salary $320,000, Health...
JDD Corporation provides the , following benefits to its
employee, Ahmed (age 47): Salary $320,000, Health isurance
$100,000, Dental $2,000, Life Insurance 3,000, Dependent Care
$5,000, Professional dues $500, Personal use of company jet
$200,000. Assume the life insurance is a group term, life insurance
policy that provides $200,000 of coverage for Ahmed. What is the
total amount of taxable wages and benefits?
JDD Corporation provides the following benefits to its employee, Ahmed (age 48): Salary $ 326,000 Health...
JDD Corporation provides the following benefits
to its employee, Ahmed (age 48):
Salary
$
326,000
Health
insurance
15,000
Dental
insurance
2,700
Life
insurance
3,900
Dependent
care
4,700
Professional
dues
1,460
Personal use of
company jet
279,000
Assume the life insurance is a group-term life insurance policy
that provides $288,000 of coverage for Ahmed. (Use EXHIBIT
12-8.)
Assuming Ahmed is subject to a marginal tax rate of 32 percent,
what is his after-tax benefit of receiving each of these benefits
(ignoring...
JDD Corporation provides the following benefits to its employee, Ahmed (age 37): Salary $ 366,000 Health...
JDD Corporation provides the following benefits
to its employee, Ahmed (age 37):
Salary
$
366,000
Health insurance
15,100
Dental insurance
3,300
Life insurance
3,000
Dependent care
5,000
Professional dues
1,420
Personal use of company jet
205,000
Assume the life insurance is a group-term life insurance policy
that provides $243,000 of coverage for Ahmed. (Use EXHIBIT
12-10.)
a. Assuming Ahmed is subject to a marginal tax
rate of 30 percent, what is his after-tax benefit of receiving each
of these benefits...
JDD Corporation provides the following benefits to its employee, Ahmed (age 26): Salary $ 323,000 Health...
JDD Corporation provides the following benefits
to its employee, Ahmed (age 26):
Salary
$
323,000
Health insurance
12,500
Dental insurance
3,900
Life insurance
5,400
Dependent care
4,400
Professional dues
1,380
Personal use of company jet
278,000
Assume the life insurance is a group-term life insurance policy
that provides $226,000 of coverage for Ahmed. (Use EXHIBIT
12-10.)
a. Assuming Ahmed is subject to a marginal tax
rate of 30 percent, what is his after-tax benefit of receiving each
of these benefits...
JDD Corporation provides the following benefits to its employee, Ahmed (age 26): Salary $ 323,000 Health...
JDD Corporation provides the following benefits
to its employee, Ahmed (age 26):
Salary
$
323,000
Health insurance
12,500
Dental insurance
3,900
Life insurance
5,400
Dependent care
4,400
Professional dues
1,380
Personal use of company jet
278,000
Assume the life insurance is a group-term life insurance policy
that provides $226,000 of coverage for Ahmed. (Use EXHIBIT
12-10.)
a. Assuming Ahmed is subject to a marginal tax
rate of 30 percent, what is his after-tax benefit of receiving each
of these benefits...
Sparrow Corporation would like you to review its employee fringe benefits program with regard to the...
Sparrow Corporation would like you to review its employee fringe
benefits program with regard to the tax consequences of the plan
for the company's president (Polly), who is also the majority
shareholder.
For the following items, indicate what amount, if any, is
included in Polly's gross income.
If an amount is zero, enter "0".
a.
The company has a qualified retirement plan. The company pays
the cost of employees attending a retirement planning seminar. The
employee must be within 10...
Ahmed Corporation makes a mechanical stuffed alligator. The following information is available for Ahmed Corporation's expected...
Ahmed Corporation makes a mechanical stuffed alligator. The following information is available for Ahmed Corporation's expected annual volume of 500,000 units: Per UnitTotalDirect materials$14Direct labour9Variable manufacturing overhead11Fixed manufacturing overhead$325,000Variable selling and administrative expenses5Fixed selling and administrative expenses175,000The company has a desired ROI of 40%. It has invested assets of $23,200,000. Calculate the total cost per unit. (Round answer to 2 decimal places, e.g. 15.25.) Total cost per unit $_______ Calculate the desired ROI per unit. (Round answer to 2 decimal places, e.g. 15.25.) Desired ROI...
Ahmed Corporation makes a mechanical stuffed alligator. The following information is available for Ahmed Corporation’s expected...
Ahmed Corporation makes a mechanical stuffed alligator. The
following information is available for Ahmed Corporation’s expected
annual volume of 500,000 units:
Per Unit
Total
Direct materials
$10
Direct labour
8
Variable manufacturing
overhead
15
Fixed manufacturing
overhead
$400,000
Variable selling and
administrative expenses
7
Fixed selling and administrative
expenses
180,000
The company has a desired ROI of 40%. It has invested assets of
$24,600,000.
1)Using absorption-cost pricing, calculate the markup
percentage. (Round answer to 2 decimal places, e.g.
15.25%.)
2)Using...
Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of...
Kip Bowman is owner and sole employee of KB Corporation. He pays
himself a salary of $1,500 each week.
Additional tax information
includes:
FICA tax—OASDI
6.2% on first $132,900
FICA tax—HI
1.45% on total pay
Federal income tax
$232.00 per pay
State income tax
22% of the federal income tax withholding
Federal unemployment tax
0.6% on first $7,000
State unemployment tax
0.05% on first $14,000
Additional payroll deductions
include:
401(k) plan
3% per pay
Child support garnishment
$100 per pay...
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