Question
In: Accounting
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 FICA taxes)
Solutions
ekkarill92 answered 3 years agoRelated Solutions
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...
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 47): Salary &
JDD Corporation provides the following benefits to its employee,
Ahmed (age 47):
Salary
$280,000
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  
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?
George Clausen (age 48) is employed by Kline Company and is paid a salary of $42,744....
George Clausen (age 48) is employed by Kline Company and is paid
a salary of $42,744. He has just decided to join the company's
Simple Retirement Account (IRA form) and has a few questions.
Answer the following for Clausen: a. What is the maximum that he
can contribute into this retirement fund? $ b. What would be the
company's contribution? $ c. What would be his weekly take-home pay
if he contributes the maximum allowed retirement contribution
(married, 2 allowances,...
George Clausen (age 48) is employed by Kline Company and is paid an annual salary of...
George Clausen (age 48) is employed by Kline Company and is paid
an annual salary of $42,640. He has just decided to join the
company's Simple Retirement Account (IRA form) and has a few
questions. Answer the following for Clausen: Round your
answer to the nearest cent.
a. What is the maximum that he can contribute
into this retirement fund?
$
b. What would be the company's
contribution?
$
Note: For items c. & d. below, round
interim amounts to...
George Clausen (age 48) is employed by Kline Company and is paid an annual salary of...
George Clausen (age 48) is employed by Kline Company and is paid
an annual salary of $42,640. He has just decided to join the
company's Simple Retirement Account (IRA form) and has a few
questions. Answer the following for Clausen: Round your
answer to the nearest cent. (For wages paid through December 2019
wage-bracket)
a. What is the maximum that he
can contribute into this retirement fund?
$13,000 (correct)
b. What would be the company's
contribution?
$1279.20 (correct)
Note: For...
Marko Inc. provides the following information related to its post-retirement health care benefits for the year...
Marko Inc. provides the following information related to its
post-retirement health care benefits for the year 2018 (amounts in
thousands of Canadian dollars): Defined post-retirement benefit
obligation at January 1, 2018 - $100,000 Plan assets, January 1,
2018 - 40,000 Actual return on plan assets, 2018 - 3,000 Discount
rate- 10% Service cost,2018 - 57,000
Plan funding during 2018 - 22,000
Payments from plan to retirees during 2018 - 6,000 Actuarial
loss on defined post-retirement benefit obligation, 2018 (end of...
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