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BaLLatris [955]
2 years ago
11

A 401(k) plan and the nonprofit equivalent, called a 403(b) plan, are______ reduction plans that reduce your salary by the amoun

t of your contributions and result in a lower current tax liability. quizlet
Business
1 answer:
castortr0y [4]2 years ago
3 0

A 401(k) plan and the nonprofit equivalent, called a 403(b) plan, are salary reduction plans that reduce your salary by the number of your contributions and result in a lower current tax liability. This is further explained below.

<h3>What is tax liability?</h3>

Generally, Both a 401(k) plan and its counterpart for nonprofit organizations, known as a 403(b) plan, are types of salary reduction plans. These programs cut your pay by an amount equal to the number of contributions you make and result in a reduced tax burden for the current year.

In conclusion, Your financial obligation to the government in the form of taxes is referred to as your tax liability. It is the entire amount of money that you are required to pay to the government as part of your obligation to pay income tax on profits such as salary, business, interest on income from investments, capital gains, and prizes from lottery tickets.

Read more about tax liability.

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Answer:

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Explanation:

1) Calculation for Work in Process Inventory at

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2) Calculation for Finished Goods Inventory at

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3) Calculation for Gross Profit

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3 years ago
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strojnjashka [21]

Answer:

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This also represented in the figure given below.

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2 years ago
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