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Nookie1986 [14]
3 years ago
13

. Increasing your 401k deduction will ________ your take-home pay and __________ your federal taxes in the current year

Business
2 answers:
Fittoniya [83]3 years ago
7 0
I believe the answer is: <span>decrease/decrease

two facts about 401k are:

- It directly deducted from the amount of salary that you receive from your workplace, which would reduce your take home pay.

- The tax rate that you should pay is multiplied by your net income. When your income is deducted through 401k, the amount of your net income would be reduced along with your tax payment.
</span>
tatyana61 [14]3 years ago
7 0
Boosting 401k contribution is a good saving plan for retirement. If you increase your 401k contribution, then you will be able to save more and will decrease your take-home pay. This not only boosts saving but also affects the federal taxes int he current year. It can also get with held for your federal and state taxes.
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A seller wants to sell her existing house and owes $290,000 on mortgage. At closing of the sale she will pay $1,400 in closing c
mote1985 [20]

Answer:

$ 363,880

Explanation:

The seller must cover the mortgage, closing costs, and brokerage fee. Once these expenses are covered, the down payment is added. This adds the minimum amount for the house price.

Mortgage      290,000  

Closing costs            1,400

Brokerage fee       <u>  17,400</u> (6% * 290,000)

<h3>Total Expenses 308,800</h3>

Down payment       <u>   55,000</u>

<h3><u>Minimun price</u>    363,880</h3>
6 0
3 years ago
Morris Company applies overhead based on direct labor costs. For the current year, Morris Company estimated total overhead costs
Mekhanik [1.2K]

Answer:

Overhead absorption rate

= <u>Budgeted overhead </u>               x 100

  Budgeted direct labour cost

= <u>$400,000 </u>        x 100

   $2,000,000

= 20% of direct labour cost

Overhead applied

= 20% x $1,800,000

= $360,000

The balance in the factory overhead account is $360,000 debit

The correct answer is B

Explanation:

In this case, we need to calculate the overhead application rate, which is the ratio of budgeted overhead to budgeted direct labour cost multiplied by 100. Overhead applied is calculated as overhead application rate multiplied by actual direct labour cost.

6 0
3 years ago
Cardinal Industries purchased a generator that cost $11,000. It has an estimated life of five years and a residual value of $1,0
gogolik [260]

Answer:

2080 dollars

Explanation:

Given that Cardinal Industries purchased a generator that cost $11,000

cost of generator = 11000

Estimated life       = 5 years

Residual value     =1000

Hours                    =5000

Depreciation per unit hour = (Cost - residual value)/total lifetime hours

=\frac{11000-1000}{5000} \\=2

For first year the generator was used for 1,040 hours.

Hence depreciation to be charged in I year

= 1040(2)\\=2080

answer is 2080 dollars.

3 0
3 years ago
. One of the goals you have set for your company is "to expand our product line." This statement is A. a slow-growth option. B.
mr Goodwill [35]
The statement in above describes the choice letter B, which can be considered as the correct answer. It is considered to be not clear and not measurable because the statement does not provide the exact or clear information. It does not state in which or what way will the expanding of the product line be.
3 0
3 years ago
Read 2 more answers
The supervisor of a Health Information Management department has aspirations of becoming the HIM director. She works very long h
mrs_skeptik [129]

Answer:

Delegating skills

Explanation:

Delegation is a managerial skill that would allow the supervisor get results, manage time, develop the people working under her as subordinates, building their morale in the process, and achieving greater success for the health management information department.

It involves assigning duties or tasks to be completed by others even though she still maintains responsibility. Delegating tasks can make subordinates more creative

5 0
2 years ago
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