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3 years ago

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

1 answer:

3 0

Answer: Decrease your take-home pay and decrease your federal income taxes in the current year. A 401k allows you to deduct earnings from your current income, and put that money in an account that cannot be opened until around retirement. The money put into a 401k, and the returns earned on that money through interest or investments, is not taxed as income until you take it out after retirement. This means that, when you put some of your earnings in a 401k, your take-home pay is lower for that year (you can't spend that money) and your income tax is reduced.

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As of January 1 of the current year, Kane owned all the 100 issued shares of Manning Corp., a calendar

aliina [53]

Answer:

A) $56,750

Explanation:

Since Manning's ownership changed during the year, it must allocate income differently for the first 40 days than the remaining 325.

Kane should report the following income:

100% income form Manning x 40/365 = $73,000 x 40/365 = $8,000
75% income from Manning x 325/365 = $73,000 x 75% x 325/365 = $48,750
total income allocated to Kane = $8,000 + $48,750 = $56,750

5 0

3 years ago

Ames, Inc., has $1 million of notes payable due June 15, Year 2. At the financial statement date of December 31, Year 1, Ames si

Delvig [45]

Answer: B. $40,000, $960,000

Explanation:

The long term obligation will be 80% of the collateral value which will be:

= 80% × $1.2 million

= 0.8 × $1,200,000

= $960,000.

Therefore, the short term obligation will be:

= $1,000,000 - $960,000

= $40,000

7 0

3 years ago

Globalization can create more opportunities for marketers but along with that comes more pressure because they must take into ac

blondinia [14]

Globalization can create more opportunities for marketers but along with that comes more pressure because they must take into account T<u>hey will standardize them whenever possible.</u>

<h3>What is Globalization?</h3>

The contact and integration of people, businesses, and governments around the globe is known as globalization (Commonwealth English; see spelling variations). Since the 18th century, globalization has accelerated due to advancements in communications and transportation technologies. The expansion of international trade and the sharing of ideas, beliefs, and cultures are both results of the increase in global relationships. The main function of globalization is an economic process of connection and integration that has social and cultural components. However, the history of globalization and contemporary globalization both include significant amounts of disagreements and international diplomacy.

Globalization affects the economy in terms of commodities, services, information, technology, and financial resources. The opening up of international marketplaces has a liberating effect on trade in products and money.

To learn more bout Globalization from the given link:\

brainly.com/question/17863739

#SPJ4

8 0

2 years ago

Suppose a new technology makes it possible to perfectly predict the weather on your computer. As a result, there isn't as much o

Zinaida [17]

Answer:

demand of

Fall

decrease

Explanation:

Here are the options to this question:

1.expect the (supply of/ demand of )

2.forecasters to (increase/ decrease)

3. weather forecasters to (decrease/ increase)

The new technology would reduce the need for weather forecasters. So t.v. stations and radios would no longer employ weather forecasters and might even lay off some forecasters. So the demand for forecasters would fall.

Due to the reduced demand for forecasters, there would be a large number of unemployed forecasters with no one willing to employ them. This would lead them to a reduction in their salary. When supply exceeds demand, prices fall.

I hope my answer helps you

6 0

4 years ago

Flint Suppliers reported cost of goods sold for 2017 of $880,000 and retained earnings of $1,230,000 at December 31, 2017. Flint

Sonbull [250]

Answer:

corrected amounts cost of goods sold = $916500

corrected amounts Retained Earnings = $1159000

Explanation:

given data

cost of goods sold = $880,000

retained earnings = $1,230,000

ending inventories 2016 = $34,500

ending inventories 2017 = $71,000

to find out

corrected amounts cost of goods sold and retained earnings

solution

we get here first corrected amounts for 2017 cost of goods sold will be here as

corrected amounts cost of goods sold = cost of goods sold - ending inventories 2016 + ending inventories 2017 .........1

corrected amounts cost of goods sold = $880,000 - $34,500 + $71,000

corrected amounts cost of goods sold = $916500

and now we get corrected amounts Retained Earnings that will be as

corrected amounts Retained Earnings = retained earnings - ending inventories 2017

corrected amounts Retained Earnings = $1,230,000 - $71,000

corrected amounts Retained Earnings = $1159000

8 0

3 years ago

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

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