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Svetach [21]
3 years ago
12

Ed died while employed by Violet Company. His wife collected $40,000 on a group term life insurance policy that Violet provided

its employees, and $6,000 of accrued salary Ed had earned prior to his death. All of the premiums on the group term life insurance policy were excluded from the Ed’s gross income. Ed’s wife is required to recognize as gross income only the $6,000 she received for the accrued salary. True or False?
Business
1 answer:
Contact [7]3 years ago
4 0

Answer:

TRUE

Explanation:

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M Corp. has an employee benefit plan for compensated absences that gives each employee 15 paid vacation days. Vacation days can
kicyunya [14]

Answer:

$27,600

Explanation:

Here, at the end of December 2021, M's unadjusted balance of liability towards vacation days are found to be 200 Days. And also provided that, on an average, each employee will earn $138 per day.

The amount of Liability for compensated absences in M Corporation = 200 Days * $138 per day = $27,600

3 0
3 years ago
The Phillips family has a joint gross monthly income of $11,300. The $499 lease payment for their car expires in four months. A
Vladimir79 [104]

Answer:

24%

Explanation:

Calculation to determine their housing ratio

Using this formula

Housing ratio= Housing expenses / Gross monthly income

Let plug in the formula

Housing ratio= $2,700/ $11,300

Housing ratio= 24%

Therefore their housing ratio is 24%

8 0
2 years ago
The ratio of the number of companies offering both a stock-options incentive and one of the benefits listed to the number of com
Elis [28]

Answer:

D. Tuition

Explanation:

D. Tuition

7 0
3 years ago
Tate's annual salary is $36,460 paid twice each month. How much is
Kazeer [188]

Answer:

$93

Explanation:

Social security tax is a constant figure of 6.2% for each paycheck.

Tate's annual pay is $36,000. If she is paid twice per month, it means she has 24 paychecks. ( 12 months x 2 payments).

For each payment, she receives, $36,000 divide by 24 paychecks

=$36,000 /24

=$1500

Amount withheld for each paycheck is

=6.2% of $1500

=6.2/100 x 1500

=0.062  X 1500

=$93

8 0
3 years ago
Mark Johnson saves a fixed percentage of his salary at the end of each year. This year he saved $2,000. For each of the next 5 y
adell [148]

Answer:

The correct answer is:

$17,437.28

Explanation:

First of all, let us lay out the particulars that will aid us in our calculations:

Amount saved in year 1 = $2000

Number of years saved in total = 6 years

annual rate of savings increase = 10% increase on the amount for that year to the next year

Annual return on investment = 13%.

Next, let us calculate the 10% increase in savings from years 2 to 6.

Year 1 investment = $ 2000

Year 2 investment = Year 1 saving + 10% of year one saving

hence, investment 2 saving = 2000 + (10/100 × 2000) = 2000 + (0.1 × 2000)

Year 2 investment = 2000 +200 = $2,200.

Year 3 investment = year 2 saving + (0.1 × year 2 saving) = 2200 + (0.1 × 2200)

year 3 investment = 2200 + 220 = $2,420

Year 4 investment = 2420 + (0.1 × 2420) = 2420 + 242 = $2,662

Year 5 investment = 2662 + (0.1 × 2662) = 2662 + 266.2 = $2928.2

Year 6 investment = 2928.2 + (0.1 × 2928.2) = 2928.2 + 292.82 = $3,221.02

Next, let us create a table to show the total amount for each year.

Note, to determine the 13% annual investment return on each year:

13% = 13/100 = 0.13. So, we will multiply the investment for each year with 0.13 to get the annual investment. It is shown hence:

Year   Investment (I) ($)   Annual return (AR) ($)    Total amount (I + AR) ($)

1             2000                   260                                     2260

2            2200                   286                                     2486

3            2420                   314.6                                   2734.6

4            2662                   346.06                               3008.06

5            2928.2                380.67                               3308.87

6            3221.02               418.73                                3639.75

Total                                                                             17,437.28    

                     

Therefore, at the end of 6 years mark would have $17,437.28 (approx. $17,437)

3 0
3 years ago
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