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Assoli18 [71]
3 years ago
7

ssume the following: Gross salary = $120,000 Employee contributions to 401-K = $12,000 Employer match to 401-K = $5,000 Flexible

spending account savings = $2,000 Health insurance premiums paid by employee = $3,000 Health insurance paid directly by employer = $8,000 What is the W-2 taxable income?
Business
1 answer:
natita [175]3 years ago
6 0

Answer:

$103,000

Explanation:

W-2 taxable income = gross salary - employee contributions to 401-K - flexible spending account savings - health insurance paid by employee

W-2 taxable income = $120,000 - $12,000 - $2,000 - $3,000 = $103,000

Form W-2 records all the employee's taxable income including wages, salary, tips, bonuses, and other taxable compensation. It also includes all the deductibles that employees can make including 401-K contributions, health premiums and flexible spending accounts.

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If an organization under a compliance law is not in compliance, how critical is it for your organization to mitigate this noncom
serg [7]

Answer:

It is a very critical factor for companies to comply with what the Occupational Risk Prevention law says. Companies are responsible for achieving a safe work environment, and all the sanctions will fall on them if they fail to comply with appropriate security measures, such as an economic, criminal or civil sanction, depending on each situation

Explanation:

The Law on Occupational Risk Prevention aims to guarantee safety and health in the workplace, by complying with certain labor measures. The worker can have a civil responsibility in case of not acting correctly, and will have to answer for it legally if it causes damage to third parties. However, it is finally the company that must respond even when workers cease to comply with their safety obligations.

A good prevention reduces the risk of endangering the integrity of workers. On the other hand, there are various sanctions against companies that do not comply with these measures, the most important is the economic damage, which should be avoided. In more serious cases, criminal or civil liability could also exist, but it would depend on the situation

4 0
3 years ago
What are two characteristics of a credit union??
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4 0
3 years ago
Greiner, Inc., a calendar year S Corporation, holds no AEP. During the year, Chad, an individual Greiner shareholder, receives a
Likurg_2 [28]

Answer:

The long term capital gain= $30000-$25000

The long term capital gain= $5000

The basis in stock will be zero after the distribution.

Explanation:

Step 1 of 3

Tax treatment of amount distributed to shareholders:

The amount received as distribution to a shareholder under S Corporation is equal to the cash and fair market value of property distributed. The distribution is considered as tax-free to the limit that it does not exceed shareholder’s basis in the company’s stock. Any amount received in excess of basis will be treated as capital gain.

Step 2 of 3

However, taxation depends whether S Corporation has ever been a C Company or it posses’ accumulated earnings and profits. If it was never a C Corporation or doesn’t holds AEP then distribution equals to basis of share in S Corporation is a tax free gain for shareholder. Gain over and above basis is taxed as capital gains.

Step 3 of 3

In the given problem, C is a shareholder in S Corporation. He receives $30,000 as cash distribution. His basis in stock is $25,000. The distribution up to basis of stock is tax free distribution and above that is charged to capital gains. It is as follows-

Thus, capital gain of  is taxable in hands of C. His basis in S Corporation will reduced to zero as entire distribution is over and above basis of his stock.

3 0
3 years ago
Assume (1) a predetermined overhead rate of $8.00 per machine-hour, (2) actual machine-hours worked during the period of 54,000
rodikova [14]

Answer:

Allocated MOH= $432,000

Explanation:

Giving the following information:

Predetermined overhead rate of $8.00 per machine-hour

Actual machine-hours worked= 54,000 hours

<u>To calculate the allocated overhead, we need to use the following formula:</u>

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 8*54,000

Allocated MOH= $432,000

7 0
3 years ago
What information does a target cost-per-acquisition (cpa) bid strategy need in order to find the optimal cost-per-click (cpc) bi
Butoxors [25]
They would need historical conversion data because using this allows you to find the optimal equivalent bid each time your ad is eligible to appear.  Even though you pay per click, you don't need to continuously adjust the bid to reach your conversion target
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