1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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.

You might be interested in
If a company purchases plastic that they will melt and form into milk jugs that they will then sell to milk plants, the cost of
Alinara [238K]

Answer:

D : cost of goods sold

Explanation:

The plastic are used to build the milk jugs that are used to sell milk . So  the cost of them is part of the goods sold since withouth the sell of the milk , the jugs won't exist

6 0
3 years ago
A currency drain occurs when
gogolik [260]

Answer:

The correct answer is: non-bank public increases its holdings of currency outside the banking system.

Explanation:

A currency drain refers to the situation where there is an increase in currency held outside the banking system. When the public holds more money outside the banking system, it reduces the total reserves of the banks. The excess reserves get reduced as well.

The currency gets drained from the banking system, so banks can create less money. This causes a reduction in the money supply.

5 0
3 years ago
A[n] ___________ is a promise or set of promises for the breach of which the law gives a remedy or the performance of which the
Phoenix [80]

Contract.

A contract is a legally binding agreement  that controls the rights and responsibilities of the parties who agree to it.

5 0
3 years ago
If inputs increase by 15% and outputs increase by 15%, what is the percentage change in productivity?
scoray [572]

Answer:

0%

Explanation:

If input increase by 15% and output increase by 15% then the equation for productivity will be

Input = 100% + 15% = 115%

Output = 100% + 15% = 115%

productivety =\frac{Outpu t }{Inpu t}

productivety=\frac{1.15}{1.15}

productivty = 1

Percentage change = 1-1

Percentage change = 0%

If both Output and input is increased by the same amount the results will be the same

6 0
3 years ago
Item 3Item 3 Cutter Enterprises purchased equipment for $87,000 on January 1, 2018. The equipment is expected to have a five-yea
Rus_ich [418]

Answer:

$27,400 and $59,600

Explanation:

The computation of the depreciation expense and the book value using the sum of-the-years'-digits method is shown below:

Depreciation expense is

= (Purchase cost - residual value) × useful life ÷ sum of years

= ($87,000 - $4,800) × 5 years ÷ (5 + 4 + 3 + 2 + 1)

= $27,400

And, the book value is

= Purchase cost - depreciation expense

= $87,000 - $27,400

= $59,600

8 0
3 years ago
Other questions:
  • _______ is used to analyze and summarize your data without graphical support.
    12·2 answers
  • Journalize the following foregoing transactions of the buyer, assuming that the company uses the perpetual inventory system. Ref
    14·1 answer
  • Hawk-Dove (or Chicken) (t = tough, c = concede)
    14·1 answer
  • In Section 7, the word warranty is best defined as A) a contract between USATestPrep and its Customers. B) a guarantee of any pa
    7·2 answers
  • The contract will be awarded to ____ meets our qualifications. whomever whoever
    14·1 answer
  • Puget Sound Divers is a company that provides diving services such as underwater ship repairs to clients in the Puget Sound area
    15·1 answer
  • How might taxes have an impact on your financial plan?
    5·1 answer
  • Which option should be used to commit a record in an Access table?
    14·1 answer
  • Why is it important to keep your own financial records?
    15·1 answer
  • The people in an economy have $10 million in money. There is only one bank that all the people deposit their money in and it hol
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!