Acc 401 Assign

In: Business and Management

Submitted By maaj3014
Words 381
Pages 2
Chapter 9
42. Tim and Martha’s credit is $820 (6,000-1,800=4,200*.2). No credit would be allowed if Tim was the only one employed because Martha would not be gainfully employed and therefore would not qualify for the credit.
49. The qualifying 2013 amount is $2,137.5 (1,950+600=2,550 , then 550*.25). The AOTC amount for 2013 is $1,603.13 (180,000-165,000=15,000/20,000=.75*2,137.5.
Chapter 10
49.
a. $37.6 (500-150(2 $75 allowances)=350, $17.20+(.15*(350-214))
b. $19 (500-150(2 $75 allowances)=350, 0+(.1*(350-160))
c. $60.10 (17.2+(.15*(500-214))
57.
Fed WH SS Tax Medicare Total Naila 652.33 297.6 (.062*4800) 69.6(.0145*4800) $1,019.53 Wilfred 1,228.82 449.5 (.062*7250) 105.13(.0145*7250) 1,783.45 Stephanie 476.15 173.6(.062*2800) 40.6(.0145*2800) 690.35 Tanya 626.15 223.2(.062*3600) 52.2(.0145*3600) 901.55 415+.25(4312.5-3367); 1185+.28(6600-6446); 207.9+.25(2675-1602); 207.9+.25(3275-1602)
Chapter 11
49. Will could probably contribute to an IRA since he contributes to an employer sponsored plan and is ineligible to contribute to a traditional IRA. He may also consider an individual Keogh plan since he is self-employed part-time.
52.
a. Yes
b. He is required to cover his employees since they have been working for him for four years as long as they are over age 21.
c. The maximum is 25% of the employee’s pay or $51,000.
d. Since all employees meeting the time and age qualifications must be covered, he would not be able to contribute anything for himself without contributing for them as well.
e. The maximum amount contributed for Ken’s employees would be $7,500 (.25*30,000) for the assistant and $20,000 for the two drafters. Ken’s income would be reduced to the $255,000 compensation maximum, and the contribution would be $63,750 (225,000*.25.
Reference
Cruz, A., Deschamps, M., Niswander, F., Prendergast, D.,…...

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