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Blue is the owner of all of the shares of an S corporation, and Blue is considering receiving a salary of $110,000 from the business. She will pay the 7.65% FICA taxes on the salary, and the S corporation will pay the same amount of FICA tax.
Blue reduces her salary to $50,000 and takes an additional $60,000 as a cash distribution.
Note the following: (1) Assume a corporate FICA rate of 15.3% and (2) If required, round your answer to the nearest dollar. (3) Assume that the IRS will not recharacterize the distribution as salary.
Compute and then enter the amount of FICA taxes saved as a result of Blue's action.
Blue and the corporation save $ in FICA taxes.
Prepare a classified balance sheet for Tricam Engineering at December 31, 2013 using the post-closing trial balance and the additional information provided.
During 2010, Bike reported net income of $500,000. For 2011, Bike reported net income of $800,000. Dividends of $300,000 were paid in each of these two years. Explain how much income did Harley report from Bike for 2011?
Q. Illustrate what is three way matches? Illustrate what is the reason for three way match? Illustrate what are the disadvantages for using three-way match and illustrate what are other options (instead of using three way matches)
Evaluate the net operating income for the month under variable costing and evaluate the net operating income for the month under absorption costing?
which of them belong on the Income statement and which on the Balance sheet?
Evaluate what Aldo's should expect for total variable cost if 9,000 T-shirts are sold next month and prepare Aldo's contribution approach income statement for monthly sales volume level of 10,000 T-shirts.
From the trial balance and the information given below, prepare annual adjusting entries and post to the ledger accounts. (Omit explanations.)
They feel confident that their interest in the berry farm is a sound investment. Recognize the tax issues facing the Waylands.
Determine the inventory cost by the first-in, first-out method and determine the inventory cost by the last-in, first-out method.
Borrowing Needs and Preparation of Statement of Cash Flows
Evaluation of Market value of bond at various rates and How much is it worth at a market rate of 8 percent?
Organize journal entries relating to the stock-option plan for the years 2012, 2013, and 2014. Consider that the employee performs services equally in 2012 and 2013
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