Employers retirement plan, Cost Accounting

Assignment Help:

Amy earns $35,000 working part time. Consequently, she is not eligible to participate in her employer's retirement plan or health insurance program. Amy's expenses are summarized as follows:

a. Contribution to traditional IRA $4,000

b. Membership dues 120

c. Subscription to trade magazine 90

d. Amy drives her Chevy Tahoe 1,135 miles for job-related use. She purchased the car in 2010 for $25,000. Amy uses the automatic mileage method for computing any available deduction for business use of the car.

The Smiths have supported Ron Smith, David's widowed father, for several years, appropriately claiming him as a dependent for tax purposes. On December, 27 2010, Gene suffered a massive stroke. The doctors did everything they could for Ron, but he died in the ICU on January 8, 2011. The Smiths paid the following expenses on behalf of Ron: $11,800 medical ($6,000 incurred in 2010 and $5,800 in 2011) and $5,300 funeral. These expenses were paid in January and February 2011. Ron's will named David as executor and sole heir of the estate.


Related Discussions:- Employers retirement plan

Calculate the contribution margin ratios, Problem 4-12 Multiproduct CVP [LO...

Problem 4-12 Multiproduct CVP [LO 4] Fidelity Multimedia sells audio and video equipment and car stereo products. After performing a study of fixed and variable costs in the prior

Direct material price variances, Direct Material Price Variances The t...

Direct Material Price Variances The two direct material price variances can be summarized given as: From our basic data first before the beginning of the discussion on

Sunk costs, Which statement best describes a sunk cost? A a cost which is i...

Which statement best describes a sunk cost? A a cost which is irrelevant for the future B a cost which must be matched against the revenue C a cost which remains the same at all le

Cost, product mix decisions with capacity constraint

product mix decisions with capacity constraint

Single entry and incompelet records, draw up statements of affairs to show ...

draw up statements of affairs to show the profit or loss for the year

Example of methods of allocating service costs, Example of Methods of Alloc...

Example of Methods of Allocating Service Costs Suppose the following data: User department Unit of Service Provided Costs Prior to Service Dep

Role of cost accounting in organization, Role of Cost Accounting in Organiz...

Role of Cost Accounting in Organization Like part of their jobs, such cost accountants interpret results, and then report them to management and give analysis such assist deci

Estimate cost of financing, Calculate the equal monthly payments and the co...

Calculate the equal monthly payments and the cost of financing on a 10-year mortgage. The cash value of the house today is $500,000. You are paying monthly at a fixed rate of 6% pe

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd