Calculate the amount of his tax savings

Assignment Help Financial Accounting
Reference no: EM131211598

Juan Flores is an operations manager for a large manufacturer. He earned $68,500 in 2014 and plans to contribute the maximum allowed to the firm’s 401(k) plan. Assuming that Juan is in the 25% tax bracket, calculate the amount of his tax savings on his 401(k) plan contributions. How much did it actually cost Juan on an after tax basis (adjusting for taxes saved) to make this retirement plan contribution?

Reference no: EM131211598

Questions Cloud

Calculate the yield to maturity of the bonds today : Calculate the yield to maturity of these bonds today. If these bonds are now called, what is the actual yield to call for the investors who originally purchased them?
Explain how skills help in your current career : Explain how each skill might help you in your current career or in the career you intend to pursue, and provide specific examples.
Compute the signal-to quantizing-noise power ratio : The message signal on the input to an ADC is a sinusoid of 25 V peak to peak. Compute the signal-to quantizing-noise power ratio as a function of the word length of the ADC. State any assumptions you make.
What is a financial system : What is a financial system, and why would a country with a well-developed and fully functional financial system be better off than a country without it?
Calculate the amount of his tax savings : Juan Flores is an operations manager for a large manufacturer. He earned $68,500 in 2014 and plans to contribute the maximum allowed to the firm’s 401(k) plan. Assuming that Juan is in the 25% tax bracket, calculate the amount of his tax savings on h..
Work out the total output per day : Tom and Jerry are both enterpreneurs and are producing hats and scarfs. Tom is producing 1 hat and 3 scarfs per hour whereas Jerry is currently producing 2 hats and 5 scarfs per hour. Now they want to increase their production and exports as well...
Find the effective gross hourly cost : A tool and die worker is paid $26.50 per hour. The work year consists of 52 40-hour weeks with overtime schedules for 26 Saturdays. The company allows 8 paid holidays and 10 days of vacation. Four days of sick leave are budgeted and have historically..
Write annotated bibliography for the given article : Write Annotated Bibliography for the given article.-   A Boon or a Bane? - The Missing Piece of Employee Cost Dharma Raju Bathini & George Kandathil.
Discuss the middle east relationship : Discuss the Middle East's relationship with the West now vs. in the 19th century.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Effect of transactions on liquidity measures

Calculate the working capital, current ratio, and acid-test ratio for Tibbetts Company as of September 30, 2010. Summarized here are the transactions/events that took place during the fiscal year ended September 30, 2011. Indicate the effect of each ..

  Determine the inventory balances at the end of first month

Prepare the March income statement for Gantt Manufacturing company. Determine the inventory balances at the end of the first month of operations.

  Calculate the equivalent units of production

ending work in process 5,470 units that are 100% complete as to materials and 40% complete as to conversion costs. Calculate the equivalent units of production for (a) materials and (b) conversion costs for the month of November.

  Production budget for both second and third quarters

Electro Company manufactures an innovative automobile transmission for electric cars. Management predicts that ending finished goods inventory for the first quarter will be 119,000 units. The following unit sales of the transmissions are expected dur..

  Prepare a consolidated statement of financial position

Prepare the journal entries necessary for the preparation of consolidated financial statements.Prepare a consolidated statement of financial position as at 30 June 2012.

  Long-term investments in available-for-sale debt securities

If a company purchases its only long-term investments in available-for-sale debt securities this period and their fair value is below cost at the balance sheet date, what entry is required to recognize this unrealized loss?

  Amazon recognize revenue for the entire sales price

1.Assume that Amazon.com sells the MacBook Pro, a computer brand produced by Apple. Amazon arranges its operations such that customers receive products from Apple Stores rather than Amazon.

  Prepare the revenues budget

Prepare the Revenues budget, production budget in units, Direct material usage budget and direct material purchases budget, Direct manufacturing labor cost budget, Manufacturing overhead cost budgets for each of the three activities for April

  Determine diluted earnings per share for 2013

Evaluate the number of shares to be used in determining diluted earnings per share for 2013.

  Balance in an unearned revenue account for the gift cards

On December 31, 2013, what amount would HU show as the balance in an unearned revenue account for the gift cards? HU Photoshop sold $1000 in gift cards on a special promotion on October 15, 2013, and sold $1,500 in gift cards on another special promo..

  Components of internal control

(Components of internal control) The chapter identified five components of internal control. Listed below are specific control policies and procedures prescribed by Suntron Company. dentify the components of internal control to which each policy or p..

  Explaining the proper accounting for the sale

As you learned in this week's reading, account receivables record bad debts or other promises to pay by debtors (Porter & Norton). To understand the accounting for the sale of investments and the generation of notes receivable,

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