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Salem Corporation is considering implementing a 401k program for its employees. The program plan will include the company matching at 50% of the employee's contribution up to 6% contribution. The Human Resources manager proposing this plan feels it will reduce turnover, improve morale, and provide a competitive edge when recruiting new employees. The HR manager has estimated Salem's annual contribution to be $300,000 and the savings to be $70,000 in employee turnover costs and improved performance. Management is concerned about this additional cost. In addition, you should discuss the 401k limits and special treatment for highly compensated employees. Prepare a response (750-1,000) words documenting how, as a tax analyst, you see this program, and note any tax implications related to the program.
Why is this case particularly important to Tennessee taxpayers? When was the decision rendered? Is this case still reliable with respect to similar issues and facts? Why is this case particularly important to Tennessee taxpayers?
Discuss the difference between the straight-line method of depreciation and the accelerated methods. Why do companies use different depreciation methods for tax and financial reporting?
Determine the marginal tax rate and the effective tax rate for each of the C corporations and describe why marginal tax rate for a C corporation can exceed 35%, but effective tax rate cannot.
Find the amount of depreciation expense that needs to be recorded at end of the first year if 710,000 units were produced?
Identify and show the aspects of consolidated tax expense disclosed in the financial statements- Loss carrybacks and carryforwards.
Prepare a 3-5 page paper comparing and contrasting state and Federal tax research. Examine the different constitutionality challenges with regard to Federal and state taxes.
Purpose a Tax Research Memo in good form regarding the $25,000 relocation loan that Joanne Black described.
For the period 1 May 2013 to 31 March 2014, Emma travelled 10,000 kilometres in the car and incurred expenses of $550 (including GST) on minor repairs that have been reimbursed by Periwinkle
2 years ago, Charlotte Corp. purchased a building for $18,000,000. Charlotte uses straight-line depreciation to prepare the financial information but they use MACRS for tax purposes. At December 31, 2013, the building has a book value of $16,000,0..
Ward owns 50 percent of Teal Company- Ward's individual tax return may report:
Advise the participants in the ‘barter' system of the income tax implications, if any, of participating in the system.
Suppose Leland manufacturing is able to rent all idle capacity for $25,000 per month. Should Leland purchase from Scott Supply?
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