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1. Suppose a firm faces a current tax rate of35% but expects to fall to 20% in the future Employees on average face a current marginal tax rate of 12%pretax but expects the rate to fall to 20%when they retire in 15 years. The firms can earn 12% pretax on pension investment and a 10% after tax on corporate account. Employees on average can earn 10% after tax on their investment which among salary, pension and deferred compensation is tax preferred? Explain your results
2. A newly established firm wants to establish a pension plan for its employees. The firm hires you to prepare a report comparing a defined benefit pension plan with defined contribution pension plan. The firm also requires a recommendation from you as to which plan better suits them. On questioning management, you learn that the firm's future profitability is likely to be highly variable sometimes large profits at other times possible losses. You also learn that the firm is an aggressive tax planner. What type of pension plan would you recommend? Explain your reasoning.
Wilma is a widow, age 80 and blind, who is claimed as a dependent by her son. During 2009, she received $4,800 in Social Security benefits, $2,200 in bank interest, and $1,800 in cash dividends from stocks. Wilma's taxable income for 2009 is:
The cost of Jurislon is $4.8 per kilogram. The company wants to prepare a Direct Materials Purchase Budget for the next five months. The total cost of Jurislon to be purchased in August is:
All parties use the calendar year for tax purposes. On June 30, 2011, Robin repays the loans of $40,000 together with the specified interest of $4,000. How much of the interest can Robin Corporation deduct in 2010?
how much of her moving expenses can she deduct - Susan's employer reimburses her $3,600 for all of these moving expenses except for the lease cancellation fee, will she have any taxable income?
Identify the above costs as variable, fixed, or mixed and calculate the expected costs when production is 5,000 units.
Schumacher Company uses the perpetual inventory system, and it engaged in the following transactions during 2012.
Transactions in the Capital Projects Fund in the general journal
The representatives are paid no salary, but they receive 20 percent of the sales price of every boat sold, and they have the authority to negotiate the boats' prices as far down as their wholesale cost if necessary. Is this plan in the dealership'..
a companys income statement disclosed 45000 of investment revenue on equity method investments. the company did not
At the December 31, 2007 balance sheet date, Garth Brooks Corporation reports an accrued receivable for financial reporting purposes but not for tax purposes. When this asset is recovered in 2008, a future taxable amount will occur and
question power switch inc had a flood distroy its accounting records and inventroynumbers givennbsp1st quarter
On December 31, 2010, the unadjusted balance in Prepaid Insurance was $4,800. This was the amount paid in the middle of the year for a two-year insurance policy with coverage beginning on July 1, 2010. The unadjusted balance in Insurance Expense w..
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