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1. 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.
2. Prepare a 500-750 word written response to the following:
In January 2010, Salem Corporation, purchased $350,000 of new MACRS 5-year property in the US. This equipment was placed in service May 1, 2010. Salem wants to take as much depreciation in 2010 as possible. Calculate the depreciation for 2010. If Salem had been located in a qualified enterprise zone, what would be the depreciation amount? Explain the depreciation method you used. In addition, include the tax benefits (savings) for the first year and the present value of the total tax benefits for the entire 5-year period. Discuss how the tax benefits and present value would change if a different method of depreciation was used. Also, discuss when Salem would not choose to take as much depreciation as possible.
Calculate of the S Corporation''s ordinary taxable income and list which items are separately stated for the S Corporation.
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As a result of these things happening Rachel decides that she no longer wants to purchase Lizzybellas for $1million and tells Lizzy of her decision. Advise Lizzy of her legal rights and possible remedies
Topaz Corporation had the following income and expenses during the current year: Revenues $80,000 Expenses $30,000 Gains on sale of Capital assets $ 5,000 Losses on sale of Capital assets $(25,000) What is Topaz's taxable income
Evaluate the Brock's individual tax return
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You purchase a 6 percent $ 10,000 bond for $ 9,180 plus $ 156 in accrued interest for a total outlay of $ 9,336. Subsequently you receive a $ 300 interest payment. You are in the 20 percent income tax bracket. How much tax do you owe on the int..
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The Effect of International Financial Reporting Standards on present Tax Planning Strategy
1. what is the breakeven point in cards 2. What sales volume is needed to earn an after-tax net income of $13,028.40 3. How many cards must be sold to earn an after-tax net income of $18,480
Advise Periwinkle of its FBT consequences arising out of the above information, including calculation of any FBT liability, for the year ending 31 March 2014 and how would your answer to (a) differ if Emma used the $50,000 to purchase the shares h..
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