User Account

All Pages

Through the cafeteria plan

Assignment Help Financial Accounting
Reference no: EM13792284

Andrew earns $100,000 per year in salary. he puts $6,000 per year in his 401k and his employer matches it. his company offers a cafeteria plan and Andrew pays his share of his medical insurance premiums of $5,000 per year through the cafeteria plan. he has no other income or deductible expenses. what is Andrew's AGI?

Reference no: EM13792284

Questions Cloud

Total conversion costs : Aberge Company's manufacturing overhead is 55% of its total conversion costs. If direct labor is $45,900 and if direct materials are $27,200, the manufacturing overhead is: During the month of September, direct labor cost totaled $21,240 and direct l..
Basis in accounts receivable-partnership interest : Sarah’s basis in her partnership interest was $120,000, including her $40,000 share of partnership liabilities. The partnership decides to liquidate, and after repaying all liabilities, distributes all remaining assets proportionately to the partners..
Cash receipts budget-cash disbursements budget : Johnson Corp is interested in purchasing some new material-handling equipment right after the beginning of the new year. They would like to finance the new equipment with cash and marketable securities, but if necessary they can get a short-term loan..
Planning for capital expenditures is necessary : Planning for capital expenditures is necessary for all of the following reasons except:
Through the cafeteria plan : Andrew earns $100,000 per year in salary. he puts $6,000 per year in his 401k and his employer matches it. his company offers a cafeteria plan and Andrew pays his share of his medical insurance premiums of $5,000 per year through the cafeteria plan. ..
Lenient bankruptcy laws in the world toward debtors : The United States has some of the most lenient bankruptcy laws in the world toward debtors (at least for business-owning debtors). Do you think this is a good system? Why or why not?
What is the average daily cash balance : Firm Y expects a total cash need of $14,500 over the next 4 months. They have a beginning cash balance of $2,500, and cash is replenished when it hits zero. The fixed cost of selling securities to replenish cash balances is $3.50. Based on the firms ..
Factory overhead includes : Factory overhead includes:
When is a trail balance usually prepared : When is a trail balance usually prepared?

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is its profit margin

Franklin Bedding, Inc. has assets of $400,000 and turns over its assets 1.5 times per year. Return on assets is 12 percent. What is its profit margin (return on sales)?

  How often should a hospital management review the budget

You manage an operating budget of approximately $500,000. You have been instructed to cut your budget by 10 percent two months after you had agreed to a barebones budget for the upcoming year. What do you do if you know that the cuts will affect p..

  Evaluate the net present value

Evaluate the net present value. (Negative amount should be shown by a minus sign. Round discount factor(s) to 3 decimal places, other intermediate evaluations and final answer to the nearest whole dollar.)

  Compute the selling price per composite chair

Success system sells upscale modular desk units and office chairs in the ratio of 3:2 (desk unit: chair). The selling prices are $1,250 per desk and $500 per chair. The variable cost are $750 per desk unit and $250 per chair. Fixed cost are $120,000.

  Correction of wrongly stated balance sheet

Correction of wrongly stated balance sheet and Correct the following balance sheet

  What was the credit total that song earned

What percentage of the total does each of the four customer groups represent? Round to the nearest hundredth of a percent.

  Illustrate what was the amount of the projected benefit

The actuary’s discount rate was 3%. Illustrate what was the amount of the projected benefit obligation at year-end?

  What is the maximum amount paula can contribute for herself

Paula is a self employed doctor who is considering whether to establish a defined contribution H.R. 10 plan. Paula’s only employee is a full time nurse who has been employed by Paula for seven years. Paula’s net earnings from self- employment (before..

  Find out interest and to amortize debt issue costs

The corporation uses the straight-line method both to find out interest and to amortize debt issue costs. Prepare the journal entry to record the call of the bonds.

  What are the tax consequences of the stock redemption

In the current year, Tan Corporation redeems 300 shares of Jacob’s stock for $320,000. What are the tax consequences of the stock redemption to Jacob?

  What is the primary objective of general purpose

You have just been employed as an accounting lecturer. In your first class, your students ask you the following questions.

  Contribution margin ratio

Maack Corporation's contribution margin ratio is 17% and its fixed monthly expenses are $45,000. If the company's sales for a month are $301,000, what is the best estimate of the company's net operating income? Assume that the fixed monthly expenses ..

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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