Employers retirement plan, Cost Accounting

Assignment Help:

Amy earns $35,000 working part time. Consequently, she is not eligible to participate in her employer's retirement plan or health insurance program. Amy's expenses are summarized as follows:

a. Contribution to traditional IRA $4,000

b. Membership dues 120

c. Subscription to trade magazine 90

d. Amy drives her Chevy Tahoe 1,135 miles for job-related use. She purchased the car in 2010 for $25,000. Amy uses the automatic mileage method for computing any available deduction for business use of the car.

The Smiths have supported Ron Smith, David's widowed father, for several years, appropriately claiming him as a dependent for tax purposes. On December, 27 2010, Gene suffered a massive stroke. The doctors did everything they could for Ron, but he died in the ICU on January 8, 2011. The Smiths paid the following expenses on behalf of Ron: $11,800 medical ($6,000 incurred in 2010 and $5,800 in 2011) and $5,300 funeral. These expenses were paid in January and February 2011. Ron's will named David as executor and sole heir of the estate.


Related Discussions:- Employers retirement plan

What was the cost of supplies cal farm, Cal Farms reported a supplies expen...

Cal Farms reported a supplies expense of $2,000,000 a year. The supplies amount decreased by 200,000 during the year to an ending balance of $400,000. What was the cost of supplies

Prepare a statement of cash flows, Bickering Ltd Income Stateme...

Bickering Ltd Income Statement for the year ended 30 June 2012   Sales (credit)                                                                           636,10

Purchase procedure, what is the procedure of purchase of materials in large...

what is the procedure of purchase of materials in large organisation?

Standard cost, Standard Cost A predetermined cost is representing the i...

Standard Cost A predetermined cost is representing the ideal or norm achievable through an organization. Standard costs form the basis of a standard cost system used extensivel

the plantwide variable manufacturing overhead rate , Automotive Products  ...

Automotive Products  (AP)  designs, manufactures,  and  sells  automotive  parts.  It  has  3 main operating departments: design, engineering, and production.  1.Design  ñ  the

Change in fixed cost, Change in Fixed Cost In graph yx shows the exist...

Change in Fixed Cost In graph yx shows the existing profit curve for a company along with a fixed cost OY break=-even point B, margin of safety M; profit SX whereas sales volu

Profit or loss on the disposal of the fixtures and fittings, This task invo...

This task involves the recording of non-current asset information in the general (nominal, main) ledger and other non-current asset matters. You are assisting in preparing the a

Standard costing, behavioral aspect of standard costing

behavioral aspect of standard costing

Calculate the variable cost, Workmen shoes accumulated the following produc...

Workmen shoes accumulated the following production and cost data for the past 5 months. i)  Using the high/low method calculate the variable cost per unit and the fixed cos

Write Your Message!

Captcha
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