11. Gordon participates in his employer's HSA/HDHP. On a monthly basis, Gordon contributes $100 to hisaccount; his employer made a lump-sum contribution of $500 to each participating employee's account at thebeginning of the year. If Gordon leaves the employer mid-year, what happens to the $500 employercontribution?Oa. Gordon must pay back the full $500 to his employer.Ob. Gordon must pay back a pro-rated share of the $500 to his employer.OC. Gordon keeps the full $500.Od. The employer may, at its option, deduct up to $500 from Gordon's final paycheck.

Employer contributions to an employee's HSA under an HSA/HDHP (Health Savings Account/High…

Answered: beginning of the year. If Gordon leaves…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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All the listed benefits paid by an employer are required to be included in an employee's income for a tax year except one. Which one? Question 4 options: a) Tuition fees for training that relates to employer's work b) Medical expenses of an employee c) Forgiveness of employee debt d) Cost of life insurance
Aa.63. Ms. Ray is age 46 and single. This year, Mr. Ray's retirement savings included a $2,630 employer contribution to a qualified profit-sharing plan account, and a contribution by Ms. Ray to a traditional IRA. Mr. Ray contributed the maximum allowed. Required: Compute Ms. Ray's IRA deduction if current year income includes $71,320 salary.
Question 27 of 50. Mark and Carrie are married, and they will file a joint return. They both work full-time, and their 2021 income totaled $89,000, all from wages. They have one dependent child, Aubrey (5). During the year, they spent $9,000 for Aubrey's child care. Neither Mark nor Carrie received any dependent care benefits from their employer. What amount may they use to calculate the Child and Dependent Care Credit? $0 $3,000 $8,000 $9,000 Mark for follow up
Your employer uses a final pay benefit formula to determine retirement payments to its employees. The employee receives an annual benefit of 3% of her average salary during her last 5 years of service times her total years employed. If she has 25 years of total service and her average salary over her last 5 years was $75,000, calculate her annual retirement benefit.
Riley works for a company with a 401(k) plan. The company matches at $0.50 on the dollar the first 6% of the employee's salary contributed to the 401(k). If Riley earns $90,000 and contributes 12% of her salary, how much will the employer match be in dollars for the year? $1,400 $2,700 $4,050 $5,400 $10,800
Interview Notes Barbara is age 57 and was widowed in 2021. She owns her own home and providedall the cost of keeping up her home for the entire year. Her only income for 2021 was$36,000 in W-2 wages. Jenny, age 24, and her daughter Marie, age 3, moved in with her mother, Barbara,after she separated from her spouse in April of 2021. Jenny’s only income for 2021was $15,000 in wages. Jenny provided over half of her own support. Marie did notprovide more than half of her own support. Jenny will not file a joint return with her spouse. She did not receive advance childtax credit payments for 2021. All individuals in the household are U.S. citizens with valid Social Security numbers.No one has a disability. They lived in the United States all year but not in a communityproperty state. 10. Which of the following statements is true? A. Jenny is eligible to claim Marie for the EIC even though her filing status is married filing separate…
The XYZ corporation pension plan provides a lifetime annual income to its employees upon retirement at age 65. The plan provides 4% for each year of service of the employee's salary upon retirement. Moreover, those retiring after 65 have their benefit increased by 1.1% for each year beyond 65 that they work. Caitlin retires at age 73 with 16 years of service. If her salary upon retirement is $60, 106, what is her annual pension benefit?
Michelle was paid a retiring allowance of $72,000.00 when her employment was terminated in February 2021. Michelle started with the organization in June 1978 and joined the company pension plan in June 1980. She was fully vested when her employment was terminated. Calculate the portion of Michelle's retiring allowance that will be reported as non- eligible on her T4 information slip.
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how do you fill out and complete a payroll register for employees that are paid on a biweekly basis and married?

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beginning of the year. If Gordon leaves the employer mid-year, what happens to the $500 employer contribution?