During 2019, Lincoln Company hires 23 individuals who are certified to be members of a qualifying targeted group. Each employee works in excess of 600 hours and is paid wages of $14,350 during the year. Determine the amount of Lincoln's work opportunity credit.
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During 2019, Lincoln Company hires 23 individuals who are certified to be members of a qualifying targeted group. Each employee works in excess of 600 hours and is paid wages of $14,350 during the year.
Determine the amount of Lincoln's work opportunity credit.
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- Through November, Cameron has received gross income of $128,500. For December, Cameron is considering whether to accept one more work engagement for the year. Engagement 1 will generate $9,210 of revenue at a cost to Cameron of $3,850, which is deductible for AGI. In contrast, engagement 2 will generate $6,700 of qualified business income (QBI), which is eligible for the 201 percent QBI deduction. Cameron files as a single taxpayer, and he did not contribute to charity during the year. Calculate Cameron's taxable income assuming he chooses engagement 1 and assuming he chooses engagement 2. Assume he has no itemized deductions. Description (1) Gross income before new work engagement (2) Income from engagement (3) Additional for AGI deduction (4) Adjusted gross income (6) Deduction for QBI Taxable income Engagement 1 Engagement 2Indigo Corp. enters into a contract with a customer to build an apartment building for $1,061,800. The customer hopes to rent apartments at the beginning of the school year and provides a performance bonus of $139,200 to be paid if the building is ready for rental beginning August 1, 2021. The bonus is reduced by $46,400 each week that completion is delayed. Indigo commonly includes these completion bonuses in its contracts and, based on prior experience, estimates the following completion outcomes: Completed by August 1, 2021 August 8, 2021 August 15, 2021 After August 15, 2021 Transaction Price Probability 70 % Transaction Price $ 20 6 (a) Determine the transaction price for the contract, assuming Indigo is only able to estimate whether the building can be completed by August 1, 2021, or not (Indigo estimates that there is a 70% chance that the building will be completed by August 1, 2021). (If answer is O, please enter O. Do not leave any fields blank.) 4 (b) Determine the…Bush Enterprises International BEI hires 10,000 employees. Each employee earns twenty days of paid vacation per calendar year. Up to five days of this may be carried forward and taken in the following vear but cannot be carried forward any further. Employees are not paid for any vacations they do not take. As at December 31, 2022, 9,130 employees had used their full vacation entitlement for 2022. The remaining employees are carrying forward an average of 3 days each and they are all expected to use these vacation days. Half of the employee group earn $300 per day and the other half work 8 hour days and earn $15 per hour and this is representative of those who still have leftover vacation earned. What amount of liability for accrued vacation pay should appear in the company's balance sheet at December 31, 2022 ? a. $548,100 b. $783.000 c. $913,500 d. $313,200 e. None of the above Plz answer fast without plagiarism
- The information listed below refers to the employees of Lemonica Company for the year ended December 31, 2019.The wages are separated into the quarters in which they were paid to the individual employees. For 2019, State D’s contribution rate for Lemonica Company, based on the experience-rating system of the state,was 2.8% of the first $7,000 of each employee’s earnings. The state tax returns are due one month after the end ofeach calendar quarter. During 2019, the company paid $2,214.80 of contributions to State D’s unemployment fund.Employer’s phone number: (613) 555-0029. Employer’s State D reporting number: 00596.Using the forms supplied on pages 5-44 to 5-46, complete the following for 2019:a. Date and amount of the FUTA tax payment for the fourth quarter of 2019 (State D is not a creditreduction state).Tax Payment:Date Amount $b. Employer’s Report for Unemployment Compensation, State D—4th quarter only. Item 1 is the number ofemployees employed in the pay period that includes the…Avon Corporation sells phone cases to public and private companies. They are located at 123 Locus Rd, Markham, ON. They employ 200 full time employees who work in sales, customer service and office support roles. They have had an annual remuneration of over $1,000,000 for the past several years therefore their EHT rate is 1.95%. Pay period #1 started December 27, 2020. All are paid on a bi-weekly basis. All benefits are processed each pay on an as enjoyed basis. The first pay day for employees is Jan 13, 2021. They have three staff in the Customer Service Department answering questions from clients and the general public. They all work Monday to Friday and do not work statutory holidays but are paid for them. Neema has been with Avon for 3 years and answers calls specifically from clients. She earns $18.25 per hour and works 35 hours per week. She also does not work any overtime. She is paid bi-weekly. Her employer provides the following: · Health and Dental - at a total…Metlock Corp. enters into a contract with a customer to build an apartment building for $1,061,500. The customer hopes to rent apartments at the beginning of the school year and provides a performance bonus of $147,900 to be paid if the building is ready for rental beginning August 1, 2021. The bonus is reduced by $49,300 each week that completion is delayed. Metlock commonly includes these completion bonuses in its contracts and, based on prior experience, estimates the following completion outcomes: Completed by August 1, 2021 August 8, 2021 August 15, 2021 After August 15, 2021 Probability Transaction Price $ 70 % 20 5 5 (a) Determine the transaction price for the contract, assuming Metlock is only able to estimate whether the building can be completed by August 1, 2021, or not (Metlock estimates that there is a 70% chance that the building will be completed by August 1, 2021). (If answer is 0, please enter 0. Do not leave any fields blank.) (b) Determine the transaction price for…
- Beginning 2019, Maigo and Maika Company grant 15 days of vacation a year to each of the 100 employees if they are still employed at the end of the year. The vacation accumulates and may be taken starting January 1 of the following year. The employees work 8 hours a day. The rate for all employees during 2019, 2020, and 2021 are P70, P75 and P80 per hour, respectively. During 2020 and 2021, the employees each used an average of 5 and 8 vacation days, respectively. The entity’s policy is to record the liability existing at the end of each year at the wage rate for the current year. 1. What amount should be reported as vacation liability on December 31, 2019, 2020 and 2021?2. What amount should be reported as vacation pay expense on December 31, 2019, 2020, and 2021, respectively?Rexallo Company begins business on January 2, 2019, with 15 employees. Its company policy is to permit each employee to take 6 days of paid sick leave each year and 1½ days of paid vacation leave for each month worked. The sick leave, if not used, accumulates to a 24-day maximum. The vacation leave accumulates for 2 years, but at any time after a 1-year period, the employee may request additional compensation in lieu of taking paid vacation leave. Rexallo prefers to record the liability for compensated absences on a quarterly basis. Assume that the gross salaries for each employee are $100 per day. The following selected events take place during the first two quarters of 2019: • On March 31, 2019, the quarterly liability for compensated absences is to be recorded. • On April 30, 2019, the following $45,000 monthly payroll, including paid vacation and sick leave, is summarized from Rexallo’s records: Payroll for Time Worked Vacation Taken Sick Leave…Pharoah Co. began operations on January 2, 2025. It employs 17 people who work 8-hour days. Each employee earns 11 paid vacation days annually. Vacation days may be taken after January 10 of the year following the year in which they are earned. The average hourly wage rate was $19.00 in 2025 and $20.50 in 2026. The average vacation days used by each employee in 2026 was 10. Pharoah Co. accrues the cost of compensated absences at rates of pay in effect when earned. Prepare journal entries to record the transactions related to paid vacation days during 2025 and 2026. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date 2025 2026 > Account Titles and Explanation Salaries and Wages Expense Salaries and Wages Payable Salaries and Wages…