Explain the purpose and use of Form  W 4 from 2020 or later

Q: Provide strategies you can suggest that may assist in maximizing the age pension entitlement.

A: Retirement planning" is the process of preparing financially for a comfortable and secure…

Q: compare the presentation and disclosure of defi ned contribution and defi ned benefi tpension plans;

A: Pension Plans: These types of plans provide retirees the benefit of the services that they provided…

Q: There are four security interests listed below. Which will have first priority? Group of answer…

A: Explanation: The purchase money security interest concept relates to a legal claim that helps a…

Q: are the key accounting issues in determining the

A: Pension Accounting Many organisations provide additional benefits to their employees in addition to…

Q: Recent changes to the RMD rule impacted the requred beginning date.  How did the age requirement for…

A: Required minimum distribution (RMD) plan is beneficial for the retired person to reduce the tax…

Q: Define benefit pension plans.

A: Pension plan Pension plan is an agreement between the employer and employee. After the retirement of…

Q: Which are the components that are included in the pension expense?

A: Pension plan: Pension plan is an agreement between the employer and employee. After the retirement…

Q: Define each of the following terms:d. FASB Statement 13; ASU 2016-02

A: Financial accounting standards board (FASB): This is the organization that creates, develops, and…

Q: Describe the funded status of pension plans and how that amount is reported.

A: Pension:   It refers to the fund into which a sum is added during the course of employment years.…

Q: Explain the fundamental differences between a defined contribution pension plan and a defined…

A: Defined contribution plan and defined benefit plan are the two types of pension plans.In a defined…

Q: What were the major effects of SFAS No. 106 on reporting for post-retirement benefits other than…

A: In accordance with this Statement, employers must account for post-retirement benefits besides just…

Q: How should gains or losses related to pension plan assets be recognized? How does this treatment…

A:

Q: Define Employee Retirement Income Security Act (ERISA)

A: The 1974 Employee Retirement Income Security Act secures American pension resources by enforcing…

Q: Define prior service cost. How is it reported in the financial statements? How is it included in…

A: Pension:  A pension is a type of retirement plan in which an employer makes a contribution to a pool…

Q: What is overfunded pension plan?

A: Overfunded pension plan It is the company’s plan related to the retirement of an individual that has…

Q: Why GAAP requires the allowance method

A: while accounting the uncollectible accounts  in the books of accounts GAAP requires the allowance…

Q: What is the importance of date of declaration, date of record, and date of payment?

A: Following are the importance of declaration date, record date and payment date in accordance with…

Q: and discuss the key accounting issues in determining the method of accounting for defined benefit…

A: Pension Accounting Many organizations provide additional benefits to their employees in addition to…

Q: Define Contribution Pension Plans.

A: Pension plan:   This is the plan devised by corporations to pay the employees a kind of compensation…

Q: Define the service cost component of the periodic pension expense.

A: Pension: A fixed sum of money, receivable in future or after the age of retirement, which the…

Q: Describe how options, rights, and warrants are incorporated in the calculation of EPS.

A:

Q: Explain how to determine pension expense.

A:

Q: In determining the present value of the prospective benefits (often referred to as the defined…

A: Defined benefit obligation means a defined plan of contribution from employer to employees'…

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.