Financial Account - In March 2015, Sparrow Corporation hired three individuals Austin, Adam, and Angela all of whom are certified as long-term family assistance recipients. Each of these individuals earned $11,000 during 2015. Only Adam continued to work for Sparrow in 2016, and he earned $13,500. In March 2016, Sparrow hired Sam, who is also certified as a long-term family assistance recipient. During 2016, Sam earned $12,000. Calculate Sparrow Corporation's work opportunity tax credit for 2015 and for 2016.

Financial Account - In March 2015, Sparrow Corporation hired three individuals Austin, Adam, and Angela all of whom are certified as long-term family assistance recipients. Each of these individuals earned $11,000 during 2015. Only Adam continued to work for Sparrow in 2016, and he earned $13,500. In March 2016, Sparrow hired Sam, who is also certified as a long-term family assistance recipient. During 2016, Sam earned $12,000. Calculate Sparrow Corporation's work opportunity tax credit for 2015 and for 2016.

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter12: Tax Credits And Payments

Section: Chapter Questions

Problem 25P

See similar textbooks

Similar questions

Public relations specialists create and maintain a favorable public image for the organization they represent. They design media releases to shape public perception of their organization and to increase awareness of its work and goals. The median annual wage for public relations specialists was $55,680 in May 2014.SOURCE: United States. Department of Labor. "Public Relations Specialist." Occupational Outlook Handbook. 17 Dec. 2015. Web. 8 March 2016. A public relations specialist earns $35,500 salary each year. He/she wants to spend no more than three times his/her salary on a house. What is the maximum price of a home that he/she can afford? If a 20% down payment is required, what is the amount financed? If he/she buys a home for the maximum he/she can afford, what is the monthly mortgage payment for a 25 year fixed interest loan at 3.15% compounded monthly?
Jacqueline Elliott is employed to Make-All Co. Limited since 2009 and worked her way up from filing clerk now to assistant general manager. In 2014, her annual pay package included: salary of $890,000 and bonuses (10% of salary); she also received director’s fees of $15,000.00 per month from January for 12 months. Elliott was contracted by her father as a consultant for his marketing company. He paid her $170,000.00 from his personal bank account and his company reimbursed him what he paid his daughter that is after paying her $520,000.00 to complete her contractual agreement. She contributes 10% of her gross emoluments to a Pension Plans of Make-All Co. Limited and also her father’s company. Her national insurance contribution is 2.5% of her gross emoluments up to a maximum of $3,000,000.00. Calculate PAYE deductions of Elliott for the year ending December 31, 2014? How much would be the net pay of Elliott? What is the income tax threshold/personal allowance in 2014 in Jamaica?
Pinnacle Consulting employs two CPAs, each having a different area of specialization. Judy specializes in tax consulting and Steve specializes in management consulting. Pinnacle expects to incur total overhead costs of $419,400 during the year and applies overhead based on annual salary costs. Judy is a senior partner, her annual salary is $225,000, and she is expected to bill 2,200 hours during the year. Steve is a senior associate, his annual salary is $124,500, and he is expected to bill 1,500 hours during the year. Required: Calculate the predetermined overhead rate. Assuming that the hourly billing rate should be set to cover the total cost of services plus a 25% markup, compute the hourly billing rates for Judy and Steve.
Ace Architects employs two architects, each having a different area of specialization. Caitlin specializes in industrial commercial construction and Zachary specializes in residential construction. Ace expects to incur total overhead costs of $737,100 during the year and applies overhead based on annual salary costs. Caitlin is a senior partner, her annual salary is $168,750, and she is expected to bill 3,000 hours during the year. Zachary is a senior associate, his annual salary is $94,500, and he is expected to bill 2,800 hours during the year. a. Calculate the predetermined overhead rate. Predetermined Overhead Rate b. Assuming that the hourly billing rate should be set to cover the total cost of services plus a 20% markup, compute the hourly billing rates for Caitlin and Zachary. (Do not round intermediate calculations. Round your answers to 2 decimal places.) Caltin Zachary % Billing rate per hour per hour
Compute the bonuses paid in each half year of 2017 to the Philadelphia and Baltimore medical group presidents.
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…
Stockton Labeling Company has a retiree health care plan. Employees become fully eligible for benefits after working for the company eight years. Stockton hired Misty Newburn on January 1, 2016. As of the end of 2016, the actuary estimates the total net cost of providing health care benefits to Newburn during her retirement years to have a present value of $18,000. The actuary’s discount rate is 10%. Required: Prepare a schedule that shows the EPBO, the APBO, the service cost, the interest cost, and the postretirement benefit expense for each of the years 2016–2023.
Brenda Sheldon, CPA, pays her new staff accountant, Abby , a salary equivalent to $21 per hour while Brenda receives a salary equivalent to $37 per hour. The firm's predetermined indirect cost allocation rate for the year is $11 per hour. Sheldon bills for the firm's services at 34% over cost. Assume Brenda works 6 hours and Abby works 8 hours preparing a tax return for Mikayla Touchstone. 1. What is the total cost of preparing Touchstone's tax return? 2. How much will Brenda bill Touchstone for the tax work?
Тахes Tophat Inc. employs one person to run its consulting company. The employee's gross income for the month of June is $6,000. Payroll for the month of June is as follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of $400, state income tax of $75, health-care insurance premium of $200, and union dues of $50. The employee is responsible for covering 30% of her own health insurance premium. Required 4. Record the joumal entry to recognize employee payroll for the month of June, dated June 30, 2020 and rec remittance of the employee's salary with cash on August 1. Date General Journal DR CR 30-Jun 1-Aug Contingent Liabilities Jeramiah Co has a pending lawsuit against the company claiming $2,700 in damages, The lawsuit is considered probable to favor the plaintiff and can be reasonably estimated on December 31, 20: Required 5. Record the joumal entry, if necessary, to the lawsuit. Date General Journal DR CR 31-Dec
H11.
Toren Inc. employs one person to run its solar management company. The employee's gross income for the month of May is $7,208. Payroll for the month of May is as follows: • FICA Social Security tax rate at 6.2% FICA Medicare tax rate at 1.45% Federal income tax of $400 • State income tax of $75 Health-care insurance premium of $298 • Union dues of $50 • The employee is responsible for covering 14% of his or her health insurance premium What is the net pay of the one employee for the month of May? Round to the nearest penny, two decimals. # No new data to save. Last checked at 11:47pm Submit C
> Mary Tan is the controller for Duck Associates, a property management company in Portland, Oregon. Each year, Tan and payroll clerk Toby Stock meet with the external auditors about payroll accounting. This year, the auditors suggest that Tan consider outsourcing Duck Associates's payroll accounting to a company specializing in payroll processing services. This would allow Tan and her staff to focus on their primary responsibility: accounting for the properties under management. At present, payroll requires 1.5 employee positions-payroll clerk Toby Stock and a bookkeeper who spends half her time entering payroll data in the system. meniups/l Tan considers this suggestion, and she lists the following items relating to out- sourcing payroll accounting: a. The current payroll software that was purchased for $4,000 three years ago would not be needed if payroll processing were outsourced. b. uck Associates's bookkeeper would spend half her time preparing the weekly payroll input form that…