The EPBO for Branch Industries at the end of 2016 was determined by the actuary to be $20,000 as it relates to employee Will Lawson. Lawson was hired at the beginning of 2002. He will be fully eligible to retire with health care benefits after 15 more years but is expected to retire in 25 years. What is the APBO as it relates to Will Lawson?
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The EPBO for Branch Industries at the end of 2016 was determined by the actuary to be $20,000 as it relates to
employee Will Lawson. Lawson was hired at the beginning of 2002. He will be fully eligible to retire with health
care benefits after 15 more years but is expected to retire in 25 years. What is the APBO as it relates to Will Lawson?
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- The EPBO for Branch Industries at the end of 2018 was determined by the actuary to be $20,000 as it relates toemployee Will Lawson. Lawson was hired at the beginning of 2004. He will be fully eligible to retire with health carebenefits after 15 more years but is expected to retire in 25 years. What is the APBO as it relates to Will Lawson?Allie started her new job in 2020. She received the following payments or benefits paid on her behalf by her employer. $84,000 in salary. $ 6,000 contribution to employer qualified pension plan for her. $ 9,250 contribution to her employer’s qualified health insurance plan for her. $ 8,400 in bonus for the year (paid in January 2021 for 2020) $7,500 Board of Director’s fee since she is a member of the company BOD. $ 800 for group term life insurance coverage of $50,000 $ 1,400 for a whole life insurance policy with a face value of $100,000 $ 2,200 for disability insurance premiums (no elections made) What is Allie’s gross income for 2020?Prince Distribution Inc. has an unfunded postretirement benefit plan. Medical care and life insurance benefits are provided to employees who render 10 years service and attain age 55 while in service. At the end of 2016, Jim Lukawitz is 31. He was hired by Prince at age 25 (6 years ago) and is expected to retire at age 62. The expected postretirement benefit obligation for Lukawitz at the end of 2016 is $50,000 and $54,000 at the end of 2017. Calculate the accumulated postretirement benefit obligation at the end of 2016 and 2017 and the service cost for 2016 and 2017 as pertaining to Lukawitz.
- Classified Electronics has an unfunded retiree health care plan. Each of the company’s three employees has been with the firm since its inception at the beginning of 2015. As of the end of 2016, the actuary estimates the total net cost of providing health care benefits to employees during their retirement years to have a present value of $72,000. Each of the employees will become fully eligible for benefits after 28 more years of service but aren’t expected to retire for 35 more years. The interest rate is 6%. Required: 1. What is the expected postretirement benefit obligation at the end of 2016? 2. What is the accumulated postretirement benefit obligation at the end of 2016? 3. What is the expected postretirement benefit obligation at the end of 2017? 4. What is the accumulated postretirement benefit obligation at the end of 2017?Steve Grayson, is self-employed age 43. He has established a SEP-IRA for himself several years ago. In 2019, Steve had a $1,000 excess contribution to his SEP-IRA. In 2020. his net earnings from the business are $80,000. He uses the maximum contribution rate for his SEP-IRA account. What amount would Steve's contribution be for 2020. a.) $14,870 b.) $0 c.) $13,870 d.) $57,000After working for 30 years and due to old age (55 years), Rufino retired from his employment on December 31, 2018 as a rank and file employee. As a consequence, he received the following: a. Salary, 300,000 b. Christmas gift, 10,000 c. Anniversary gift, 2,000 d. Loyalty award (tangible personal property), 15,000 e. Retirement pay, 750,000. 1. Based on the above data, the amount subject to tax is? a. 327,000 b. 1,077,000 c. 312,000 d. 317,000 2. In the above problem, how much is Rufino's income tax due? a. 15,400 b. None c. 12,400 d. 13,400
- Prince Distribution Incorporated has an unfunded postretirement benefit plan. Medical care and life insurance benefits are provided to employees who render 10 years service and attain age 55 while in service. At the end of 2024, Jim Lukawitz is 31. He was hired by Prince at age 25 (6 years ago) and is expected to retire at age 62. The expected postretirement benefit obligation for Lukawitz at the end of 2024 is $50,000 and $54,000 at the end of 2025. Calculate the accumulated postretirement benefit obligation at the end of 2024 and 2025 and the service cost for 2024 and 2025, as pertaining to Lukawitz. Note: Enter your answers in whole dollar amount. Round your final answers to the nearest whole dollar. APBO Service 2024 ____ _____ 2025 ____ _____Steve retired at the beginning of 2020. He worked for a company with a defined benefit plan. The plan provides for retirement benefits at a rate of 3% of the last three years' average compensation for every year of service. Steve had worked for this company for 30 years when he retired. His average salary for the last three years was $700,000. The maximum benefit Steve can receive from his retirement plan in 2020 is $ _____. (Enter your answer as a number.)Carri and Dane, ages 34 and 32, respectively, have been married for 11 years, and both are active participants in employer qualified retirement plans. Their total AGI in 2021 is $201,000, and they earn salaries of $89,000 and $95,000, respectively. Click here to access Exhibit 9.1. Compute the following amounts. If an amount is zero, enter "0". Do not round intermediate computations. a. b. C. The amount each can contribute to a regular IRA. The amount each can deduct for regular IRA contributions. The amount each can contribute to a Roth IRA. d. The amount each can deduct for Roth IRA contributions. Amount
- Shuai is 43 years old and has been asked to accept early retirement from his company. The company offered Shuai three alternative compensation packages to induce Shuai to retire: 1. $231,000 cash payment to be paid immediately. 2. A 20-year annuity of $22,000 beginning immediately. 3. A 10-year annuity of $75,000 beginning on July 1 of the year Shuai reaches age 53 (after 10 years). Required: Determine the present value of each alternative, assuming that Shuai is able to invest funds at a 8% rate. Which alternative should he choose? Note: Round your final answers to nearest whole dollar amount. Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Alternative 1 2 3 Shuai should choose PVPrince Distribution Inc. has an unfunded postretirement benefit plan. Medical care and life insurance benefits areprovided to employees who render 10 years service and attain age 55 while in service. At the end of 2018, JimLukawitz is 31. He was hired by Prince at age 25 (6 years ago) and is expected to retire at age 62. The expectedpostretirement benefit obligation for Lukawitz at the end of 2018 is $50,000 and $54,000 at the end of 2019.Calculate the accumulated postretirement benefit obligation at the end of 2018 and 2019 and the service cost for2018 and 2019, as pertaining to Lukawitz.Kathy is 48 years of age and self-employed. During 2018 she reported $112,000 of revenues and $44,800 of expenses relating to her self-employment activities. If Kathy has no other retirement accounts in her name, what is the maximum amount she can contribute to a simplified employee pension (SEP) IRA for 2018? (Round your final answer to the nearest whole number)
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