You are considering hiring another employee. The market rate for the employee is a $35,000 salary. How much would the company have to pay after-tax for this salary? Assume a corporate tax rate of 21% and Ignore payroll taxes.
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You are considering hiring another employee. The market rate for the employee is a $35,000 salary. How much would the company have to pay after-tax for this salary? Assume a corporate tax rate of 21% and Ignore payroll taxes.
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- Your company plans to hire an employee at a yearly salaryof $70,000. Someone in your company says the actual costwill be lower because of payroll deductions. Someone elsesays it will be higher. Who is right? What is likely to bethe total cost to the company? Explain.XYZ Corporation has a deferred compensation plan under which it allows certain employees to defer up to 35 percent of their salary for five years. For purposes of this problem, ignore payroll taxes in your computations. (Use Table 1.) Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. a. Assume XYZ has a marginal tax rate of 21 percent for the foreseeable future and earns an after-tax rate of return of 9 percent on its assets. Joel Johnson, XYZ's VP of finance, is attempting to determine what amount of deferred compensation XYZ should be willing to pay in five years that would make XYZ indifferent between paying the current salary of $17,700 and paying the deferred compensation. What amount of deferred compensation would accomplish this objective? b. Assume Julie, an XYZ employee, has the option of participating in XYZ's deferred compensation plan. Julie's marginal tax rate is 37 percent, and she expects the rate to remain constant…Please explain proper steps by Step and Do Not Give Solution In Image Format ? And Fast Answering Please ?
- By how much would total payroll (compensation plus tax) increase in the previous question if the government imposed a new minimum wage of $15/hour and the managers’ wages increased by the same proportion as the servers’ wages?[The following information applies to the questions displayed below.] XYZ Corporation has a deferred compensation plan under which it allows certain employees to defer up to 40 percent of their salary for five years. For purposes of this problem, ignore payroll taxes in your computations. Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. a. Assume XYZ has a marginal tax rate of 21 percent for the foreseeable future and earns an after-tax rate of return of 8 percent on its assets. Joel Johnson, XYZ's VP of finance, is attempting to determine what amount of deferred compensation XYZ should be willing to pay in five years that would make XYZ indifferent between paying the current salary of $10,000 and paying the deferred compensation. What amount of deferred compensation would accomplish this objective?Suppose a college football coach makes a base salary of $2,400,000 a year ($200,000 per month). Employers are required to withhold a 6.2% Social Security tax up to a maximum base amount and a 1.45% Medicare tax with no maximum. Assuming the Social Security maximum base amount is $128,400, how much will be withheld during the year for the coach's Social Security and Medicare taxes? (Round your answers to the nearest dollar amount.)
- XYZ Corporation has a deferred compensation plan under which it allows certain employees to defer up to 15 percent of their salary for five years. For purposes of this problem, ignore payroll taxes in your computations. (Use Table 1.) Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. Problem 13-66 Part a (Algo) a. Assume XYZ has a marginal tax rate of 21 percent for the foreseeable future and earns an after-tax rate of return of 17 percent on its assets. Joel Johnson, XYZ's VP of finance, is attempting to determine what amount of deferred compensation XYZ should be willing to pay in five years that would make XYZ indifferent between paying the current salary of $10,500 and paying the deferred compensation. What amount of deferred compensation would accomplish this objective?You've received two job offers from the same employer. Assume you have a 30% marginal tax rate. Option 1: Work at the corporate office, which provides you with access to the company gym (assume it qualifies as a non-taxable fringe benefit). Equivalent outside gym access would cost $20,000. Option 2: Work at a remote site would involve a reduction to your daily commute of 2 hours. Required: How much would Option 2 have to pay in order for it to deliver an equivalent after-tax payoff to option 1?Use the 2012 FICA tax rates, shown below, to answer the following question. If you are not self-employed and earn $118,000, what are your FICA taxes? Employee's Rates Matching Rates Paid by the Employer Self-Employed Rates 5.65% on first $110,000 7.65% on first $110,000 paid in of income 13.3% on first $110,000 of net profits wages 1.45% of income in excess of $110,000 1.45% of wages paid in excess of 2.9% of net profits in excess $110,000 of $110,000 FICA taxes are $: (Type an integer or a decimal. Round to the nearest cent as needed.)
- Suppose you have a job that pays a monthly salary of (g) $_3,900____.Unfortunately, recent events have significantly reduced your company’s cash flow.Your employer says that everyone needs to take a 6.5% pay cut or the company mayhave to close.(a) When the 6.5% pay cut is applied to your original monthly salary, by how many dollars will your monthly pay decrease? Round your result to the nearest cent. (4) (b) What will your reduced monthly salary be after the 6.5% decrease is applied to your original monthly salary? Round your result to the nearest cent. (3) Your employer promises that when business returns to normal, everyone will get a6.5% pay raise to bring their pay back to their original levels.(c) When the 6.5% pay raise is applied to your reduced monthly salary, by how many dollars will your monthly pay increase? Round your result to the nearest cent. (4) (d) What will your new increased monthly salary be after the 6.5% increase is applied to your reduced monthly salary? Round…The current tax rate paid by employees in a company on their income is 30 percent. Currently, the employerprovides workers with a health insurance policy that is worth $3,000 per year.a. Assuming that the company has 1,000 workers, what is the indirect government subsidy for healthinsurance for workers in the company?b. Suppose that instead of providing the workers with health insurance as a fringe benefit, the employersold them the policy for a $3,000 annual premium. How would this change affect the typical worker,assuming that he or she still wants $3,000 worth of insurance under the new arrangement?Calculate the immediate financial impact in 2021 of the increase (change) in hourly wages. This increase will immediately affect the profitability of the company due to the impending increase in the minimum wage. Ignore tax issues such as employment tax in your calculation. Job Category Wage/ Salary Number of Employees Hours per year Total I $8 6 2,000 $96,000 II $13 6 2,000 $156,000 III $18 3 2,000 $108,000 IV $22 2 2,000 $88,000 Manager $50,000 per year 2 Salaried $100,000 Total Labor 19 $548,000