Payroll Accounting
Payroll Accounting
19th Edition
ISBN: 9781337619769
Author: BIEG, Bernard J.
Publisher: Cengage Learning
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Chapter 4, Problem 11PA

a.

To determine

Identify the maximum amount that can be contributed into the retirement fund.

b.

To determine

Determine the company’s contribution.

c.

To determine

State the amount that will be taken as a take home pay by the Person G after deducting the retirement contribution.

d.

To determine

Identify the amount that will be taken as a take home pay by the Person G without considering retirement contribution.

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Roth Inc. has a deferred tax liability of $68,000 at the beginning of 2013. At the end of 2013, it reports accounts receivable on the books at $90,000 and the tax basis at zero (its only temporary difference). If the enacted tax rate is 34% for all periods, and income taxes payable for the period is $230,000, determine the amount of total income tax expense to report for 2013.
Oxford Corporation began operations in 2012 and reported a pretax financial income of $225,000 for the year. Oxford's tax depreciation exceeded its book depreciation by $40,000. Oxford's tax rate for 2012 and years thereafter is 30%. In its December 31, 2012, balance sheet, what amount of deferred tax liability should be reported?
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