How as a tax analyst you see this program

Assignment Help Taxation
Reference no: EM13322461

Salem Corporation is considering implementing a 401k program for its employees. The program plan will include the company matching at 50% of the employee's contribution up to 6% contribution. The Human Resources manager proposing this plan feels it will reduce turnover, improve morale, and provide a competitive edge when recruiting new employees. The HR manager has estimated Salem's annual contribution to be $300,000 and the savings to be $70,000 in employee turnover costs and improved performance. Management is concerned about this additional cost.

In addition, you should discuss the 401k limits and special treatment for highly compensated employees. Prepare a response (750-1,000) words documenting how, as a tax analyst, you see this program, and note any tax implications related to the program.

Reference no: EM13322461

Questions Cloud

Find the frequency of the cyclotron : A cyclotron for acceleration deuterons ( A Deuteron has one proton and one neutron) has a magnetic field of .5 T and a radius of 1 m, the frequency of the cyclotron is
Discuss how the tax benefits and present value would change : Discuss how the tax benefits and present value would change if a different method of depreciation was used. Also, discuss when Salem would not choose to take as much depreciation as possible.
Evaluate the fractional abundance of each sphere : Consider a sample that consists of three green spheres and one blue sphere. The green mass is 2.00 g, and the blue mass is 3.00 g. Calculate the fractional abundance of each sphere in the sample.
How far is the image from the vertex of the mirror : An object 3.4 mm tall is placed 25cm from the vertex of of a convex spherical mirror. how far is the image from the vertex of the mirror
How as a tax analyst you see this program : In addition, you should discuss the 401k limits and special treatment for highly compensated employees. Prepare a response (750-1,000) words documenting how, as a tax analyst, you see this program, and note any tax implications related to the prog..
Calculate the kg per year sucrose in stream 3 : The fermenter stream you saw for the last problem is to be separated by distillation as shown below. Its composition is 85.0 mol % water (H2O, MW = 18.01), 10.0 mole % ethanol (C2H5OH, MW = 46.07), and 5.0 mol % sucrose
Evaluate the molar mass of the unknown gas : A gas of unknown molecular mass was allowed to effuse through a small opening under constant-pressure conditions. It required 125 for 1.0 of the gas to effuse. Under identical experimental conditions it required 28 for 1.0 of gas to effuse. Calcul..
Compute the strength of the magnetic field : A particle with charge of 7.70 microC and v= 435 m/s is acted on by both an electric and magnetic field. what is the strength of the magnetic field
Depict two equivalent resonance forms for nitric acid : Draw two equivalent resonance forms for nitric acid and three for nitrate ion. Rank the three types of nitrogen-oxygen bonds in order of length.

Reviews

Write a Review

Taxation Questions & Answers

  Sternberg''s triarchic theory of intelligence

Intelligent behavior is a function of how well people draw on their cognitively process and prior experiences information in order to adapt to their particular environmental situation.

  Evaluate the project''s npv

Evaluate the project's NPV? Note that a project's expected NPV will be negative, in which case it will be rejected.

  Advise alex on his tax implication

Advise Alex on his tax implication on the income that he received. Discuss if Tony has any tax implication and as a result Alex was made redundant and was offered a redundancy payment of $40,000. Alex has worked in that company for 5 years.

  Determine the federal income tax for 2012

Federal income tax withheld is $5,200 (Lance) and $3,100 (Wanda). The proper amount of Social Security and Medicare tax was withheld. Determine the Federal income tax for 2012 for the Deans on a joint return by completing the appropriate forms.

  What amount can edwina apply as credit against her 2011

Edwina worked at three jobs during 2011. She earned 30,000, 40,000 and 9,000 respectively form the jobs and had 10,000 from self-employment income. What amount can Edwina apply as credit against her 2011 income tax liability for overpayment of F..

  Identify the issues raised and the relevant legislation

Identify the issues raised and the relevant legislation in the context of ITAA97 and identify any cases and other sources of information relevant to the issues and legislation.

  What is lockhart''s built-in gains tax in 2013

During 2013, Lockhart sold all of the inventory it owned at the beginning of the year for $250,000. What is its built-in gains tax in 2013?  Be sure to show your work.

  Corporate income tax rates for businesses increase

The price of computer chips decreases significantly, enabling manufacturers of hard drives to produce more hard drives. How will this affect the market for hard drives?

  Why would you want to state all partnership assets

Partnership why would you want to state all partnership assets in terms of current prices at the admission of a new partner?

  Advise the shareholders how the payments in note

Advise the shareholders how the payments in Note (xiv) will be treated for tax purposes and the write-down of share investments is consistent with the accounting policy of valuing investments at market value.

  Show the appropriate income tax allocation

Create a memo to Texaco Inc's chief accountant showing the appropriate income tax allocation required for the above items, adding the appropriate balance sheet presentation

  Evaluate tax savings from the special tax treatment

If Daniel's marginal tax rate is 35 % and he has $120,000 of other capital gains (taxed at 15 percent), evaluate the tax savings from the special tax treatment

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd