How much will Eifel need to contribute to each employee

Assignment Help Accounting Basics
Reference no: EM132768856

Question - Eifel, Inc. is an S corporation and has three employees. Eifel has established a Simple IRA plan for its employees and established an IRA for each one. For 2019, employee A makes 80,000, B makes 65,000 and C makes $45,000 - none of them are over 50. If all the employees choose to have withheld exactly as much as Eifel will match up to the limit - how much would Eifel have to put in each employee's IRA account for 2019? If none of the employees chooses to have amounts withheld and put into the IRA, then how much will Eifel need to contribute to each employee's account?

Reference no: EM132768856

Questions Cloud

What the direct labor rate variance for cottons company : What the direct labor rate variance is? In September, Cottons Company produced 1,000 units of product. 2,080 units of raw materials were used at a total cost
Calculate the amount of bond discount or premium : The bonds which were issued at 103, pay interest on January 1 and June 1. Use this information to calculate the amount of bond discount or premium
Cash-basis accounting and accrual accounting : What is the difference between cash-basis accounting and accrual accounting? How does each method affect the financial statements?
Write richard a memo discussing the areas : The chair of the budget committee, Write Richard a memo discussing these areas. Make sure to include components of the master budget in your discussion.
How much will Eifel need to contribute to each employee : If none of the employees chooses to have amounts withheld and put into the IRA, then how much will Eifel need to contribute to each employee's account
Substructural members of semi-monocoque fuselage : Describe the substructural members of the semi-monocoque fuselage. Describe the four aerodynamic forces acting on an aircraft in flight.
Find during april the company will need to borrow : Cash disbursements during the month are expected to total $112,000. Ignoring interest payments, during April the company will need to borrow
What should the company establish as sales price per unit : What should the company establish as the sales price per unit if it sets a target of earning an operating income of $700,000 by producing
Why did Ryan report the phantom income : Ryan had just finished a finance class and had learned about the importance time value of money. Why did Ryan report the phantom income

Reviews

Write a Review

Accounting Basics Questions & Answers

  How do debt and equity financing affect a firm tax situation

Aside from taxes, another important difference between debt and equity financing is that debt payments must be made to avoid default, while firms have no similar obligation to pay dividends. How do debt and equity financing affect a firm's tax sit..

  Discuss the possible tax classifications

An LLC with only one owner or an LLC with more than one owner. Discuss the possible tax classifications that are available to each type of entity

  In a completely randomized design 12 experimental units

in a completely randomized design 12 experimental units were used for the first treatment 15 for the second treatment

  How are senior citizens treated in a youth-oriented society

What about the young, unmarried girl with a new baby trying to get to work? She does not have a car and must use public transportation. Her employer does not provide maternity leave, so she must work to provide food for her baby. What would her da..

  Prepare a detailed analysis of the costs of quality

The controller was asked to conduct an analysis of the efforts in January to improve product quality. Prepare a detailed analysis of the costs of quality

  Determine the proceeds received by the borrower

A borrower has two alternatives for a loan: (1) issue a $360,000, 60-day, Determine the proceeds received by the borrower

  Goodwill impairment in consolidating journal entries

Prepare the related consolidated journal entries if 30% of the goodwill is to be written off as impairment loss?

  Assume that the actual level of activity in 2012 was 30000

for years daytona parts company has used an actual plantwide overhead rate and based its prices on cost plus a markup

  Whether or not tom wins at the trial court or appeals court

tom an individual taxpayer has just been audited by the irs and as a result has been assessed a substantial deficiency

  Cpa designation will do for you from a career perspective

Essay: What you believe a CPA designation will do for you from a career perspective?Where do you want to be career wise 5 years from now as being a CPA?

  Prepare a schedule indicating cash payments for selling

Prepare a schedule indicating cash payments for selling and administrative expenses for June, July, and August. Enter all amounts as positive numbers

  What are the three major activities of a manger

What is the basic difference in orientation between financial and management accounting? What are the three major activities of a manger

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