Question

Problem 4-3A Yvette Bradbury is an account representative at Commerce Savings Bank, earning $61,200 annually, paid...

Problem 4-3A Yvette Bradbury is an account representative at Commerce Savings Bank, earning $61,200 annually, paid semimonthly. She contributes 3 percent of her gross pay to her qualified 401(k) plan on a pre-tax basis and has a pre-tax medical premium of $130.

What is her taxable income?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

ANSWER

Taxable income would be the net of annual earnings after deducting contribution and premium.

Taxable income = Gross earnings – Contribution – Premium

                           = 61,200 – (61,200 × 3%) – 130

                           = 61,200 – 1,836– 130

                        = 59,234 (Answer)

_____________________________________________

If you have any query or any Explanation please ask me in the comment box, i am here to helps you.please give me positive rating.

*****************THANK YOU**************

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Yvette Bradbury is an account representative at Commerce Savings Bank, earning $46,800 annually, paid semimonthly. She...
Yvette Bradbury is an account representative at Commerce Savings Bank, earning $46,800 annually, paid semimonthly. She contributes 3 percent of her gross pay to her qualified 401(k) plan on a pre-tax basis and has a pre-tax medical premium of $65. (Do not round intermediate calculations and round your final answer to 2 decimal places.) Required: What is her taxable income?_____
Note: This problem is for the 2018 tax year. Roberta Santos, age 41, is single and...
Note: This problem is for the 2018 tax year. Roberta Santos, age 41, is single and lives at 120 Sanborne Avenue, Springfield, IL 60781. Her Social Security number is 123-45-6780. Roberta has been divorced from her former husband, Wayne, for three years. She has a son, Jason, who is 17, and a daughter, June, who is 18. Jason's Social Security number is 111-11-1112, and June's is 123-45-6788. Roberta does not want to contribute $3 to the Presidential Election Campaign Fund....
This problem is for the 2018 tax year. Roberta Santos, age 41, is single and lives...
This problem is for the 2018 tax year. Roberta Santos, age 41, is single and lives at 120 Sanborne Avenue, Springfield, IL 60781. Her Social Security number is 123-45-6780. Roberta has been divorced from her former husband, Wayne, for three years. She has a son, Jason, who is 17, and a daughter, June, who is 18. Jason's Social Security number is 111-11-1112, and June's is 123-45-6788. Roberta does not want to contribute $3 to the Presidential Election Campaign Fund. Roberta,...
Note: This problem is for the 2018 tax year. Roberta Santos, age 41, is single and...
Note: This problem is for the 2018 tax year. Roberta Santos, age 41, is single and lives at 120 Sanborne Avenue, Springfield, IL 60781. Her Social Security number is 123-45-6789. Roberta has been divorced from her former husband, Wayne, for three years. She has a son, Jason, who is 17, and a daughter, June, who is 18. Jason's Social Security number is 111-11-1112, and June's is 123-45-6788. Roberta does not want to contribute $3 to the Presidential Election Campaign Fund....
Problem 4-30 (LO. 1, 3) Dan Knight and Patricia Chen, who are good friends, form Crane...
Problem 4-30 (LO. 1, 3) Dan Knight and Patricia Chen, who are good friends, form Crane Corporation. Dan transfers land (worth $200,000, basis of $60,000) for 50% of the stock in Crane. Patricia transfers machinery (worth $150,000, adjusted basis of $30,000) and provides services worth $50,000 for 50% of the stock. a. Will the transfers qualify under § 351? , because of Patricia's stock is counted in determining control since the property she transferred has than a nominal value in...
Note: This problem is for the 2018 tax year. Lance H. and Wanda B. Dean are...
Note: This problem is for the 2018 tax year. Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, while Wanda is employed part-time as a paralegal for a law firm. During 2018, the Deans had the following receipts: Salaries ($60,000 for Lance, $41,000 for Wanda) $101,000 Interest income— City of Albuquerque general purpose bonds $1,000 Ford Motor company bonds...
Note: This problem is for the 2018 tax year. Lance H. and Wanda B. Dean are...
Note: This problem is for the 2018 tax year. Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, while Wanda is employed part-time as a paralegal for a law firm. During 2018, the Deans had the following receipts: Salaries ($60,000 for Lance, $41,000 for Wanda) $101,000 Interest income—    City of Albuquerque general purpose bonds $1,000    Ford Motor company bonds...
Note: This problem is for the 2018 tax year. Lance H. and Wanda B. Dean are...
Note: This problem is for the 2018 tax year. Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, and Wanda is employed part-time as a paralegal for a law firm. During 2018, the Deans recorded the following receipts. Salaries ($60,000 for Lance, $46,000 for Wanda) $106,000 Interest income— City of Albuquerque general purpose bonds $1000 Ford Motor Company bonds...
Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe,...
Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, while Wanda is employed part-time as a paralegal for a law firm. During 2016, the Deans had the following receipts: Salaries ($60,000 for Lance, $41,000 for Wanda) $101,000 Interest income—    City of Albuquerque general purpose bonds $1,000    Ford Motor company bonds 1,100    Ally Bank certificate of deposit 400 2,500 Child...
Note: This problem is for the 2018 tax year. David R. and Ella M. Cole (ages...
Note: This problem is for the 2018 tax year. David R. and Ella M. Cole (ages 39 and 38, respectively) are husband and wife who live at 1820 Elk Avenue, Denver, CO 80202. David is a self-employed consultant specializing in retail management, and Ella is a dental hygienist for a chain of dental clinics. David earned consulting fees of $145,000 in 2018. He maintains his own office and pays for all business expenses. The Coles are adequately covered by the...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT