Clayton participates in his employers nonqualified deferred compensation plan. For 2022, he is deferring 10 percent of
Question:
Clayton participates in his employer’s nonqualified deferred compensation plan. For 2022, he is deferring 10 percent of his $320,000 annual salary. Assuming this is his only source of income and his marginal income tax rate is 32 percent, how much does deferring Clayton’s income save his employer (after taxes) in 2022? The employer’s marginal tax rate is 21 percent (ignore payroll taxes).
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 25% (12 reviews)
Amount of deferrin...View the full answer
Answered By
James Warinda
Hi! I’m James Otieno and I'm an experienced professional online tutor with countless hours of success in tutoring many subjects in different disciplines. Specifically, I have handled general management and general business as a tutor in Chegg, Help in Homework and Trans tutor accounts.
I believe that my experience has made me the perfect tutor for students of all ages, so I'm confident I can help you too with finding the solution to your problems. In addition, my approach is compatible with most educational methods and philosophies which means it will be easy for you to find a way in which we can work on things together. In addition, my long experience in the educational field has allowed me to develop a unique approach that is both productive and enjoyable.
I have tutored in course hero for quite some time and was among the top tutors awarded having high helpful rates and reviews. In addition, I have also been lucky enough to be nominated a finalist for the 2nd annual course hero award and the best tutor of the month in may 2022.
I will make sure that any student of yours will have an amazing time at learning with me, because I really care about helping people achieve their goals so if you don't have any worries or concerns whatsoever you should place your trust on me and let me help you get every single thing that you're looking for and more.
In my experience, I have observed that students tend to reach their potential in academics very easily when they are tutored by someone who is extremely dedicated to their academic career not just as a businessman but as a human being in general.
I have successfully tutored many students from different grades and from all sorts of backgrounds, so I'm confident I can help anyone find the solution to their problems and achieve
0.00
0 Reviews
10+ Question Solved
Related Book For
Taxation Of Individuals And Business Entities 2023 Edition
ISBN: 9781265790295
14th Edition
Authors: Brian Spilker, Benjamin Ayers, John Barrick, Troy Lewis, John Robinson, Connie Weaver, Ronald Worsham
Question Posted:
Students also viewed these Business questions
-
How much does a depositor have to save at the end of every three months for seven years to accumulate $3500 if interest is 3.75% compounded quarterly?
-
Annes marginal income tax rate is 32 percent. She purchases a corporate bond for $10,000 and the maturity, or face value, of the bond is $10,000. If the bond pays 5 percent per year before taxes,...
-
Does an employer recognize payroll taxes as expenses on its income statement? Explain.
-
Liberty Ventures Inc. reported a $320,000 profit in 2020 and declared preferred dividends of $20,000. The following changes in common shares outstanding occurred during the year: Jan 1 100,000 common...
-
A control chart for nonconformities is maintained on a process producing desk calculators. The inspection unit is defined as two calculators. The average number of nonconformities per machine when...
-
Why was it found necessary to do so?
-
The Foreign Corrupt Practices act can levy fines of more than five hundred million against companies our size that do not eliminate corruption in their operations abroad. Can you understand why the...
-
Qwik Repairs has over 200 auto-maintenance service outlets nationwide. It provides primarily two lines of service: oil changes and brake repair. Oil changerelated services represent 70% of its sales...
-
Why do economists bother to calculate real GDP? Why can't economists just be satisfied with comparing nominal GDP from one year to the next?
-
Develop a complete use case for one of the following activities: a. Making a withdrawal at an ATM b. Using your charge card for a meal at a restaurant c. Buying a stock using an on-line brokerage...
-
Leslie participates in IBOs nonqualified deferred compensation plan. For 2022, she is deferring 10 percent of her $300,000 annual salary. Based on her deemed investment choice, Leslie expects to earn...
-
Marissa participates in her employers nonqualified deferred compensation plan. For 2022, she is deferring 10 percent of her $320,000 annual salary. Assuming this is her only source of income and her...
-
Renea and Stephen agreed to go into partnership. Renea was a sole trader and her business's statement of financial position before the formation of the partnership was: Renea is to transfer her...
-
Solve the following questions. Q1. Fill the data needed for 4-bit parallel adder for operation: A B Cin FA4 Cout A C B Cin FA3 out W A B Cin FA2 out Wal 1 0 1 1 +1 1 0 1 A B Cin FAI Cout The sum...
-
The ribbon in the Microsoft Office suite shows the same number of buttons no matter your monitor's display settings. Select one: True False
-
What is a miner? a . . A type of blockchain b . . An algorithm that predicts the next part of the chain c . . A person doing calculations to verify a transaction d . . Computers that validate and...
-
Considering the readers and writers problem, assume that rules have changed. "Multiple readers can read at the same time" is now changed to " " Up to 5 5 reader the same time". Here is the pseudocode...
-
Who are granted rsh ? ? a . . Beginner users b . . Existing Users c . . Both A and B d . . Longtime users
-
Illustrate three scenarios of incorrect recordings that may cause a trial balance not to balance.
-
"Standard-cost procedures are particularly applicable to process-costing situations." Do you agree? Why?
-
This year Gerrys friend, Dewey, was disabled. Gerry paid $15,000 to Deweys doctor for medical expenses and paid $12,500 to State University for college tuition for Deweys son. Has Gerry made taxable...
-
Jones is seriously ill and has $6 million of property that he wants to leave to his four children. He is considering making a current gift of the property (rather than leaving the property to pass...
-
Identify the sections in the Internal Revenue Code that authorize the use of qualified terminable interest property (QTIPs) for gift and estate tax purposes, respectively
-
Regulatory obligations are responsibilities which relevant personnel are expected to uphold depending on the setting that they are in . List three ( 3 ) of the applicable regulatory requirements or...
-
How do I find the optimal size of the production run when given days per year that production runs, orders per year, production capability per day, set up cost , cost of each unit, and holding cost...
-
Alpha Gear is a fitness apparel company. One of their best selling products are their joggers. The company sells joggers under a block pricing scheme that charges $18 per pair of joggers if the...
Study smarter with the SolutionInn App