Lamden Company paid its employee Trudy, wages of $61,500 in 2020. Of this amount, $2,400 was allocated

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Lamden Company paid its employee Trudy, wages of $61,500 in 2020. Of this amount, $2,400 was allocated to sick pay for two weeks due to Trudy’s spouse contracting COVID and Trudy being quarantined. Trudy spent another 10 weeks at home caring for their children that were unable to attend school. Lamden allocated $10,000 in wages to family leave. Lamden allocated $6,000 of Trudy’s wages to the employee retention credit (5 weeks). The allocation of health care costs is $200 per week. Compute Lamden’s:

Credit for sick pay Credit for family leave Employee retention credit

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Income Tax Fundamentals 2021

ISBN: 9780357141366

39th Edition

Authors: Gerald E. Whittenburg, Martha Altus-Buller, Steven Gill

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