Question: Mary and Kendal both work for Amazon. They both make $69,000 and they also each have $1200 a year in child care expenses. Mary deposits

Mary and Kendal both work for Amazon. They both make $69,000 and they also each have $1200 a year in child care expenses. Mary deposits $1200 a year into a dependent care flexible spending account while Kendal does not. They both have a tax rate of 17%. How much does Mary save vs. Kendal in a given year?

Step by Step Solution

★★★★★

3.37 Rating (163 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

To calculate the savings of Mary compared to Kendal in a given year we need to consider the tax savi... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Question: Old MathJax webview Old MathJax webview i need ans of these question but the source is alot Old MathJax webviewOld MathJax webview i need ans of these question but the source is alot these...

Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...

1. Assuming the deathclock.com projection is accurate, Cory is concerned about getting back as much as possible of his Social Security taxes. At what age can he retire and receive full Social...

Mary and Kendal both work for Amazon. They both make $69,000 and they also each have $1200 a year in child care expenses. Mary deposits $1200 a year into a dependent care flexible spending account...

please show work 4. Mary and Kendal both work for Amazon. They both make $60,000 and they also each have $1300 a year in child care expenses. Mary deposits $1300 a year into a dependent care flexible...

All 3 please. Please show math as well. 4. Mary and Kendal both work for Amazon. They both make $60,000 and they also each have $1300 a year in child care expenses. Mary deposits $1300 a year into a...

4. Mary and Kendal both work for Amazon. They both make $40,000 and they also each have $2200 a year in child care expenses. Mary deposits $2200 a year into a dependent care flexible spending account...

3.Mary and Kendal both work for Amazon. They both make $85,000 and they also each have $2100 a year in child care expenses. Mary deposits $2100 a year into a dependent care flexible spending account...

Course: introduction to taxation Required : Calculate, for the 2019 taxation year, your minimum Net Income for Tax Purposes as per the Section 3 ordering rules (48 Marks) Case: Taxpayer Information...

looking at this case u have two answer this question : Case: Taxpayer Information You are 45 years-old and have a common-law spouse (Nat). Nat is 47 years old and is a school teacher employed by the...

Consider the following set of data: a. Obtain the estimated regression equation. b. Examine the coefficient of determination and the adjusted coefficient of determination. Does it seem that either of...

Pick out the media (i, ii, iii, or iv) onto which you would spread cells from a Lac - Met - E. coli culture to: a. select for Lac + cells b. screen for Lac + cells c. select for Met + cells i....

Eddies Precision Machine Shop is insured for $700,000. The present yearly insurance premium is $1.00 per $100 of coverage. A sprinkler system with an estimated life of 20 years and no salvage value...

Three mutually exclusive alternatives are being considered: At the end of its useful life, an alternative is not replaced. If the MARR is 10%, which alternative should be selected: (a) Based on the...

Razor Sharp Company purchased tool sharpening equipment on July 1, 2008, for $48,600. The equipment was expected to have a useful life of three years, and a residual value of $3,000. Instructions...

Consider four mutually exclusive alternatives: Each alternative has a 5-year useful life and no salvage value . The MARR is 10%. Which alternative should be selected, based on (a) Future worth...

Decision Case 23-1 Movies Galore distributes DVDs to movie retailers, including dot.coms. Movies Galores top management meets monthly to evaluate the companys performance. Controller Allen Walsh...

Data for Arma Inc. are presented in P17-9A. Further analysis reveals that accounts payable pertain to merchandise creditors. Instructions Prepare a statement of cash flows for Arma Inc. using the...

The top enduring intranet design mistakes include all of the following EXCEPT: poor search results announcements and promotions that look like external advertisements poor visual layout Inadequate...

Jim is fired from his job as a waiter and decides to take an extended trip to Europe. After touring Europe for 3 months, Jim returns to look for a new job as a waiter. Are his job-hunting expenses...

Deborah purchases a new $30,000 car in 2012 to use exclusively in her business. If Deborah does not elect to expense or take bonus depreciation in 2012 and holds the car until it is fully...

Jenny earns $34,500 in 2012. Calculate the FICA tax that must be paid by: Jenny: ..............................Soc,Sec. ..................$______________...

Some people have argued that mandatory health insurance could reduce health-care costs. Explain this argument. What problem would mandatory coverage not solve that could undermine cost savings?

Explain why joining a fraternity or sorority might include elaborate or difficult rituals.

Suppose you are in the market to purchase your first home. You found a house you like in your price range and are buying directly from the previous owner. Describe an information asymmetry in this...