A firm can pay no more than $5,500,000 in tax deferred contributions to its 401k plan on behalf of employees in 2022. How much did the firm pay in total compensation to its employees in 2022?
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A firm can pay no more than $5,500,000 in tax deferred contributions to its 401k plan on behalf of employees in 2022. How much did the firm pay in total compensation to its employees in 2022?
Round to the nearest whole dollar.
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- A firm pays $22,000,000 in compensation to its 401K participants in 2021. What is the maximum tax-deferred contribution the firm can make in 2021? (Round to the nearest whole dollar)In 2019, Magnum Corp, a publicly traded company, adopted a compensation plan that paid its CEO in excess of $1,000,000. The CEO _______ taxed on the entire amount, and Magnum_________ allowed a deduction on the entire amount. Question 21 options: is not; is not is not; is is; is not is; isIn 2021, Heartfin Farms reported a pretax accounting loss of $196 million. During the year, the company paid a fee of $4 million due to a fine from the Food and Drug Administration. The company accrued an expense for estimated paid future absences of $30 million relating to the company’s employee vacation program. The amounts owed will be paid equally over the next two years ($15 million in 2022 and $15 million in 2023). The enacted tax rate is 25%. There were no temporary differences at the beginning of the year and none originating in 2021 other than those described above. In the prior two years, Hinton Farms reported taxable income of $64 million in 2020 and $88 million in 2019. What is the amount that Heartfin Farms should record as its receivable-refund for 2021? A. $18 million B. $10 million C. $48 million D. $38 million
- In 2021, Heartfin Farms reported a pretax accounting loss of $196 million. During the year, the company paid a fee of $4 million due to a fine from the Food and Drug Administration. The company accrued an expense for estimated paid future absences of $30 million relating to the company’s employee vacation program. The amounts owed will be paid equally over the next two years ($15 million in 2022 and $15 million in 2023). The enacted tax rate is 25%. There were no temporary differences at the beginning of the year and none originating in 2021 other than those described above. In the prior two years, Hinton Farms reported taxable income of $64 million in 2020 and $88 million in 2019. What is Heartfin Farms' net operating loss carryforward in 2021? A. $10 million B. $162 million C. $30 million D. $152 millionIrving, Inc. pays its general manager an annual bonus of 6% of profit after deduction for both bonus and corporate income tax. For the year 2020, the company realized profit of ₱10,800,000 before said deductions. The income tax rate is 30%. What is the corporate income tax liability at December 31, 2020?In 2024 , AutoUSA Inc. received $ 4,600,000 of book income , including $ 20,000 of interest income from tax - exempt bonds . AutoUSA reported $ 3,600,000 of regular business expenses . If it made $ 210,000 of estimated tax payments ( prepayments ) throughout the tax year , what is its tax due or tax refund when it files its return ?
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