Don Driller, who is 56 years old, is provided with $120,000 of group-term life insurance by his employer. Based on the IRS uniform premium cost table Don's required contribution to the cost of the policy is $0. His employer pays the entire cost. Don was covered for the full 12 months of 2018. How much of the cost must Don include in his income for 2018?
Don Driller, who is 56 years old, is provided with $120,000 of group-term life insurance by his employer. Based on the IRS uniform premium cost table Don's required contribution to the cost of the policy is $0. His employer pays the entire cost. Don was covered for the full 12 months of 2018. How much of the cost must Don include in his income for 2018?
Expert Answer
Want to see the step-by-step answer?
Related Accounting Q&A
Q: Problem 25-3A Computation of cash flows and net present values with alternative depreciation methods...
A: The Taxable Income needs to be calculated by subtracting the depreciation from Pretax income. Once ...
Q: 1. Would an auditing-standard convergence prevent fraud at the top-executive level? If No, how to d...
A: (1)Convergence the auditing standards can prevent the frauds at the top executive level but it canno...
Q: 4. ABC company suffered inventory loss from market declines in April 2017. As a result, the company ...
A: As per ASC Section 330-10-35-14, when the cost of the inventory has been written down below its cost...
Q: How do I solve this problem?
A: Equivalent Units of Production: It is an evaluation of the work completed during the period express...
Q: Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been ex...
A: 1.Material price variance = (budgeted price-actual price)* actual quantity consumed=(5-4.95)*49,200=...
Q: On May 1, 2017, Buffalo Inc. entered into a contract to deliver one of its specialty mowers to Kicka...
A: Revenue recognition: The revenue recognition requires every business organization to recognize the r...
Q: Walt Bach Company has accumulated the following budget data for the year 2019. Sales: 40000 units, ...
A: The budgeted income statement shows all the budgeted revenues and expenses for the period for which ...
Q: Explain the meaning of the joint price-quantity variance.
A: Joint price-quantity variance: Variances are the difference between the actual results and the stand...
Q: The following properties have been owned by a business for more than one year. Which of them would ...
A: 1231 property includes:Livestock held for draft, breeding, dairy, or sporting purposesDepreciable or...
Q: taxation business pass thru entitiesPlease help and show calculation
A: Net investment income is the income that is earned from investment assets such as mutual funds, loan...
Q: What should a MNC do to prevent bribery?
A: Bribery is the act of giving or receiving something of value in exchange for some kind of influence ...
Q: During Heaton Company’s first two years of operations, the company reported absorption costing net o...
A: Absorption Costing: Absorption costing identifies the cost that is absorbed while manufacturing and ...
Q: Affordable Lawn Care, Inc., provides lawn mowing services to both commercial and residential custome...
A: Prepare an income statement, statement of retained earnings and balance sheet of Incorporation A for...
Q: Brief Exercise 14-1 Flounder Corporation issues $560,000 of 8% bonds, due in 10 years, with interes...
A: Bond issue price = Present value of interest component @ market rate + Present Value of principal ...
Q: I'm having trouble finding the value for the inventory balance as of january 31st for the cost of fi...
A: Finished goods inventory are completely ready for sale after completing the manufacturing process.
Q: Required information Problem 14-44 (LO 14-2) The following information applies to the questions disp...
A: Calculating the value of total taxable income and federal income tax. We have,
Q: The management of Oriole Company asks your help in determining the comparative effects of the FIFO a...
A: Inventory: Inventory refers to the entire stock of goods purchased, goods utilized and goods maintai...
Q: Other accrued liabilities—warranties Kohl Co. provides warranties for many of its products. The Janu...
A: Warranty expense: It is an estimated expense which arises when the company sells the products. There...
Q: The Geological consulting firm Gilbert, Marsh,& Kester prepare adjusting entries on a monthly ba...
A: Calculate the accrued interest on note for the month of December.
Q: How do I solve this problem? I attempted it and got 79,100 for my final answer but I'm not sure if I...
A: Cash flow statement: Cash flow statement displays the summary of all inflows and outflows of cash in...
Q: Adama Company incurred the following costs.Indicate to which account Adama would debit each of the c...
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and s...
Q: The purpose of the depreciation adjustment is to: -spread the cost invested in an asset over its...
A: Depreciation: It refers to the diminution in the financial value of an asset over its useful life du...
Q: During the current year, Hitchcock Developers disposed of plant assets in the following transactions...
A: Disposal of asset: Disposal of asset is a non-recurring transaction, which record the sale of asset....
Q: Krammer Company has liabilities equal to one fourth of the total assets. Krammer's stockholders' equ...
A: Accounting Equation: Accounting equation is the mathematical representation of the relationship amon...
Q: Shown below are comparative balance sheets for Sandhill Company. Sandhill CompanyComparative Bal...
A: Cash Flow Statements Cash flow statement provides information regarding cash generated or used durin...
Q: I need help finding the values for part 4 (cost of units started and completed in march) and part 5 ...
A: Equivalent Units of Production: It is an evaluation of the work completed during the period express...
Q: Problem 12-2Fields Laboratories holds a valuable patent (No. 758-6002-1A) on a precipitator that pre...
A: The question can be answered in the following manner :
Q: Work-in-Process Inventory, November 1 45,000 units Work-in-Process Inventory, November 30 23...
A: Units completed and transferred inventory:Units completed and transferred inventory represents the n...
Q: Late in the year, sofware city began carry WorldCrafter, a new word processing software program. At ...
A: a. 1. Prepare the journal entry to record the write down at December 31.
Q: 3) Operating income and tax rates for SALTCO’s first three years of operations were as follows: Inco...
A: It is to be noted that we have created deferred tax in 2017 at the enacted tax rate in 2017. However...
Q: Calculate basic EPS Net income was $659,250 for the year. Throughout the year the company had outsta...
A: Earnings per share (EPS):Earnings per share is the monetary earnings available to shareholder per co...
Q: Every year Blue Industries manufactures 7,300 units of part 231 for use in its production cycle. The...
A: a) Compute the total relevant cost to make part 231:
Q: Concord Company gathered the following data about the three products that it produces: Product ...
A: We can solve the question as follows :
Q: otals of various columns from the work sheet are shown below. What is the net income or loss? ...
A: Click to see the answer
Q: Goshford Company produces a single product and has capacity to produce 100,000 units per month. Cost...
A: Net income: Net income is the residual amount left after deducting all the expenses incurred by the ...
Q: What is the difference between the direct method and the indirect method of presenting the cash flow...
A: Statement of cash flows: Statement of cash flow is a financial statement that shows the cash and cas...
Q: On March 1, FBM Corporation had office supplies on hand of $1,000. During the month, FBM purchased a...
A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to...
Q: GIFFCO contracted with the investment bank X.M. Retzoff to issue 25 million of short-term paper. The...
A: When debt securities are issued at commission, the fees and commission are deducted from the net pro...
Q: Cost classifications For each of the following costs, check the column(s) that most likely applies (...
A: Fixed cost: A fixed cost is a cost incurred by a company that remains fixed irrespective of the volu...
Q: Toxaway Company is a merchandiser that segments its business into two divisions—Commercial and Resid...
A: Since we only answer up to 3 sub-parts, we'll answer the first 3. Please resubmit the question ans s...
Q: Leinart Company had taxable wages (SUTA and FUTA) totaling $175,000. During the year, the company wa...
A: Calculate gross FUTA tax:
Q: I attempted this problem and got some of the missing values but my numbers aren't adding up. Can you...
A: Manufacturing Income Statement: It refers to the income statement of a manufacturing business it inc...
Q: At the beginning of the current period, Sunland Company had balances in Accounts Receivable of $201,...
A: Hello! Thank you for your question. As per the company policy, we solve the first three parts of the...
Q: Gandrud Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one d...
A: Flexible budget: A flexible budget is a budget which varies with the activity level of the business....
Q: Exercise 13-2The following are selected 2017 transactions of Shamrock Corporation. Sept. 1 Purchased...
A: 1.Prepare journal entries:
Q: Flexible Budgets; Total Operating Income Variance; Breakdown of the Total Operating Income Variance;...
A: 1. Total operating income variance for July.
Q: I'm not understanding how to solve this problem. Please help, thanks!
A: Process firms accumulate production costs by process or department for a given eriod of time. Proces...
Q: On January 1, 2019, Shenzhen ltd. Issued a 10% convertible bond at par, with a face value $100,000 m...
A: A convertible bond represents a bond that can be converted into certain number of shares by its hold...
Q: Once § 1231 gains are netted against § 1231 losses, if the gains exceed the losses, the net gain is ...
A: Internal Revenue Code (IRC): Internal Revenue Code is generally referred to as “The CODE” outlines ...
Q: I am lost on this problem, I tried using the 'Show me how' video but I don't understand it at all. H...
A: Since we only answer upto 3 sub-parts, we'll answer the first 3. Please resubmit the question and sp...