Required Research Problem S Corporations Instructions: You should prepare a legal memorandum to your client providing tax advice on the proposal set forth here. Be sure to include citations to code sections, regulations and other authorities that you rely upon in reaching your conclusion. The paper generally runs about two to three pages and is due the last day of class or May 10, 2011.. Facts: Your client is Android Cellar who operates a successful computer consulting business as an S Corporation. Android is the sole owner of the S Corporation. He employs two workers (Geeko and Byte) who work with him in this business. Android works from home so he employs a Nanny (called Analog) to take care of his two children. He …show more content…
Analog worked 1,500 hours during 2010. Analog was paid $10 per hour. Android offers a major medical plan and a dental plan to his employees who work over 1,000 hours per year. Android has offered this benefit for the entire year 2010. Android pays 50% of the premium cost for the major medical plan for single coverage. This means that the amount paid by Android is limited to 50% of the cost of single coverage even if the employee has a family and elects more expensive family coverage. Android’s plan has a premium cost of $6,000 for single and $14,000 for family coverage. Android pays $3,000 for Geeko and Byte who are single and $3,000 for Analog who is married with a family (Total payment of $9,000). That means that Geeko and Byte each pay $3,000 for coverage under the plan, and Analog pays $11,000 for coverage under the plan (if she elects family coverage). Android paid $14,000 for his own family coverage. Android pays 40% of the premium cost of the dental plan. The dental plan premiums are $1,000 for single and $2,000 for family coverage. Android pays $400 for Geeko, Byte and Analog. Geeko and Byte each pay $600 for coverage and Analog pays $1,600. Android paid $2,000 for his own family coverage. You do not need to consider any state credits or other state subsidies. Required: Determine the total credit available to the S Corporation in 2010 under IRC 45R (Small Business Health Care Tax Credit). You should specifically compute each of
Part 1: Partnership formation. In January of 2010, Jason and Jesse contribute the following assets to
period to complete each in-class quiz. Each quiz will be graded based on 50 points.
A health insurance plan pays for medical care only after the insured has first paid $500 out of pocket on an annual basis. The $500 annual cost is called
income will be treated by the entity, the overall tax burden, and the effect of distributions of property or earnings from the entity to your client. (Note: Do not spend time addressing other types of business entities. Credit will only be given for discussion of the two business entities at issue.) (Points : 50)
According to Austin and Wetle (2012), employers covered 83% of premium costs for single coverage and 73% for family coverage in 2009. The employee, or beneficiary, paid the difference. Then, the health insurance company pays the provider directly.
In 1637, Swedish, Dutch and German shareholders created the New Sweden Company to trade for furs and tobacco in North America. In 1637, Swedish, Dutch and German shareholders created the New Sweden Company to trade for furs and tobacco in North America. In March 1638, their ships arrived at the Delaware Bay. From 1626 to 1631, Peter Minuit was the first governor of New Netherland, which was dutch colony on Manhattan Island. Peter Minuit built a fort at Wilmington Delaware, and they named it fort Christina after their queen.
plan, you will typically have no deductible and the co-payments often range from $10 to $20
Evaluate the economic and political impact of big business on the United States in the period from 1870 to 1900.
During my first day in DTD, and after visiting the NCO Heritage and Education Center, I came up with an idea that could be a little bit crazy but some students from this class can be part of our NCO history.
While at a banquet, or so the story goes, Simonides of Ceos, an ancient Greek poet, received word that two young men were waiting outside to see him. As he left the dining hall, it collapsed behind him. During the excavation of the rubble, Simonides was called upon to name each guest killed. Though their bodies had been crushed beyond recognition, he was able to identify them by recalling their positions (loci in Latin) at the table. Later, Simonides used this experience to develop the “method of loci,” a technique for memorizing.
BACKGROUND: Sue Growne, client G14159, is looking to purchase a tavern, which would include both realty and personality. So ReaLand CPA’s could better serve this client, I, Bobbi Paternico was tasked with researching the legal and tax options available to the client, based upon the entity utilized for the purchase and the method of purchase.
Under your current family PPO plan, your deductible is embedded. This means that your deductible is composed of individual, as well as, an overall family deductible. This also means, each individual deductible paid reduces the overall amount needed to meet the family deductible. In this case your individual deductible is $150.00. After the individual deductible amount is met your health insurance will begin. The percentage owed on any in-network imaging is 10% and any in-network
The stock market works by increasing the value of stocks based upon multiple factors. One of the factors is company performance. The better the company is doing the more stocks will increase and vice versa. Another factor is the demand. The more demand the bigger the price and also vice versa. So to maximize the amount of money you get from a stock you need many people buying that stock and having the company do well.
The S-II was worked by North American Aviation at Seal Beach, California. Utilizing fluid hydrogen and fluid oxygen, it had five Rocketdyne J-2 motors in a comparable game plan to the S-IC, additionally utilizing the external motors for control. The S-II was 81 feet 7 inches (24.87 m) tall with a distance across of 33 feet (10 m), indistinguishable to the S-IC, and in this manner was the biggest cryogenic stage until the point when the dispatch of the Space Shuttle in 1981 (NASA, 1968). The S-II had a dry weight of around 80,000 pounds (36,000 kg) and completely energized, weighed 1,060,000 pounds (480,000 kg). The second stage quickened the Saturn V through the upper climate with 1,100,000 pounds-constrain (4,900 kN) of push in vacuum. Whenever
The concept of online dating has exploded into mainstream culture since the emergence of the Internet. Websites have allowed for the virtual facilitation of basic needs