ariances, Entries, and income statement summiry of Glendare Compary's manufacturing varance report for Wry 2016 followh tandard material cost per unit of product is 0.5 pounds at 37.40 per pound and standard direct labor cost is 1.5 hours at 313.00 per hour. The total actui materials cotr represents 4.500 pound urchased at 17.70 per pound. Fotal actual labor cout represents 14.200 hours at 312.60 per hour. Ascording to standaros, variatle onerhtad rate is applied at 30.70 per direct labor hour (bused o ormat capacty of 15.000 direct labor hours or 10,000 units of product. Assume that al foed ovethesd is appled to work in progress inventory. Determine the following variances: b. Prepare general joumal entries to record standard costs, actual costs, and related variances for material, labor, and overhead. goods inventoryl. d. Prepare a partial income satement (through gross profit on sales) showing gross profit based on standard costs the incorporation of variances, and gross profit based en actual co Do not use negative signs with any of your answers below.
Answers
The answer for the first part is , the overhead variance is $-6,254,800$ which is Unfavorable.
How to find?Total actual materials cost = $4,500$ pounds purchased at $17.70$ per pound.
Total actual labor cost = $14,200$ hours at $312.60$ per hour.
Standard variable overhead rate is applied at $30.70$ per direct labor hour (based on format capacity of $15,000$ direct labor hours or $10,000$ units of product.
Overhead Variance = $(14,200 \times 30.70) - (1.5 \times 14,200 \times 312.60)$
Overhead Variance = $435,740$ - $6,690,540$
Overhead Variance = $-6,254,800$Unfavorable
a) Material Cost Variance = $-11.50$
Direct Labor Variance = $156.90$
Overhead Variance = $-6,254,800$
b) General Journal Entries Account Titles
Debit
Credit
1. Raw Material Inventory - Actual Cost$79,650
Cash$79,650(4,500 pounds × $17.70/pound)
2. Work in Process Inventory - Standard Cost$171,550
Raw Material Inventory - Standard Cost$173,500
Material Cost Variance$1,9503.
Work in Process Inventory - Standard Cost$469,500
Salaries and Wages Payable$469,500(1,500 hours × $313/hour)
4. Work in Process Inventory - Standard Cost$460,050
Variable Overhead$460,050
(14,200 hours × $30.70/hour)
5. Variable Overhead$435,740
Variable Overhead Efficiency Variance$435,740(14,200 hours - 10,000 hours) × $30.70/hour
6. Variable Overhead
$6,690,540
Variable Overhead Spending Variance$6,690,540($30.70/hour × 14,200 hours) - ($312.60/hour × 14,200 hours)
c) Total Standard Cost = (Direct Material + Direct Labor + Variable Overhead)
Total Standard Cost = ($17.70 + $313 + $30.70)
Total Standard Cost = $361.40
Cost of Goods Manufactured = (Direct Material + Direct Labor + Variable Overhead + Fixed Overhead)
Cost of Goods Manufactured = ($79,650 + $469,500 + $460,050 + $175,000)
Cost of Goods Manufactured = $1,184,200
Gross Profit = Sales - Cost of Goods Sold
Gross Profit = $2,205,000 - $1,184,200
Gross Profit = $1,020,800
d) The partial income statement (through gross profit on sales) showing gross profit based on standard costs the incorporation of variances, and gross profit based on actual cost is shown below.Sales$2,205,000Cost of Goods Sold
Direct Material Cost$79,650
Direct Labor Cost$469,500
Variable Overhead$460,050
Fixed Overhead$175,000
Total Standard Cost$1,184,200
Direct Material Cost Variance$1,950
Direct Labor Cost Variance($156.90)
Variable Overhead Variance($6,254,800)
Actual Cost$1,179,193
Gross Profit Based on Standard Cost$1,020,800
Gross Profit Based on Actual Cost$1,025,807
The above shows the partial income statement (through gross profit on sales) showing gross profit based on standard costs the incorporation of variances, and gross profit based on actual cost.
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Related Questions
Treu ior false, The entire area of investment banking is becoming more competitive.
Answers
True. Investment banking has grown more competitive due to globalization, tech advancements, regulatory changes, and new players. Banks strive to stay ahead of competitors.
The degree of competition in the investment banking sector is constantly increasing. Fintech startups and boutique investment banks are challenging market leaders as a result of globalization and technological advancements. Regulation changes have also had an effect on the market, bringing with them new opportunities and problems for investment banks. Investment banks must continually look for fresh methods to stand out from the competition given the plethora of rivals fighting for business. This might entail a number of initiatives, such as expanding into new areas, generating new financial products, or investing in breakthrough technology. Investment banks are ultimately more likely to prosper in this fiercely competitive sector if they can adjust to shifting market conditions and provide clients with cutting-edge solutions.
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The coordinate of the vertice of a polygon are the point 1 comma 2, the point 1 comma negative 1, the point negative 6 comma negative 1, and the point negative 6 comma 2.
What i the perimeter of the polygon?
Answers
The line that connects the first two is split in the ratio l:k, and the line that runs from the division point to the opposing angular point is divided in the ratio m:k+l.
What is the coordinate of vertices?The coordinates with one point in the coordinate system are included in an ordered pair. An set of points of the form of a point's name is (x, y). Its first integer stands for the x-coordinate, and the next for the y-coordinate.
The coordinates of a position are a set of integers that exactly identify its location on a the double plane. The coordinates of a given point indicate where on each axis it is located.
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major differences between service companies and retail or manufacturing companies is that retailers and manufacturers must account for
Answers
The main difference between service companies and retail or manufacturing companies is that retailers and manufacturers must account for;
Inventory and Cost of GoodsInventory refers to the goods in stock which the business wishes to sell in order to make a profit from.
Retailers and manufacturers produce items that will be sold and these items need to be stocked somewhere till the need for them arises.
The same is not applicable to service companies because they do not have physical goods to sell.
Also, the cost of goods refers to the direct cost of producing goods. Since service companies do not produce goods, this is not accounted for.
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Which of the following three situations is least likely to occur at the same time as the other two situations? Why?
1) Real GDP is less than potential GDP.
2) An economy in a strong, 5-year expansion.
3) An unemployment rate above the natural rate of unemployment.
Answers
Answer: I'm going to take a guess and say 1 and 3.
Explanation: Just taking a guess.
Describe the importance of the OSHA and what help they provide for small companies.
Answers
Answer:
OSHA's role is to assure the safety and health of America's workers by setting and enforcing standards; providing training, outreach, and education; establishing partnerships; and encouraging continual process improvement in workplace safety and health
Two countries, Country A and Country B, produce petroleum and seafood. A 4-column table has 2 rows. The first column is labeled country with entries Country A, Country B. The second column is labeled Cost (units) with entries 1, 1. The third column is labeled Petroleum (units) with entries 16, 8. The fourth column is labeled Seafood (units) with entries 8, 8. Based on the data in the table, has the absolute advantage in producing petroleum.
Answers
Answer:
Country A
Explanation:
Based on the data in the table, has the absolute advantage in producing petroleum is country A.
What is absolute advantage?
A country has an absolute advantage in the production of a good or service if it produces more quantity of a good when compared to other countries.
Looking at the table, Country A, produces 16 units of pertroluem while Country B produces 8 units. Thus, Country A has an absolute advantage.
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True or false: at the end of the period, the assets will still equal the liabilities plus equity.
Answers
False.
At the end of the accounting period, the balance sheet equation should hold true, which states that assets must equal liabilities plus equity. This equation is based on the fundamental accounting principle known as the double-entry system, which requires every transaction to have an equal and opposite effect on both sides of the equation.
1. Assets: These are the economic resources owned by a company. They can include cash, inventory, equipment, buildings, and more. Assets are recorded on the left side of the balance sheet.
2. Liabilities: These represent the company's obligations or debts to external parties. Examples include loans, accounts payable, and accrued expenses. Liabilities are recorded on the right side of the balance sheet.
3. Equity: Also known as owner's equity or shareholders' equity, this represents the residual interest in the assets of the company after deducting liabilities. It reflects the owner's or shareholders' claim on the company's assets. Equity is also recorded on the right side of the balance sheet.
The equation assets = liabilities + equity ensures that every transaction maintains a balance between what a company owns (assets) and what it owes (liabilities) to its creditors or shareholders.
If the equation does not hold true, it indicates an error in the financial records or a mistake in the accounting process. It is important for accountants and auditors to reconcile the balance sheet to ensure accuracy and integrity in financial reporting.
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High school students may include coursework in the education section of a résumé if it is relevant to the job opening. True or False
Answers
Answer:
the answer is true
Explanation:
Answer:
True
Explanation:
can someone please help me i need the sales analysis for covergirl. please help it's due in 30 minutes
Answers
HOW ABT the beach set.
How much should someone’s loan payment be if their total income is $100?
Answers
Someone’s loan payment if their total income is $100 should be 30 times their monthly income.
The loan payments means the amounts required to be paid by the borrower in repayment of the loan pursuant to the provisions of the loan agreement, the note and the bond mortgage.
In most cases, lenders consider approximately 50-75% of the net income as instalments. In case your expenses exceed the percentage, banks either increase the tenure of the loan or reduce the amount sanctioned.
Additionally, to minimise the risk of default, lenders keep the EMIs of the loan to about 45-60% of your monthly income.
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) Outline two ways VKW might be affected by increased import controls.
Answers
Answer:
see below
Explanation:
Increased import control tends to increase the cost of imports. For a business that depends on imports for its raw materials, increased control will have the following effects.
Can delay or halt production. Increase import control may affect the cost of imports and the quantity of material or parts imported. VKW may be unable to import all the materials it requires for production. This may force it to slow down production before it can get alternative suppliers. Increase in product prices: Imports control might include a rise in import tariff making imports expensive. VKW is likely to increase the price of its products to maintain its profitability.in which stage of the organizational planning process are companies likely to use a management by objectives process?
Answers
Companies are likely to use the Management by Objectives (MBO) process during the stage of goal setting in the organizational planning process. MBO is a management approach where managers and employees work together to define specific objectives that align with the overall goals of the organization.
These objectives are then used as a basis for performance evaluation and reward systems.
During the goal-setting stage of the organizational planning process, companies establish their strategic objectives and determine how to achieve them. This involves defining specific, measurable, achievable, relevant, and time-bound (SMART) goals for different departments or individuals within the organization. The MBO process can be employed to ensure that these objectives are effectively communicated, understood, and pursued throughout the organization.
By implementing MBO, companies create a framework where employees have clarity regarding their individual objectives and how they contribute to the broader organizational goals. Regular performance reviews and feedback sessions help track progress, identify areas for improvement, and align individual efforts with the overall strategy. This collaborative and goal-oriented approach encourages employee engagement, motivation, and accountability.
It is important to note that the organizational planning process is not strictly linear, and different stages often overlap or occur simultaneously. However, MBO typically finds its primary application during the goal-setting stage, where specific objectives are formulated to guide organizational actions.
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3 oz x 6 feedings = 18oz per day X 30 days =
Answers
Answer:
540
Explanation:
simple math
An investor does not wish to attempt to time the market, so she invests $300 each month into the GEMCO Growth Fund. Over the past 5 months, her purchase prices have been $10, $12, $15, $20, and $25. On the basis of this information, if she were to stop investing at this point and sell her shares 2 months from now when the NAV is $15 per share and the public offering price is $15.79, it would be CORRECT to state that her A) average cost per share was $16.40 B) proceeds were $15.79 per share C) cost basis for tax purposes was $14.71 D) realized loss would be $1.40 per share
Answers
Answer:
It would be 4(67)+ 56-
Explanation:
Identify the two most important of the five forces factors that are affecting the pc market, why?.
Answers
Threat of substitutes and Threat of new entrants are the two most important of the five forces factors that are affecting the pc market.
Threat of substitutes:
The risk of alternative products has increased for the personal computing sector. Since consumers now have great options in the shape of portable devices like big-screen smart phones and tablets that may give the same functionality but without the need to carry a bulky laptop, the demand for PCs has decreased as a result of the proliferation of mobile technology.
Threat of new competitors:
There are various reasons why the threat of new competitors in the personal computing sector is very low. A new player's entry into the personal computing market is hindered by a number of requirements in addition to the high amount of expenditure needed to establish a brand.
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What are the three methods commonly used to distribute door-to-door purchases to customers?
Answers
Door-to-door purchases are commonly distributed by the post office, through couriers, or dierctly with the seller at the time of purchase.
Door-to-door purchases or Door-to-door sales are selling activities of goods or services in the consumer's house. Door-to-door sales can be initiated by either the seller or the buyer. Door-to-door sales includes:
Door-to-door salesStreet salesSales demonstrationSales partiesDoor-to-door consists of several stages, such:
ProspectingQualifyingPitchingClosingFollowing-upUntil today, door-to-door purchases is still an effective selling approach. Door-to-door purchases have some benefits, they are:
Allow customers to see productsBuild a customer baseDevelop relationshipDistinguish the brand from other competitorsEnsure people see the brand's offeringsGenerate demandMeasure successProvide a personal approachReveal body language and optimized it as a selling toolSupport market researchUse an adaptable approachUse time effectivelyLearn more about Door-to-Door Purchases here: https://brainly.com/question/1395199
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"Life is the sum of all of your choices."
What does this quote mean?
Answers
Answer:
"Life is the sum of all of your choices." This quote is something to think about, and could be taken in many different ways. Life takes you in different paths and during those paths you have to make lots of choices. some could be easy and some could be hard. some of those harder choices can turn out to be a mistake. maybe even the easy ones. your choices throughout life determines whether you would have it easy or hard, regret or fulfill, ior even just look back an say, "I wish I would have never done that choice" or "I'm so happy my choice made my life easier, better, and happier." that's how I would take it, however it can be determined in a very different way depending on the person. though I believe this would be the best answer.
HELP PLEASE:)
to get the most accurate savings figures, which item should you vary when you are comparing 2 loans from separate banks?
A. the APR should be different
B. the number of years it takes to pay it off
C. fixed and variable rates
D. nothing should be varied
Answers
I Think its answer C: Fixed and Variable rates
in order to assess the performance of their firms and their supply chains, what do managers need to do to determine the needs of those customers?
a. Look at each segment of the markets they serve
b. Help identify new customer requirements
c. Rely on traditional performance measures
d. Collaborate in pricing of products
Answers
The correct option to the given question about assess the performance of their supply chains is option a) . Take a look at each market category they serve.
A corporation can generally use one of six major models to direct its supply chain management procedures.
The continuous flow model, one of the more established supply chain strategies, works best for developed sectors. The continuous flow model assumes that a producer will consistently produce the same good and that customer demand will be relatively stable. Agile Strategy: This model works best for businesses that provide products that customers order or have unexpected demand. This model places a premium on adaptability because a business must be ready to change course at any time in the event of a specific requirement.
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Some employers offer forms of employer compensation in addition to pay these are usually things like healthcare retirement and paid vacation
Answers
Answer:
True
Explanation:
Often called employee welfare package, is a term that refers to all other forms of employer compensation in addition to their pay that is given by employers, sorely because they want to motivate them towards effective work performance.
Healthcare retirement benefits and paid vacation benefits are good examples of employee welfare package.
a country or region that has an attractive business climate for companies that want to go global has:
Answers
A country or region that has an attractive business climate for companies that want to go global must have several key factors in place.
Firstly, it should have a stable political and economic environment. This means that the government should have a clear and consistent policy framework that supports businesses and encourages investment. Additionally, it should have a transparent and efficient legal system that protects intellectual property rights and enforces contracts.
Secondly, the country should have a well-educated and skilled workforce that is adaptable to new technologies and business models. This can be achieved through investment in education and training programs, as well as collaboration between businesses and universities.
Thirdly, the country should have good infrastructure, including transportation, energy, and telecommunications. This helps businesses to operate efficiently and effectively, and enables them to access markets and customers around the world.
Finally, the country should have a supportive business community, with networks and associations that provide advice, guidance, and support to new entrants. This creates a welcoming environment for businesses that want to go global, and helps them to navigate the challenges of operating in a new market.
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what percentage of shoplifters are considered professionals who derive the majority of their income from shoplifting
Answers
10% of shoplifters are thought to be professionals who rely on theft for the majority of their revenue.
Why do individuals shoplift?People may shoplift for a variety of reasons, the majority of which have nothing to do with a shortage of funds or a requirement for the item being taken, according to Psychology Today. An addiction to stealing and a mental illness that promotes the activity are two frequently cited causes. People may, for instance, struggle to restrain themselves from grabbing something if they have an impulsive problem. A brain injury or other sort of brain damage is another reason why someone might not understand or even be aware that taking something without paying for it is wrong.
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What does qualitative research and quantitative research means?
Answers
Answer:
Quantitative research is expressed in numbers and graphs. It is used to test or confirm theories and assumptions. This type of research can be used to establish generalizable facts about a topic.
Common quantitative methods include experiments, observations recorded as numbers, and surveys with closed-ended questions.
Qualitative research
Qualitative research is expressed in words. It is used to understand concepts, thoughts or experiences. This type of research enables you to gather in-depth insights on topics that are not well understood.
Common qualitative methods include interviews with open-ended questions, observations described in words, and literature reviews that explore concepts and theories.
Answer:
Qualitative research involves collecting and analyzing non-numerical data (e.g., text, video, or audio) to understand concepts, opinions, or experiences. It can be used to gather in-depth insights into a problem or generate new ideas for research.
Quantitative research is a research strategy that focuses on quantifying the collection and analysis of data.
QUESTION 2 of 10: Your company offers continuous online training. If each online lesson is 20 minutes long, and there are 90 lessons, how
many hours will each employee complete to finish all the lessons?
a) 33
b) 1.5
c) 30
d) 90
Submit
Pricing & Sales
Answers
Answer:
c) 30
Explanation:
One online lesson takes 20 mins.
There are 90 lessons.
The total time required to complete the 90 lessons will be
=20Mins x 90 lessons
=1800 mins
In hours = 1800/60
=30 hrs
John, a computer scientist, is willing to pay premium prices to be one of the first to have new versions of software packages. John is in the ____ customer group. Group of answer choices early adopter laggard early majority innovator late majority
Answers
John, who is willing to pay premium prices to be one of the first to have new versions of software packages, falls into the "innovator" customer group.
The customer adoption curve, also known as the diffusion of innovation curve, categorizes customers into different groups based on their willingness and speed of adopting new products or technologies. The groups in the customer adoption curve include:
Innovators: These are the first individuals to adopt new products or technologies. They are typically adventurous, risk-takers, and willing to pay a premium to be early adopters.
Early Adopters: This group follows the innovators and is characterized by their willingness to try new products or technologies early on. They are influential opinion leaders and are often considered as trendsetters.
Early Majority: This group represents the average consumers who adopt new products or technologies after the innovators and early adopters have paved the way.
They are more cautious in their adoption and tend to rely on the experiences and recommendations of others.
Late Majority: This group adopts new products or technologies when they have become widely accepted. They are typically skeptical and may require more evidence of the product's value before adopting.
Laggards: These are the last individuals to adopt new products or technologies. They are resistant to change and may stick to older, more familiar alternatives.
Given that John is willing to pay premium prices and desires to be one of the first to have new software versions, he fits into the "innovator" customer group.
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John, who is willing to pay premium prices to be one of the first to have new versions of software packages, falls into the "innovator" customer group.
The customer adoption curve, also known as the diffusion of innovation curve, categorizes customers into different groups based on their willingness and speed of adopting new products or technologies. The groups in the customer adoption curve include:
Innovators: These are the first individuals to adopt new products or technologies. They are typically adventurous, risk-takers, and willing to pay a premium to be early adopters.
Early Adopters: This group follows the innovators and is characterized by their willingness to try new products or technologies early on. They are influential opinion leaders and are often considered as trendsetters.
Early Majority: This group represents the average consumers who adopt new products or technologies after the innovators and early adopters have paved the way.
They are more cautious in their adoption and tend to rely on the experiences and recommendations of others.
Late Majority: This group adopts new products or technologies when they have become widely accepted. They are typically skeptical and may require more evidence of the product's value before adopting.
Laggards: These are the last individuals to adopt new products or technologies. They are resistant to change and may stick to older, more familiar alternatives.
Given that John is willing to pay premium prices and desires to be one of the first to have new software versions, he fits into the "innovator" customer group.
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Obi was a successful college athlete who now runs his own business, but his spending for his “image” has gotten him into financial trouble, adding to his student loan debt.
1) Why can't Obi make ends meet on $80,000/year? What are his "blind spots?"
2) Why does Dan Rosensweig say that your personal financial life should be run like a business? What is step one?
3) Why is personal debt so detrimental to someone who is running their own business?
4) How important is it for people to understand how (student) debt works, for example, why paying it down faster is desirable?
5) Do you think it was eye-opening for Obi to write down every dollar he spent for a period of time? Have you ever done that?
6) What lesson did he learn from Ronnie Lott? What did Obi do to demonstrate that he learned something from him?
7) Do you think Obi will be successful? Why?
8) How did you feel about the financial product promotions within the video? Do you think these are useful products for people in similar situations?
Answers
Answer:
The question is so long. I don't know :)
Three workers complete a full 8-hour day finishing concrete for a terrace. All three workers are paid rm 12 an hour and the job bills to the customer for rm 450. What are the total direct labor costs?.
Answers
For $450, three labourer finish the concrete for a terrace in a full 8-hour workday.
What is labourer?
A labourer (or labourer) is a member of the construction industry workforce who performs manual labour. Workers belong to a working class of wage earners whose only significant material possession is their labour. Construction of infrastructure, such as roadways, buildings, bridges, tunnels, as well as railroad tracks, employs labourers. Workers assist other trades like operators or cement masons while using blasting tools, hand tools, power drills, air tools, as well as small heavy equipment. According to the first-century BC engineer Vitruvius, a skilled labour force is just as important to a building project as any other component. Little has changed in labourer practises aside from the introduction of pneumatics.
Fill up the budget table for total labor costs; figure out how much each project employee will cost in labor as well as the overall labor cost. The hourly compensation for the laborers is $9. The budgetary data listed below has been gathered for the period ending December 31. The initial establishing costs of a facility are included in the capital cost of a construction project. Some purchasers look for a second house within the city limits, whether for business or pleasure. For a large portion of these customers, amenities, security, and aminities.
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An investor holds a ford bond with a face value of $5000, a coupon rate of 8. 5%, and semiannual payments that matures on january 15, 2029. How much will the investor receive on january 15, 2029?.
Answers
The investor would get $5212.5 in return. The bond will expire on January 15, 2029.
Define investor.An investor is a person who invests money in the hope of making money in the future or in order to acquire an advantage (interest). The investor frequently purchases various types of property using this assigned funds. Investments can be made in equities, debt, securities, real estate, infrastructure, money, commodities, tokens, and derivatives like put and call options, futures, and forwards, among other things. Investors in the primary and secondary markets are not distinguished in this concept. In other words, both individuals who contribute money to a corporation and those who purchase shares are considered investors. Shareholders are investors who own stock.
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Which of the following scenarios describes an advantage of a global economy?
A car company makes its products in a country known for high manufacturing requirements.
A lightbulb company expands to a country where potential workers all have the same educational background.
An electronics company manufactures products in a country where the materials cost is high.
A toothpaste company expands to another country where there is a lot of competition for jobs.
Answers
https://www.nap.edu/read/1806/chapter/7
employee contributions to ____ plans do not reduce taxable income.
Answers
Employee contributions to Roth plans do not reduce taxable income. Roth plans, unlike traditional retirement accounts, enable employees to make after-tax contributions to their retirement savings. They pay taxes on their contributions as they put them in, but they don't owe any taxes on withdrawals in retirement (assuming they follow the rules).
There's no immediate tax benefit to making Roth contributions because the contributions are made after taxes have already been paid on the money. The benefit of a Roth account is that your retirement distributions will be tax-free, and you won't owe taxes on the gains you make in the account as long as you meet the qualifications. but they don't owe any taxes on withdrawals in retirement (assuming they follow the rules).
Roth plans are tax-free investment accounts for individuals in which you deposit after-tax dollars, and the money grows tax-free as long as it stays in the account. That is, employees cannot deduct Roth contributions from their taxable income for the year in which they make them, so Roth contributions will not reduce taxable income. As a result, any withdrawals taken after the age of 59 1/2 are completely tax-free, including any gains.
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