HW1 (Protected View) (Last saved by user) – Word (Unlicensed Product) rences Mailings Review View H elp Tell me what you want to do an contain viruses. Unless you need to edit, it's safer to stay in Protected View Enable Editing been disabled because it hasn't been activated. Activate 1. Dole Electronics, a C corporation, has 4 employees. The company sponsors a profit sharing plan and contributed 10% of employee compensation for the current year to the plan. The company has the following employee information. Assume that there is no state income tax. GROSS PROFIT SHARING EMPLOYEE SALARY CONTRIBUTION Andy $50,000 $5,000 $40,000 $4,000 $30,000 $3,000 Sandy $20,000 $2,000 Candy Mandy • How much money can this company write off from its profit? • How much FICA payroll tax does this company need to pay for its 4 employees? • How much of Andy's benefit (salary plus retirement contribution) is subject to federal income tax?
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