Tom is in the 24% tax bracket. Determine which approach to the research expenditures and the research activities credit (other than capitalization and subsequent amortization) would provide the greater tax benefit. Total tax benefit of Choice 1 - Reduce the deduction by 100% of the credit and claim the full credit: $fill in the blank 94a10b047ff9063_1 11,080 Total tax benefit of Choice 2 - Claim the full deduction, and reduce the credit by the product of 100% of the credit times 21%:

When calculating the bountiful returns that retirees allegedly would glean from stock investments, privateers use rosy projections about a continually booming market. but when predicting bankruptcy for social security, they switch to pessimistic projections of a low-growth economy with abnormally low payments into the fund. in fact, far from going broke, social security produces enormous surpluses. from __ to americans paid more in social security taxes than were paid out in benefits. according to the congressional budget office, the social security trust fund will remain solvent until at least social security is the only federal program that produces about $150 billion yearly surplus, the only program that shows every sign of being selfsupporting and solvent for over thirty years to come yet is repeatedly described by its enemies as being in danger of insolvency?

Wallis company manufactures only one product and uses a standard cost system. the company uses a predetermined plantwide overhead rate that relies on direct labor-hours as the allocation base. all of the company's manufacturing overhead costs are fixed—it does not incur any variable manufacturing overhead costs. the predetermined overhead rate is based on a cost formula that estimated $2,886,000 of fixed manufacturing overhead for an estimated allocation base of 288,600 direct labor-hours. wallis does not maintain any beginning or ending work in process inventory.

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