Problem 12-23 (LO 12-1) (Algo) [The following information applies to the questions displayed below] North Incorporated is a calendar-year C corporation, accrual-basis taxpayer. At the end of year 1, North accrued and deducted the following bonuses for certain employees for financial accounting purposes. - \$7,550 for Lisa Tanaka, a 25 percent shareholder. - $11,300 for Jared Zabaski, a 35 percent shareholder. - $13,800 for Helen Talanian, a 25 percent shareholder. - $8,000 for Steve Nielson, a 0 percent shareholder. Unless stated otherwise, assume these shareholders are unrelated. How much of the accrued bonuses can North Incorporated deduct in year 1 under the following alternative scenarios? Note: Leave no answer blank. Enter zero if applicable. Input all amountj positive values. Problem 12-23 Part a (Algo) a. North paid the bonuses to the employees on March 1 of year 2 . Comprehensive Problem 12-51 (LO 12-1, LO 12-2, LO 12-3) (Algo) Santini's new contract for 2023 indicates the following compensation and benefits: Santini is 54 years old at the end of 2023 . He is single and has no dependents. Assume that the employer matches $1 for $1 for the first $6,000 that the employee contributes to his 401(k) during the year. The restricted stock grant is 500 shares granted when the market price was $5 per share. Assume that the stock vests on December 31,2023 , and that the market price on that date is $15.00 per share. Also assume that Santini is willing to make any elections to reduce equity-based compensation taxes. The Hawail trip was given to him as the outstanding salesperson for 2022 . The group-term life policy gives him $150,000 of coverage. Assume that Santini does not itemize deductions for the year. Determine Santinl's taxable income and income tax liability for 2023. Use Iax rate schedules and Exhibit 12-8. Note: Round your answers to the nearest whole dollar amount. Problem 12-23 (LO 12-1) (Algo) [The following information applies to the questions displayed below] North Incorporated is a calendar-year C corporation, accrual-basis taxpayer. At the end of year 1, North accrued and deducted the following bonuses for certain employees for financial accounting purposes. - \$7,550 for Lisa Tanaka, a 25 percent shareholder. - $11,300 for Jared Zabaski, a 35 percent shareholder. - $13,800 for Helen Talanian, a 25 percent shareholder. - $8,000 for Steve Nielson, a 0 percent shareholder. Unless stated otherwise, assume these shareholders are unrelated. How much of the accrued bonuses can North Incorporated deduct in year 1 under the following alternative scenarios? Note: Leave no answer blank. Enter zero if applicable. Input all amountj positive values. Problem 12-23 Part a (Algo) a. North paid the bonuses to the employees on March 1 of year 2 . Comprehensive Problem 12-51 (LO 12-1, LO 12-2, LO 12-3) (Algo) Santini's new contract for 2023 indicates the following compensation and benefits: Santini is 54 years old at the end of 2023 . He is single and has no dependents. Assume that the employer matches $1 for $1 for the first $6,000 that the employee contributes to his 401(k) during the year. The restricted stock grant is 500 shares granted when the market price was $5 per share. Assume that the stock vests on December 31,2023 , and that the market price on that date is $15.00 per share. Also assume that Santini is willing to make any elections to reduce equity-based compensation taxes. The Hawail trip was given to him as the outstanding salesperson for 2022 . The group-term life policy gives him $150,000 of coverage. Assume that Santini does not itemize deductions for the year. Determine Santinl's taxable income and income tax liability for 2023. Use Iax rate schedules and Exhibit 12-8. Note: Round your answers to the nearest whole dollar amount
