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Darya [45]
2 years ago
9

Ginger purchased a single-premium deferred annuity ten years ago at age 45. She used $40,000 of after-tax funds she had accumula

ted over fifteen years. She decides to surrender the annuity for a lump-sum distribution of its $90,000 value. Which of the following statements is correct?
Group of answer choices
Ginger will owe income taxes on $50,000
Ginger will owe income taxes on $90,000.
Ginger will owe income taxes and a 10% penalty on $90,000.
Ginger will owe income taxes and a 10% penalty on $50,000.
Business
1 answer:
Dmitry_Shevchenko [17]2 years ago
8 0

Ginger will owe income taxes and a 10% penalty on $50,000 of the following statements is correct.

Taxable Amount = ( $90,000 - $40,000 ) = $50,000

As the Distribution of Fund is at age 45 which is less than 59.5 , then it subject to 10% penalty

An income tax is a tax imposed on people or entities in respect of the earnings or income earned by means of them. profits tax usually is computed because the made of a tax charge instances the taxable income. Taxation quotes may additionally vary by kind or characteristics of the taxpayer and the kind of earnings.

For instance, if you earn $1,000 in a kingdom with a flat earnings tax fee of 10%, $one hundred in earnings taxes have to be withheld from your paycheck whilst you earn that profits.

Learn more about income taxes here:brainly.com/question/26316390
#SPJ4

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You are an automotive engineer working on an application that will automatically parallel park a car. the intelligent technique
LUCKY_DIMON [66]

The intelligent technique you may find most useful is the fuzzy logic. This is an approach in which when computing, it is usually based with the degrees of truth. This is considered to be a form of many valued logic that allows the truth values in regards to variables may be in any real number.

4 0
3 years ago
The Reid Co. acquired a piece of land for a new factory paying $100,000. Reid demolished the old building at a cost of $20,000,
Julli [10]

Answer:

A$118,000 B.$333,000

Explanation

Land$100,000

Demolition20,000

Scrap value(5,000)

Title insurance1,000

Paving assessment2,000

Total land cost($118,000)

B. The cost of the building recorde

d by Reid

Archirectfees$25,000

Construction interest8,000

Building cost300,000

Total building cost. $333,000

3 0
4 years ago
Read 2 more answers
What gives commodity money its value? a government’s guarantee of its value the type of material with which it is made its rate
trapecia [35]

Answer:

B. the type of material with which it is made

Explanation:

Money can be defined as any recognized economic unit that is generally accepted as a medium of exchange for goods and services, as well as repayment of debts such as loans, taxes across the world.

Also, an exchange can be defined as the process of providing goods and services by an individual or organization, to meet the needs of customers in exchange for an amount of money.

Hence, the type of material with which money is made is what gives commodity money its value because it is based on the perception of the buyer and seller of goods and services. A commodity money simply refers to money that derives its value from the commodity with which it is created from. Some examples of commodity money are gold, diamonds, silver, cowry, cocoa, copper and other valuable resources.

8 0
3 years ago
Read 2 more answers
Pam and Lennyâs ice cream shop charges $1.6 for a cone. Variable expenses are $0.35 per cone, and fixed costs total $2,200 per m
Andrei [34K]

Answer:

Pam and Lenny's Ice Cream Shop

a. The effect of the promotion on operating income for the second week of February is an increase by $350.

b. The promotion should occur.  The shop will make additional operating income of $350 within the second week.  And there will be spillover positive effects during the coming weeks after the promotion.

Explanation:

a) Data and Calculations:

Selling price per cone of ice cream = $1.60

Variable expenses = $0.35

Contribution = $1.25

Fixed costs per month = $2,200

Additional sales from the promotion = 650 cones

Revenue from additional sales = $1,040.00 ($1.60 * 650)

Variable cost                                     227.50 ($0.35 * 650)

Cost of promotions:

Giveaways                                        297.50 ($0.35 * 850)

Advertising costs                              165.00

Total costs                                      $690.00

Additional income                          $350.00

6 0
3 years ago
This problem has been solved!
Vsevolod [243]

Answer:

option (B) Costs outweigh benefits by $1,600

Explanation:

Given:

Software costs = $10,300

Employee training cost = $8,200

Expected hardware upgrade cost = $12,100

Expected benefits from the inventory tracking system = $29,000

Now,

The total cost of the inventory tracking system

= Software costs + Employee training cost + Expected hardware upgrade cost

= $10,300 + $8,200 + $12,100

= $30,600

Since the cost is more than the benefit, the cost outweigh the benefit

the difference of outweigh = Cost - Benefit = $30,600 - $29,000 = $1,600

Hence,

the correct answer is option (B)

7 0
3 years ago
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