Answer:
Joan will pay income tax on the $10,000 she withdrew in 2018.
Explanation:
When withdrawing from traditional retirement account, the following rules apply:
1. Withdrawals before attaining the age of 59.5 years attract a penalty of 10%, along with income tax on the amount withdrawn.
2. Withdrawals after the age of 59.5 years are treated as income, so income tax is paid on it. In this case tax on the $10,000 withdrawn.
3. At age 70.5 and above you must take the Required Minimum Distribution (RMD) from the pension account.
Note: Roth IRA does not attract tax payments for ages 59.5 years and above, unlike traditional IRA that attracts income tax.
RMD payments does not apply for Roth IRA.
Answer:
i cant read it what does it say
Explanation:
Answer: c. preventing a market that would generate mutually beneficial trades.
Explanation:
Zooey could argue that the policy of lunch trades is preventing a market that would generate mutually beneficial trades because if people were allowed to trade what they want for what they have with people who have what the first person wants and wants what the first person has, that can be beneficial to both of them.
It is not unlike the system of batter trading that existed before money where people traded what they had for what they wanted.
One should be very careful here though because there are multiple disadvantages involved such as kids exchanging away more nutritious food and food poisoning.
Answer:
a) liabilities only
Explanation:
The journal entry to record the payroll tax expense is shown below:
Payroll tax expense A/c Dr
To Social security tax payable A/c
To Medicate tax payable A/c
To State Unemployment tax payable A/c
To Federal Unemployment tax payable A/c
(Being the payroll tax expense is recorded)
The payroll tax expense is shown on the debit side of the income statement whereas payroll tax payable is shown on the liabilities side of the balance sheet
