<span>If
the friend sues Mary, the court most likely will not require Mary to do
anything because this was a gift promise. In order for a gift promise to be
enforceable by the law, it should be a contract. And in order for it to be a
contract, there should be a consideration received by Mary but in this case, no
consideration was received by Mary therefore, the promise is unenforceable.</span>
It is true that if an overpayment resulted in a tax benefit, it makes no difference whether it is reimbursed or used to reduce the 2019 state federal income tax due.
The Internal Revenue Service (IRS) imposes a levy known as the federal income tax on the yearly income of people, businesses, trusts, and other legal entities. All forms of income that constitute a taxpayer's taxable income are subject to federal income taxes, including wages, salaries, commissions, bonuses, tips, investment income, and certain categories of unearned income.
Individual federal income tax rates in the US are progressive, which means that they rise in proportion to taxable income. Federal income tax rates range from 10% to 37%, and they become effective at a certain level of income. Tax brackets are the ranges of income that the rates apply to. Income that is subject to each bracket is taxed at that rate.
Learn more about Federal income tax here
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It is the location from where the business is performed primarily.
Explanation:
If a business runs from multiple places or has many factories all over, the primary address is the headquarters or office that manages all these different avenues.
<u>Primary business address is always the center of a particular business. </u>
<u>It must be written like any address but can be seen as different from the registered address of the company.</u>
This is the address used for contact by all clients and other business.
So in this case, you would need to find the present value (PV) of the monthly payments. With the information given, you would have a PV= 195,413.08, which is less than the lump sum payment. In this case, you would take the 1 time payment.
Another way to look at this is to calculate the future value (FV) of both payouts. For the lump sum payment, you would assume the same interest rate (6%) and at the end of the same 20 years period, your investment would be worth 662,040.90 while the monthly payment option would be worth 646,857.25
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