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shutvik [7]
3 years ago
15

Joe is 68 and retired. He receives retirement benefits from a variety of sources. He receives distributions from his traditional

IRA, a private employer pension plan, and Social Security. At the end of the year, what documents will he receive that reflect these payments?
Business
1 answer:
sergeinik [125]3 years ago
5 0

Answer:

A Form 1099-R for the private employer pension and the IRA distribution and a Form SSA-1099 for the Social Security

Explanation:

Form 1099-R - this form is used to claim the benefit that one would get on retirement.  the benefits such as a pension, other annuities. To get the form one should call the authorized number to provide personal details like name, address, calling number and SSN number.

Form SSA-1099 - it is a type of tax form and liable to fill by only those who get social security benefits. it reflects all the details of the social benefit that one gets in the last year. The main purpose of this form is to get some amount of exemption while tax returns.

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On January 1, 2020, Bonita Company purchased 12% bonds, having a maturity value of $320,000 for $344,260.74. The bonds provide t
Delvig [45]

Answer:

Following are the responses to the given points:

Explanation:

For point a:

Criteria I                                    

Date: 1-1.2020                 Debt Investments                    \$3,44,260.74

                                         cash                                       \$3,44,260.74

For point b:

Criteria  II

Date: 31.12.2020                Interest Account receivable to pay \$38,400.00   \ \ \ \ \ \ \ \ \ \            320000\times 12\%

                                    Debt Investments   \$3973.93

                                   rate of Revenue          \$34,426.07(\$344,261.74 \times 0.10)                                        

31.12-2020                         Fair Value Adjustment                        1713.19

                       Gain or loss - equity unrealized holding          1713.19                          

for point c:

Criteria III

31.12-2021                       Interest Account receivable to pay          \$38,400            

                                    Debt Investments                              \$4,371

                                   rate of Revenue                       \$34,029

 

31.12-2021                   Gain or loss - equity unrealized holding    \$7,927.69

                                   Fair Value Adjustment                          \$7,927.69

                                329700-335914.50=6214.50+1713.19 =7,927.69

Please find the attached table.

8 0
3 years ago
Ben and Jerry were shareholders of Water Ice Inc., an S corp. On Jan. 1, 1998, Ben owned 40 shares and Jerry owned 60 shares. Be
expeople1 [14]

Answer: $15,060

Explanation:

From the question, we are informed that Ben and Jerry were shareholders of Water Ice Inc., an S corp. On Jan. 1, 1998, Ben owned 40 shares and Jerry owned 60 shares.

We are further told that Ben sold his shares to Joe for $10,000 on March 31, 1998 and that the corp. reported a $50,000 loss at the end of 1998. The loss that will be allocated to Joe will be:

= $50,000 × 40% × 9/12

= $50,000 × 0.4 × 0.75

= $15,000

The closest figure we have close to that is $15,060 which is option B

7 0
3 years ago
Three documents required by Department of Trade and Industry when registering a private company
Alex Ar [27]
Identification
Incorporation document
Memorandum of Incorporation
4 0
3 years ago
When governments tax or regulate industries causing pollution, they are
LekaFEV [45]
I think it’s A Idek
4 0
3 years ago
Hodgkiss Mfg., Inc., is currently operating at only 95 percent of fixed asset capacity. Current sales are $800,000. Fixed assets
Norma-Jean [14]

Answer:

$4,292,699.99

Explanation:

Calculation to determine How much in new fixed assets are required to support this growth in sales

Full capacity sales = $800,000/0.95 = $842,105.26

Capital intensity ratio = $480,000/ $842,105.26 = 0.57000000

Fixed asset need = ($890,000 × 0.57000000) - $480,000 = $4,292,699.99

3 0
2 years ago
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