Show so many of us have to do that for me lol I love it you lol I just woke
Solution:
Given,
Total assets = $6408000
Net income = $503000
Now , to calculate corrected amount for total assets and net income for the year :
503000 + 137000 = 640,000
The corrected amount for total assets and net income for the year : 640,000
Answer:
Most states don't require limited liability companies (LLCs) to have operating agreements that regulate how profits will be distributed.
Since their LLC doesn't have an operating agreement, then the valid state law will rule how the profits will be divided. Generally speaking, but not always, state laws regarding LLCs divide profits equally among its members.
This could all have been avoided if the would have made an operating agreement before starting to work. Now probably the LLC will be dissolved.
Question options:
a) NeNe can exclude all of the housing payment because she worked more than 330 days overseas
b) 16,128
c) 23,872
d) 14,112
e) None of her salary can be excluded from gross income
Answer:
a) NeNe can exclude all of the housing payment because she worked more than 330 days overseas
Explanation:
US citizens working and living abroad would still have to remit taxes to the US, albeit with exclusions.
Under US tax law, IRS states that US citizens may deduct/exclude the value of meal and lodging expenses granted to them by the employer. Under the foreign housing exclusion, Nene qualifies for the benefits of housing exclusion because she has a foreign earned income and has lived at least 330 days within a period of 12 consecutive months in the foreign country.
Answer:
$2,639.91
Explanation:
In this case, you expect to make 240 monthly withdrawals. Calculating this is similar to calculating the payments for paying a credit.
- principal = $400,000
- interest rate = 0.05/12 = 0.004167
- n = 240
payment = principal x rate x [(1 + r)ⁿ] / [(1 + r)ⁿ - 1]
payment = $400,000 x 0.004167 x [(1 + 0.004167)²⁴⁰] / [(1 + 0.004167)²⁴⁰ - 1] = $400,000 x 0.004167 x (2.712864 / 1.712864) = $2,639.91
