1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Alex
3 years ago
12

A client has purchased a nonqualified variable annuity from a commercial insurance company. Before the contract is annuitized, y

our client, currently age 60, withdraws some funds for personal purposes. What is the taxable consequence of this withdrawal to your client?
Business
1 answer:
ruslelena [56]3 years ago
6 0

Answer:

Ordinary income taxation on the earnings withdrawn until reaching the owner's cost basis.

Explanation:

Ordinary income refers to income that is taxed according to the regular U.S. tax brackets and includes many types of income. This includes wages, salaries, tips, and commissions, but excludes long-term capital gains and qualified dividends, both of which are taxed at more favorable rates

You might be interested in
When it comes to saving money, what is a good rule of thumb
Mamont248 [21]
Buy what u need when u need it not what u want when u want my dad always said

7 0
3 years ago
Read 2 more answers
Accounting information systems integration
Arlecino [84]
Accounting information system integration is the process of standardizing the procedure for recording transactions and disseminating financial information.  <span />
4 0
3 years ago
The Consumer Price Index is a way that the U.S. government measures ____.
Ludmilka [50]

Answer:

prices of all goods and services bought by US households

Explanation:

3 0
3 years ago
On January 8, an applicant filled out an application for a life insurance policy but did not include the initial premium. The in
const2013 [10]

Answer: January 26

Explanation:

A life insurance policy is simply a contract that an individual has with an insurance company whereby the individual makes premium and in turn, the insurance company would have to give a death benefit, to the beneficiaries of the insurance policy once the insured dies.

Based on the information in the question, the coverage become effective on January 26 which was the day the policy was delivered and the first premium was collected.

3 0
3 years ago
Karina was hired by the Mountain Mist Corporation to take over as the new CEO. Her initial impression is that the company is dis
Basile [38]

Are there multiple choice answers to choose from? There could be a myriad of answers if not.

8 0
3 years ago
Read 2 more answers
Other questions:
  • Gugenheim, Inc., has a bond outstanding with a coupon rate of 5.7 percent and annual payments. The yield to maturity is 6.9 perc
    15·1 answer
  • A machine with a cost of $144,000, accumulated depreciation of $92,000, and current year depreciation expense of $20,500 is sold
    7·1 answer
  • From 1980 to 1990, the consumer price index (CPI) increased from 74.4 to 128.7. If a gallon of apple juice cost $0.78 in 1980 an
    14·2 answers
  • Which term refers to the first level of a product, which depends on the customer value it generates?
    7·2 answers
  • Provide three examples of how busineses respond to the corona pandemic as part of social responsibility
    7·2 answers
  • MC 1
    8·1 answer
  • I will give the right answer brainliest. Choose the option that best matches the description given.
    10·2 answers
  • why it is so difficult to compare unemployment rates in the United States with unemployment rates in poorer countries?
    8·1 answer
  • The purchase of a used pickup for $9,000 is being considered. Records for other vehicles show that costs for oil, tires, and rep
    8·1 answer
  • An agent is aggrieved by an action of the administrator summarily suspending that person's registration. the agent can:
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!