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Archy [21]
3 years ago
10

Cara, who is 42 years old, had some unexpected medical expenses during the year. To pay for these expenses (which were claimed a

s itemized deductions on her tax return), she received a $10,000 distribution from her traditional IRA (she has only made deductible contributions to the IRA). Assuming her marginal ordinary income tax rate is 22%, what amount of taxes and/or early distribution penalties will Cara be required to pay on this distribution
Business
1 answer:
myrzilka [38]3 years ago
7 0

Answer:

Answer is given below;

Explanation:

Distribution received from IRA     $10,000

Marginal income tax rate 22%

Income Tax $10,000*22%            $2,200

She will have to pay $2,200 as income tax on her receipt of traditional IRA distribution.There shall be no penalty as she has only made deductible contributions to IRA.

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Jones Company developed the following static budget at the beginning of the company's accounting period: Revenue (8,000 units) $
Contact [7]

Answer:

the total cost in the flexible budget is $8,100

Explanation:

The computation of the total cost in the flexible budget is shown below;

Variable cost per unit is

=  $4000 ÷ 8,000 units  

= 0.50 per unit

The total cost for the flexible budget is

= Variable costs+ fixed costs

= 0.5 × 8,200 units + $4,000

= $4,100 + $4,000

= $8,100

Hence, the total cost in the flexible budget is $8,100

8 0
3 years ago
. Brown Office Supplies recently reported $18,500 of sales, $8,250 of operating costs other than depreciation, and $1,750 of dep
Degger [83]

Answer:

Option (C) is correct.

Explanation:

EBT means Earnings Before Tax, so you ignore the tax rate for this problem.

Then solve for the EBT figure.

EBT:

= Revenue - Operating costs - Depreciation  - interest

= $18,500 - $8,250 -  $1,750 -  ($9,000 x 7%)

= $18,500 - $8,250 -  $1,750 -  $630

= $7,870

Therefore, $7,870  was the firm's earnings before taxes (EBT).

5 0
3 years ago
Investing in collectibles is very risky. True False
Basile [38]
Its true lol ......................................
3 0
3 years ago
Delores Bierlein paid a $200 deposit toward the rental of the Silver Room at Alex's Continental Inn for her wedding reception. L
sweet-ann [11.9K]

Answer:

It does not

Explanation:

In this question, we are asked to evaluate if a particular transaction carried out between a customer and an inn falls within the dictates of the local consumer protection law in the state.

Firstly, we look at what the local consumer protection law of the state talks about. It explicitly stated that customers should get receipts when suppliers receive deposits from them. Thus, this make the receipt act as the first thing to have if there would be any claim under the consumer protection law for the transaction carried out in the state.

Now, looking at the particular scenario we have, the customer paid for the room, but he was not issued a receipt. This makes the case not treatable within the consumer protection law of the state as the receipt which should have been a prerequisite for further exploration is not available

3 0
3 years ago
Read 2 more answers
On january 8th your account was charged $30.00 for an overdraft fee. why did that happen?
Zanzabum

On January 8th the account was charged $30.00 for an overdraft fee because It was time to pay the monthly account maintenance charge.

<h3>Why bank charges an overdraft fee?</h3>

When a bank's customer don't have enough money to cover a purchase made using a debit card or a cheque, then the bank will charge the overdraft fee. Rather of denying a charge, the bank will pay it and charge a fee.

In the given case, because it was time to pay the monthly account maintenance charge, the account was charged $30.00 for an overdraft fee on January 8th.

Therefore, bank charged overdraft fee as the date of payment comes.

Learn  more about the overdraft fee, refer to:

brainly.com/question/1739416

#SPJ1

5 0
3 years ago
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