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.
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A paying any taxs that are due on the estate
Answer:
1. The future value = 1000
Now we are to calculate the future value of bank savings
= 850x(1+0.07)^15/12
= 850x1.07^1.25
=$925.0147
So it is better to buy note.
2. Present value = 1000/(1.07^15/12)
= 1000/1.08825252622
= $918.9
For one to get same amount of money then savings would have to be increased. So we choose note
3. EAR = EFF%
= 1000/(850^12/15)-1
= 13.88%
We have EAR on bank as 7% and that of note as 13.88%. note is higher so we choose note
The plans regarding the contributions made to the 401(k) plans are directed by the participant, who is also known as an employee of the organization.
<h3>Who is a 401(k) plan?</h3>
A 401(k) can be referred to as a feature of a profit-sharing plan that enables the employees to make a partial contribution of their wages to their individual accounts.
An employee is referred to as a participant for the purpose of this plan. It is further to be noted that this plan is as per the voluntary directions of the participant.
Hence, it holds true that majority of the 401(k) plans are participant directed.
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Answer:
NET INCOME
Explanation:
as you re measure each transaction, the difference, gain or loss, flows through income statement as a foreign currency transaction adjustment.
