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aivan3 [116]
3 years ago
8

A divorced woman with 2 young children has just re-entered the workforce part time and earns $3,000 from this work. She collects

another $2,400 per year in alimony payments. The woman wishes to make a contribution to an Individual Retirement Account this year. Which statement is TRUE
Business
1 answer:
leva [86]3 years ago
5 0

Which statement is TRUE

A. No contribution can be made because the woman received alimony payments

B. A contribution can be made based only on the income earned from part-time work

C. A contribution can be made based only on the alimony payments received

D. A contribution can be made based on both the earned income from part-time work and the alimony payments received

Answer:

B. A contribution can be made based only on the income earned from part-time work

Explanation:

According to Individual Retirement Account regulations, contribution can only be made base on earned income and not a court-mandated allowance made to a former spouse by a divorced or legally separated person otherwise known as "Alimony". Alimony is just a means to support life and not a earned income. So, contribution can be made based only on the income earned from part-time work.

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Betty operates a beauty salon as a sole proprietorship. Betty also owns and rents an apartment building. This year Betty had the
nasty-shy [4]

Answer:

Betty's AGI = $28,934

Complete Page 1 of Form 1040 for Betty is attached.

Explanation:

<u>Adjusted gross income:</u>

Adjusted gross income (AGI) is an income measurement for the purpose of calculation of tax payable.

AGI is calculated by deducting allowable deduction from taxable income.

<u>Notes for the working attached:</u>

  • The salaries and expenses are deductible as business expenses.
  • Depreciation and real estate taxes are deducted as rental/royalty-related deductions.
  • Interest income is included in the adjusted gross income.
  • Alimony expenses are deductible from the adjusted gross income.
  • The revenue from apartment building is assumed as interest income and NOT the total income.
  • The real estate and charitable contributions are itemized deductions.

Download xlsx
4 0
3 years ago
What is the greatest concern with applying new technologies like the cloud in manufacturing?
Sergeu [11.5K]

Answer:

Theft of intellectual property.

Explanation:

Cloud computing is making hardware, software and data available on demand via a network, often the internet. The cloud stands for a network that, with all the computers connected to it, forms a kind of 'cloud of computers', where the end user does not know how many or which computers the software runs on or where those computers exactly stand. In this way, the user no longer needs to be the owner of the hardware and software used and is therefore not responsible for maintenance. The details of the information technology infrastructure are hidden from view and the user has his own virtual infrastructure, scalable in size and possibilities. The cloud is therefore a technique with which scalable online services can be offered. Without the ability to scale, an online service offered does not relate to cloud computing.

3 0
3 years ago
How would the market for smartphones be affected if the government charged an excise tax of $5.00 on each smartphone sold? quest
11111nata11111 [884]
<span>how would the market for smartphones be affected if the government charged an excise tax of $5.00 on each smartphone sold ? C) The supply of smartphones would decrease. Excise taxes are based on the quantity of an item and not on its value. For example, the federal government imposes an excise tax of 18.4 cents on every gallon of gas purchased, regardless of the price charged by the seller. States often add an additional excise tax on each gallon of fuel. so, government will charged 5.00$ excise tax on smartphone will affected supply of smartphones would decrease.</span>
8 0
4 years ago
__________ manages the movement of raw materials, parts, work in progress, finished goods and related information throughout the
expeople1 [14]
<span>Logistics is the set of means necessary for the organization of a company, especially in the distribution. It is focused on the supply chain, the planning of purchasing activities, production, transportation, and distribution. Its fundamental function is to place the products in the right place, under the desired conditions and standards, for the maximum satisfaction of the company.</span>
7 0
4 years ago
To complete your degree and then go through graduate school, you will need $95,000 at end of each of the next 8 years. Your Aunt
VARVARA [1.3K]

Answer:

PMT = $95,000

Rate = 4%

Life = 8 years

a. Amount to be deposited today

= PV(Rate, N, -PMT)

= PV(4%, 8, -95,000)

= $639,610.76

b. Amount in account after 3rd withdrawal

= PV(Rate, N, -PMT)

= PV(4%, 5, -95,000)

= $422,913.12

c. Balance in account after 8th withdrawal

= = PV(Rate, N, -PMT)

= PV(4%, 0, -95,000)

= $0

d. How much would you have at the end of 8 years?

= FV(4%, 8, -639610.76)

= $875,351.49

5 0
3 years ago
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