Answer:
Janet will receive=$30,000
Explanation:
According to the information of the exercise, consider the following calculations.
<em>Step 1.</em> Total net assets realized=(60,000+50,000)=$110,000
<em>Step 2.</em> Less : liabilities paid=$80,000
<em>Step 3.</em> Remaining balance=$30000
Hence Janet will receive=$30,000
Answer:
$84,000
Explanation:
A company's net income can be determined by subtracting the cost of goods sold from the revenues to obtain the income before taxes and then multiply it by one minus the tax rate.
If revenues are $400,000 and cost of goods sold are $280,000 at a tax rate of 30%, net income for the year is:
The company's net income for the year is $84,000.
Answer:
$2,319,000
Explanation:
Amount
March1 $1,884,000
June 1 $1,284,000
Dec 31 $3,082,450
Capitalization period
March1
10/12×$1,884,000 =$1,570,000
June 1
7/12 $1,284,000=$749,000
Dec 31
0
Weighted Average Accumulated expenditure
March 1 $1,570,000
June1 $749,000
Dec 31 $0
Total $2,319,000
Answer:
- government contracting
- advocacy
- entrepreneurial development
- access to capital
Explanation:
SBA is a US government agency whose core mandate is to support the growth of small businesses. The Small Business Association(SBA), promotes economic growth by providing useful resources and information to help them start and develop small businesses.
The SBA supports the advancement of small businesses in the following ways.
- Education and training,
- Providing information and links to affordable credit
- Connecting to government contracts
- Offering business advise
Answer:
Calculate the tax consequence of withdrawal from retirement account.
T and L are 40 years old and decide to withdraw $2,100 from their IRA. They lie in a 35% marginal tax bracket.
Analysis
They are withdrawing some amount from their retirement fund. They have to pay the tax and penalty for early withdrawals from the retirement fund. The withdrawal amount is $2,100 so they have to pay tax on it. The tax rate will be 35% which is their marginal tax bracket.
Calculation of tax consequences if withdrawal amount is $2,100:
Ordinary income tax amount calculates by multiplying the withdrawal amount with the ordinary tax rate.
= $2100 × 35%
= $735
The withdrawal amount attracts the 10% penalty. So, the penalty amount is calculated as follows: Penalty on withdrawn funds calculates by multiplying the withdrawn funds with the percentage of penalty.
= $2100 × 10%
= $210
(NOTE: - T and L have to pay ordinary income tax along with the penalty on their withdrawal because they are withdrawing funds from their IRA before age 59.5.)
Total expenses include the tax amount and penalty charge on withdrawal amount. So, it is calculated as follows:
Total expenses =$735 + $210
Total expenses = $945
Conclusion
Therefore, T and L would incur a tax of $945 on their withdrawal. This $945 is the sum of income tax amount and penalty on withdrawal balance.
