Answer:
$7,250
Explanation:
You can deduct medical expenses <u>that exceed</u> 7.5% of your AGI (changes, but is currently at this level).
170,000 x .075 = 12,750
20,000 - 12,750 = $7,250
I hope this helps!
-TheBusinessMan
Answer: A higher interest rate.
Explanation: Most savings accounts do not have a high interest rate at the moment.
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 So, the penalty amount is calculated as follows: Penalty on withdrawn funds calculates by multiplying the withdrawn funds with the percentage of penalty.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.
Answer:
A) the total units to be accounted for = 23,980 + 4,600 = 28,580 units
B) the total material equivalent units = 23,980 finished units + 4,600 = 28,580 units
total conversion equivalent units = 23,980 finished units + (4,600 x 30%) = 23,980 + 1,380 = 25,360
C) cost reconciliation schedule:
Cost accounted to finished goods 23,980 x (12 + 8) = $479,600
Cost of material in process
material work in process 4,600 x 12 = $55,200
conversion cost in process 1,380 x 8 = $11,040
<u> $66,240 </u>
total cost $545,840
