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Dmitrij [34]
3 years ago
14

Sydney has inherited her grandmother's estate worth approximately $4.5 million. She is worried about paying taxes on the estate

and the inheritance. How will these taxes affect her new estate and inheritance?
Business
2 answers:
weeeeeb [17]3 years ago
4 0

Answer:

She pays the inheritance tax , while the estate is responsible for the estate tax.

Explanation:

Inheritance tax is a form of tax that every beneficiary of an inherited estate must pay. Regardless of the situation and location of the inherited property , inheritance tax is calculated individually for different beneficiary.

The estate in which a particular property is located is responsible for the estate tax. This is calculated based on the value of the property and paid by the estate management for all properties within the estate before rents are remitted to the landlords.

hram777 [196]3 years ago
3 0

Answer:

Depending on the state where she is and the laws of that state concerning taxing properties of deceased persons.

The federal government sometimes taxes the estates of deceased persons, California has eliminated inheritance taxes altogether.

Explanation:

Depending on the state where she is and the laws of that state concerning taxing properties of deceased persons.

The federal government sometimes taxes the estates of deceased persons, California has eliminated inheritance taxes altogether.

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Suppose that in your first year of college you spend $31,300.00 more than you eam. In your second year, your expenses increase a
ryzh [129]

Answer: See explanation

Explanation:

Based on the information provided in the question, the deficit in the 3rd year of college will be: = $32,150

The total debt that one owes in the 3rf year will then be the addition of the debts from the 1st to the 3rd year and this will be:

= $31,300 + $31,900 + $32,150

= $63,232

5 0
3 years ago
Read 2 more answers
Consider the following list of accounts: Cash Retained Earnings Service Revenue Utilities Expense Salaries Expense Accounts Rece
MAVERICK [17]

Answer:

Cash, account receivable, equipment, utilities expenses, salaries expense

Explanation:

Normally, the asset and expense accounts have debit balances while the liabilities, equity, revenue and other income accounts have credit balances.

In the given list of account:

Cash, account receivable, equipment belong to asset accounts, therefore will have normal debit balance.

Utilities expenses, salaries expense belong to expense accounts, therefore will have normal debit balance.

Remaining items in a given list will have normal credit balance.

4 0
3 years ago
A researcher was interested in the relationship between the number of texts sent in a day and the number of e-mails sent in a da
mixas84 [53]

Answer:

A. 14

Explanation:

the researcher claims that the width of the interval would have been smaller if the sample had been different, and in this case different refers to larger. The original sample included only 15 people, so in order to increase the data sample, you must include more than 15 people. That is why 14 doesn't make sense.

3 0
3 years ago
At KL Corporation, budgeted sales in units for April, May, and June are 50,000 units, 36,000 units, 40,000 units, respectively.
kiruha [24]

Answer:

Sales revenue= $180,000

Explanation:

Giving the following information:

Budgeted sales:

May= 36,000 units

The selling price per unit is $5.

The sales revenue is calculated as the total number of units sold for the selling price:

Sales revenue= number of units*selling price

Sales revenue= 36,000*5= $180,000

6 0
3 years ago
Archie Co. purchased a framing machine for $45,000 on January 1, 2021. The machine is expected to have a four-year life, with a
swat32

Answer:

depreciation for 2021 is $ 18,000

book value at December 31, 2021 is $ 27,000

Explanation:

Sum of Digits Method is a depreciation method that provides for higher depreciation to be charged early in the life of an asset with a lower depreciation in later years.

Sum of digits for the  framing machine is calculated as follows :

Year                                           Sum of Digits

1                                                          4

2                                                         3

3                                                         2

4                                                          1

Total                                                   10

<u>Depreciation for 2021 is calculated as :</u>

= 4/10× $ 45,000

= 18,000

<u>Book value at December 31, 2021 is calculated as :</u>

=Cost - Accumulated Depreciation

=$45,000 - $ 18,000

=$ 27,000

4 0
3 years ago
Read 2 more answers
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