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worty [1.4K]
3 years ago
11

At age 50, Charles began receiving payments under a distribution method that provides for substantially equal payments over his

life. He had no basis in the account. At age 58, after he received distributions totaling $14,000, he elected to receive the remaining benefits in a lump-sum of $155,000. What amount of the total distribution is subject to the early distribution penalty?
1) $0
2) $14,000.00
3) $155,000.00 - Please note this is not the correct answer as it was marked incorrect on my quiz.
4) $169,000.00
Business
1 answer:
shusha [124]3 years ago
4 0

Answer:

correct answer is 4) $169,000.00

Explanation:

given data

received distributions totaling =  $14,000

remaining benefits lump-sum = $155,000

solution

we know that substantial payment by as distribution method not subjected to the early distribution penalty

but lum sum amount distribution before age 59.5 is subject to 10% penalty

so here we can say till 59.5 year annuity payment not changed

so amount subject to the penalty is = $14000 + $155000

amount subject to the penalty is = $169000

so correct answer is 4) $169,000.00

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Katherine 35 is married with two children and files as Head of Household. She lived apart from her husband for the last eight mo
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Answer and Explanation:

Since Katherine is under 65 years of age and is the Head of Household. Therefore, in order to file a tax return, her gross income should at least be $13,400.

7 0
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Social security pays $0. 90/dollar for your first $826 in earnings, $0. 32/dollar for the next $4154 in earnings, and only $0. 1
masya89 [10]

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7 0
1 year ago
On November 1, 2021, Sandhill Co. places a new asset into service. The cost of the asset is $84000 with an estimated 10-year lif
Aneli [31]

Answer:

$7,200

Explanation:

According to the scenario, computation of the given data are as follows,

Total cost = $84,000

Salvage value = $12,000

Estimated life = 10 years

So, we can calculate depreciation expense by using following formula,

Depreciation yearly = (Total cost - Salvage value) ÷ Estimated life

= ($84,000 - $12,000) ÷ 10

= $72,000 ÷ 10

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7 0
3 years ago
Arntson, Inc., manufactures and sells two products: Product R3 and Product N0. The annual production and sales of Product of R3
Vitek1552 [10]

Answer:

$671.92

Explanation:

Note: The full question is attached as picture below

Product R3

Labor-related cost = 40736/7200*5400

Labor-related cost = $30,552

Production orders = 65970/1600*1000

Production orders = $41,231

Order size = 433175/7100*3100

Order size = $189,133

Total overhead = Labor-related cost + Production orders + Order size

Total overhead = $30,552 + $41,231 + $189,133

Total overhead = $260,916

Annual production and sales of Product of R3 = 900 u nit

Overhead cost per unit = Total overhead / Unit

Overhead cost per unit = $260,916 / 900

Overhead cost per unit = $289.92

Direct material = $226

Direct labor = (26*6) = $156

Unit product cost = Overhead cost per unit + Direct material + Direct labor

Unit product cost = $289.92 + $226 + $156

Unit product cost = $671.92.

3 0
2 years ago
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snow_tiger [21]

Answer:

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5 0
3 years ago
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