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Mama L [17]
4 years ago
9

Assume Karen is 12 years old and her only income is $2,500 of interest income from a bank account with money her parents have gi

ven her to save for college. What are the options Karen has for filing her tax return?
Business
1 answer:
coldgirl [10]4 years ago
7 0

Answer:

Since Karen is a minor, she can receive up to $950 in unearned income per year without paying taxes or having to file a tax return.

Since she receives a larger amount $2,500 - $950 = $1,550, she must pay taxes for the extra amount depending on which type of account her parents opened for her.

  1. Karen's parents probably opened a 529 Education Savings Plan, and if that is the case, she doesn't need to pay any federal taxes.
  2. If Karen's parents opened her a custodial account, then she will have to pay taxes for the $1,550 above the $950 threshold. Minors are responsible for filing their own taxes or their parents can file taxes for them. If either Karen or her parents pay taxes, they should pay = $1,550 x 10% = $155

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On September 1, Year 1, West Company borrowed $50,000 from Valley Bank. West agreed to pay interest annually at the rate of 6% p
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Answer:

Option (B) is correct.

Explanation:

Given that,

Borrowed amount by west company from valley bank = $50,000

Interest is paid annually = 6% per year

Time period = From 1st September to 31st December

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The note issued by West carried an 18-month term.

Therefore,

Interest expense = Principal amount × Rate × Time period

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                             = $50,000 × 0.06 × (1 ÷ 3)

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Therefore, the amount of interest expense that will be reported on West's income statement for Year 1 is $1,000.

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3 years ago
During a kidney transplant procedure, the renal artery and vein of the donor kidney are connected to the recipient's?
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In a kidney transplant, a donor's kidney is transplanted into the lower abdomen. A blood vessel from the new kidney connects to a blood vessel in the lower abdomen just above one leg. A ureter (ureter) from the new kidney connects to the bladder. First, an incision (cut) is made in the lower abdomen (abdomen), through which the donor's kidney is inserted.

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2 years ago
When making a sales call, visualizing your product or service fulfilling a need will help you _____.
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While making sales call, visualizing your product or service fulfilling a need will help in value proposition.

A value proposition is the value that a company promises to provide to customers if they purchase their product. A value proposition is an important component of a company's overall marketing strategy. The value proposition is a statement or declaration of intent that introduces a company's brand to consumers by explaining what the company stands for, how it operates, and why it deserves their business.

A value proposition is a business or marketing statement used by a company to summarize why a customer should buy a product or use a service. This statement, if written persuasively, persuades a potential customer that one of the company's products or services will add more value or solve a problem for them than other similar offerings will.

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2 years ago
Managers are responsible for helping ___ to understand and follow their company's code of ethics​
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Answer:

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6 0
3 years ago
Which of the following statements is true? (A) Henry must report the $12,000 alimony received as income and Charlotte can claim
Oksana_A [137]

Answer:

The correct statement is B

Explanation:

Relevant information:

Henry (H) and Charlotte (C) separated in the year 2018 and their divorce was finalized in 2019, January

During the year, 2019 C paid H alimony of $12,000

Now, will analysis the information:

As per the U. S (United States) IRS (Internal Service Revenue), if the divorce is finalized in 2019 or after that, then the payment of alimony are no longer is deductible, nor the recipient have to record or report them as an income.

So, in the given case, H is not required to report the alimony payment received as an income and C cannot claim the alimony paid as an adjustment to the income.

Therefore, the correct answer is B.

Note: The relevant information is taken from the case which is stated or given above before the question.

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