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emmainna [20.7K]
4 years ago
9

George is 73 years old and retired. He was told that he should withdraw $15,000 from his 401(k) to meet his required minimum dis

tribution. George does not feel like he needs the money, so he decides not to take his withdrawal. Which of the following describes the taxable consequence of his decision?A : If George can prove to the IRS that he does not need to take a required minimum distribution to pay his bill, he will not have to pay taxes.B : George will have to pay $15,000 in taxes because when it comes to required minimum distributions if you do not use it, you will use it.C : George will have to pay $1,500, which is the 10% penalty for failing to take the required minimum distribution.D : George will have to pay $7,500, which is the 50% tax on the amount that he should have taken for his required minimum distribution.
Business
1 answer:
dusya [7]4 years ago
8 0

Answer:

D : George will have to pay $7,500, which is the 50% tax on the amount that he should have taken for his required minimum distribution.

Explanation:

Currently, Required Minimum Distributions (RMDs) have been suspended for the entire 2020 due to CARES Act. But under normal circumstances, Roger would be penalized and 50% of the RMD not retired would be withheld by the IRS. That is why people generally withdraw the RMDs even if they do not need them.

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What is likely to be the role of agri-<br> culture in a traditional economy?
beks73 [17]

Answer:

The traditional economies do depend on agriculture, fishing, hunting, gathering, or any combinations. They usually barter instead of using money. Most traditional economies work in emerging markets and developing countries. They are often in Africa, Asia, Latin America, and the Middle East.

4 0
3 years ago
You want to be able to withdraw $35,000 each year for 15 years. Your account earns 9% interest. a) How much do you need in your
Lina20 [59]

Your interests are activities that you enjoy doing and subjects that you enjoy spending time learning. Are interest. When something interesting, it draws your attention and makes you want to learn more about it: less interesting was discussed.

Interest is the money paid to spend someone else's money. An interesting example is $ 20 in this year's savings account. An example of interest is the $ 2,000 paid on a mortgage this year.

Interest is paid for a lifetime but disappears upon death (especially from the property).

Learn more about interest at

brainly.com/question/16134508

#SPJ4

4 0
2 years ago
Approximately how much must be saved for retirement in order to withdraw $100,000 per year for the next 25 years if the balance
Juli2301 [7.4K]

Answer:

$1,067,477.62

Explanation:

A fix Payment for a specified period of time is called annuity. The discounting of these payment on a specified rate is known as present value of annuity.

Formula for Present value of annuity is as follow

PV of annuity = P x [ ( 1- ( 1+ r )^-n ) / r ]

PV of annuity = $100,000 x [ ( 1- ( 1+ 8% )^-5 ) / 8% ]

PV of annuity = $1,067,477.62

According to my calculations, in order to be able to withdraw $100,000 from an annuity earning 8% at the end of each of the next 25 years, the amount you would need to deposit now would be $1,067,477.62.

6 0
3 years ago
A profit maximizing competitive firm in a market with NO externalities will produce the quantity of output where
Viktor [21]

A profit maximizing competitive firm in a market with NO externalities will produce the quantity of output where

  • price = marginal cost
  • marginal revenue = marginal cost
  • marginal benefit = marginal cost

Option D

<u>Explanation: </u>

All of the options are true.

In a highly competitive market, companies set marginal incomes at marginal cost level (MR= MC) in order to make a profit. MR is the pitch of the profit curve, which represents the (D) and price (P) of the demand curve as well.

It is necessary to have positive, or negative economic benefits in the shorter term. The company profits whenever the price exceeds the total average cost. The company loses on the market if premiums are less than average total costs.

5 0
3 years ago
Greg had selected 8 intervals total to service. He logged in on time for each interval, but ended up logging out 5
inysia [295]

Answer:

The resulting CA percentage for the week to the nearest number is 94%

Explanation:  

CA refers to Commitment Adherence.

Commitment Adherence (CA) is a way to calculate the reliability of an employee in relation to how much time they put into their work.

Put differently, it is a mathematical comparison between how much time you stated that you were going to work versus the actual amount worked. This concept is prevalent with people who use clock-in and clock-out system to measure productivity.

Step 1

The formula for calculating Commitment Adherence (CA) is:

(Serviced Minutes - Excused Non-Serviced Minutes) / (Posted Minutes + Released Minutes)

When you log out at about 5 minutes early it translates to 83% because each interval is 30 minutes. So 23/30 = 83%

Step 2

There are 8 intervals. 5 of them are 100% each. Thus total intervals for the week equal

(5*100%)+(3*83%) =

7.49 *30 = 224.7

Total number of intervals selected =

8*30 = 240

Therefore commitment adherence = 224.7/240

= 0.94%

Cheers!

6 0
3 years ago
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