Answer:
they provide convenient receipts for purchases
Explanation:
Checks payment is a form of paying bills. They were created to allow people to make payments without carrying large amounts of cash hence convenient for purchases.They are also are safer than other forms of payment as they are traceable; when a transaction occurs and payment is made by checks, banks usually make copies of each check and the owner remains with an underlying copy from the check book.
Laissez-Faire Economics?
It's an economic system where the free market exists without government intervention.
Answer:
$12,500 income tax; $1,250 penalty
Explanation:
The distribution from the traditional IRA is fully taxable since he Tyson receives a distribution of the entire $50,000 balance of his traditional IRA
($50,000 x 25%) = $12,500.
Therefore Tyson must pay a 10% penalty on the portion of the distribution that he did not contribute to a Roth IRA despite Tyson receives a distribution of the entire $50,000 balance of his traditional IRA in which he retains $12,500 to pay tax on the distribution
($12,500 x 10%) =$1,250
Therefore $12,500 will be his income tax amount and $1,250 will be his penalty amount
