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Norma-Jean [14]
3 years ago
13

You can always withdraw the money you have contributed to a Roth IRA without paying taxes on the withdrawal because you have alr

eady paid taxes on the original contribution. If you are younger than 59 and a half years old and opened your Roth IRA at least five years ago, you can also withdraw up to $10,000 of your Roth IRA earnings (that is, money earned from your contributions) without paying any taxes on the earnings as long you:Earned less than $100.000 the previous yearAre currently marriedMoved out of your parents’ home in the last 12 monthsWere Employed at the time of the withdrawalAre Buying your first home
Business
1 answer:
Citrus2011 [14]3 years ago
7 0

Answer:

The correct answer is letter "E": are buying your first home.

Explanation:

Roth IRAs are tax advantage retirements accounts that allow withdrawals free of taxes. This happens since taxes are paid at the moment when the funds are being deposited in the account. To make withdrawals, certain requirements must be met. In the first place, the account must be 5 years old or older. If so, only qualified life events will make the withdrawal possible such as:

  • <em>Turning 59 1/2 years old </em>
  • <em>Permanent disability </em>
  • <em>Passing away (beneficiaries will be in charge of the withdrawal) </em>
  • <em>Buying, building or repairing your first home (maximum withdrawal of $10 000).</em>
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igor_vitrenko [27]
75% is the best answer
3 0
3 years ago
Karley's setting aside $32,000 each quarter, starting today, for the next three years for an expansion project. How much money w
Mashutka [201]

Answer:

Final Value= $414,135.43

Explanation:

Giving the following information:

Quarterly deposit= $32,000

Number of quarters= 3*4= 12

Interest rate= 0.0545/4= 0.01363

To calculate the final value, we need to use the following formula:

FV= {A*[(1+i)^n-1]}/i

A= quarterly deposit

FV= {32,000*[(1.01363^12)-1]} / 0.01363

FV= $414,135.43

8 0
3 years ago
Perit Industries has $210,000 to invest. The company is trying to decide between two alternative uses of the funds. The alternat
goblinko [34]

Answer:

npv = $92,531.34

NPV = -$13,206.90

Project A should be chosen because it has a higher NPV

Explanation:

Here is the full question :

Perit Industries has $210,000 to invest. The company is trying to decide between two alternative uses of the funds. The alternatives are: Project A Project B Cost of equipment required $210,000 $0 Working capital investment required $0 $210,000 Annual cash inflows $30,000 $52,000 Salvage value of equipment in six years $9,100 $0 Life of the project 6 years 6 years The working capital needed for project B will be released at the end of six years for investment elsewhere. Perit Industries’ discount rate is 15%. Click here to view Exhibit 11B-1 and Exhibit 11B-2, to determine the appropriate discount factor(s) using tables. Required: a. Calculate net present value for each project. (Any cash outflows should be indicated by a minus sign. Use the appropriate table to determine the discount factor(s).) b. Which investment alternative (if either) would you recommend that the company accept? Project B Project A

Net present value is the present value of after-tax cash flows from an investment less the amount invested.

NPV can be calculated using a financial calculator  

Project A

Cash flow in year 0 = $-210,000

Cash flow each year from year 1 to 5 = $30,000

Cash flow in year 6 = $30,000 + $9100 = $39,100

I = 15%

npv = $92,531.34

Project B

Cash flow in year 0 = $-210,000

Cash flow each year from year 1 to 6 = $52,000

I = 15%

NPV = -$13,206.90

Project A should be chosen because it has a higher NPV

7 0
3 years ago
Following are two income statements for Alexis Co. for the year ended December 31. The left number column is prepared before any
ladessa [460]

Explanation:

Adjusting entries of fees collected in advance:

   1.  Dr  unearned fee    6600

              Cr fees earned           6600

Depreciation of Computers:

 Dr Depreciation expense - computer 1650

                 Cr Accumulated depreciation   1650

Depreciation of Furniture:

 Dr Depreciation expense - office furniture 1925

                 Cr Accumulated depreciation            1925

Adjusting entries of salaries:

 Dr  Salary expense    2695

       Cr Salary payable        2695

Adjusting entries of Insurance:

 Dr Insurance expense       1430

         Cr prepaid insurance       1430.

Adjusting entries of office supplies:

Dr Office supplies expense 528

            Cr Office supplies   528

Adjusting entries of utilities:

 Dr Utilities expense  77

           Cr Utilities payable     77

5 0
3 years ago
Read 2 more answers
Ramona Company has the following labor-related data.Standard labor hours for output: 15,000 hoursStandard labor rate: $10 per ho
Alik [6]

Answer:

E. $25,000 unfavorable

Explanation:

The labor efficiency variance shall be calculated using the following formulas:

Labor efficiency variance=((Standard labor hours used to make the actual production )- (Actual labor hours used to make the actual production))* standard rate per hour

Standard labor hours used to make the actual production=15,000

Actual labor hours used to make the actual production=17,500

standard rate per hour=$10 per hour

Labour efficiency variance=(15,000-17,500)*10

                                           =25,000 unfavourable

So based on the above discussion, the answer shall be E. $25,000 unfavorable

8 0
3 years ago
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