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Norma-Jean [14]
2 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]2 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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Which industry is a good example of the involvement by business in washington lobbying as their number of lobbies has skyrockete
yulyashka [42]

The Healthcare industry is a great example of how the industry has become involved in Washington lobbying, as the number of their lobbies has increased recently.

According to the Public Disclosure Commission (PDC), lobbying is "attempting to influence the approval or rejection of any rule, standard, rate, or another legislative enactment by any state agency under the state Administrative Procedure Act, RCW.

In  Washington, the sector that has spent the most on lobbying over the past 24 years is the pharmaceutical and health goods sector. Insurance, electric utilities, electronics manufacturers, and business groups are further businesses that spend a lot of money on lobbying.

The pharmaceutical and health goods business has outspent all others in lobbying spending $5.17 billion total.

To learn more about Lobbying

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6 0
1 year ago
If fixed costs are $100,000, variable cost per unit is $40, and the selling price is $60, how many units must be sold for the fi
Margarita [4]
In order to break even, they would need to sell at least 5,000 units

Break even point is calculated by the formula:

Fixed costs÷(selling price -variable costs per unit)

i.e.

100,000 ÷ (60-40) = 5,000

Anything they sell above this number will start to produce profits for the company
3 0
3 years ago
On March 1, 2022, Cullumber Company acquired real estate, on which it planned to construct a small office building, by paying $8
11111nata11111 [884]

Answer:

$101,200

Explanation:

the cost of land = purchase price of the land + razing expenses - sales of salvaged materials + attorney's fees + broker's fees = $86,000 + $9,700 - $4,400 + $1,500 + $8,400 = $101,200

The cost of the driveways and parking lot are recorded separately (as land improvements), not under cost of land because they can be depreciated.

Architect's fees are generally included in the construction costs of the building, not in the land cost. The architect's fees are covered before the construction starts because you need the blueprints in order to start the construction.

6 0
3 years ago
Au Sable Corporation reported taxable income of $800,000 in 20X3 and paid federal income taxes of $272,000. Not included in the
podryga [215]

Answer:

The corporation's current earnings and profits for 20X3 would be $603,000

Explanation:

The computation of the current earnings and profits are shown below:

= Taxable income - federal income taxes - disallowed penalty + insurance proceeds

= $800,000 - $272,000 - $25,000 + $100,000

= $603,000

The federal income tax refund would not be considered in the computation part. Hence, it is ignored.

7 0
3 years ago
White Company has two departments, Cutting and Finishing.
GaryK [48]

Answer:

Cutting = $10.99 per machine hour

Finishing= $15.28 per direct labour hours.

Explanation:

The question requests the predetermined overhead rate for Cutting department and Finishing department

Step 1: What is the formula for the pre-determined overhead rate

For the Cutting Department

Predetermined Overhead rate= The total fixed manufacturing Overhead/ Total Machine Hours +Variable Manufacturing Overhead rate per machine hour.

= $390,000/$43,400) + $2

= $10.99 per machine hour

For the Finishing Department

Predetermined Overhead rate= The total fixed manufacturing Overhead/ Total Labour Hours +Variable Manufacturing Overhead rate per machine hour.

= $496,000/43,000) + $3.75

= $15.28 per direct labour hours.

7 0
3 years ago
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