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4 years ago

The most preferred technique for determining how much life insurance coverage is needed for an individual is:

1 answer:

5 0

In dermining how much life insurance coverage is needed for an individual , you have to consider first, to determine annual income needs of your family if you were to die today. Because you have to consider any lifestyle changes that might happen after te death and include current expenses such as mortgage, rent, groceries, clothing, utility bills, entainment, travel, transportation and child care. Next, you have to subtract available income from annual income needs. Then, determine the principal needed to generate income to be replaced (annual income to be replaced) devided by (rate of return) = amount of principal needed. Next, Add one-time expenses of your survivors will have to pay including funeral expenses. Lastly you have to subtract one-time gains such as the total amount of money or profit that is made from other life insurance policies, assets from selling a business or other payouts.

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What is the maximum amount a 45-year-old taxpayer and 45-year-old spouse can put into a Traditional or Roth IRA for 2019 (assumi

puteri [66]

Answer:

If you are single, head of household or married filing separately, your contribution limit of $5,500 begins to phase out when your modified AGI reaches $61,000 and is zero beginning at $71,000. If you are married, filing jointly, or a qualified widow or widower, your contribution limit of $5,500 begins to phase out when your modified AGI reaches $98000 and is zero beginning at $118,000. So since they dont have an income limitation and are not covered by another pension plan, they both should be able to contribute $5,500 for a combined result of $11,000 to a Roth IRA

8 0

3 years ago

Read 2 more answers

Why is it important to be fiscally responsible?

motikmotik

So you can have food, shelter and help your damily

6 0

3 years ago

When the company pays rent expense for the current month, what is the effect on the accounting equation for that company?

GREYUIT [131]

Answer:

decrease the stockholder equity and decrease in assets

Explanation:

As we know, the accounting equation is

Total assets = Total liabilities + stockholder equity

In the given case,

The rent is paid for the current month, so the journal entry would be

Rent expense A/c Dr XXXXX

To Cash A/c XXXXX

(Being rent is paid)

So it decreases the stockholder equity as it includes the income and expenses part and it decreases in assets as it reduces the cash balance

3 0

3 years ago

The type of problem that a consumer will become aware of in the normal course of events or is already aware of is known as a(n)

Keith_Richards [23]

Answer:

The type of problem that a consumer will become aware of in the normal course of events or is already aware of is known as a(n) active problem

Explanation:

An active problem is one consumer is aware of or will become aware of in the normal course of event.

7 0

2 years ago

Norwood, Inc. purchased a crane at a cost of $80,000. The crane has an estimated residual value of $5,000 and an estimated life

qwelly [4]

Answer:

Book value= $51,875

Explanation:

Giving the following information:

Purchase price= $80,000

Salvage value= $5,000

Useful life= 8 years

First, we need to calculate the annual depreciation under the straight-line method:

Annual depreciation= (original cost - salvage value)/estimated life (years)

Annual depreciation= (80,000 - 5,000) / 8

Annual depreciation= $9,375

Now, we can determine the book value at the end of 2019:

Book value= purchase price - accumulated depreciation

Book value= 80,000 - (9,375*3)

Book value= $51,875

8 0

3 years ago