1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Furkat [3]
4 years ago
13

Required information [The following information applies to the questions displayed below.] Desmond is 25 years old and he partic

ipates in his employer's 401(k) plan. During the year, he contributed $3,000 to his 401(k) account. What is Desmond's saver's credit in each of the following alternative scenarios? (Use Exhibit 13-8) (Leave no answer blank. Enter zero if applicable.). a. Desmond is not married and has no dependents. His AGI after deducting his 401(k) contribution is $34,000. Saver's credit
Business
2 answers:
IceJOKER [234]4 years ago
7 0

Answer:

Saver Credit of Desmond is $0.  

Explanation:

It is to encourage the taxpayers to contribute in the retirement plans. It is applicable for all qualified retirement plans. An additional credit up to $ 2000 is available from any other deduction from the retirement account. Saver credit percentage is determined by taxpayers filling status and AGI.

In the present case Desmond 25 years old, contributed $3000 in employer’s 401(k) plan. He wants to know his saver’s credit limit in various situations.

A) Desmond is single without dependents and his AGI after contributing to 401(k) plan is $34000. Saver’s credit of D is calculated as:

Desmond will come under “all other filers AGI” because he is single without dependents. As his AGI is above $ 30750 there is no credit available for him.

Hence, maximum saver credit of Desmond is $0.  

MrRa [10]4 years ago
6 0

Answer:

Saver's credit = $0

Explanation:

He is not entitled to any saver's credit, as he is not married and his AGI is greater than $32,000. Therefore the Saver's credit is equal to zero. Is also important to consider that Desmond is a head of a household and his AIG is between 31,126 and 48,000.

You might be interested in
Pulo Corporation uses a weighted-average process costing system. The company has two processing departments. Production starts i
Solnce55 [7]

Answer:

The correct answer is: units started in production in Finishing for April.

Explanation:

It is an analysis of the activity of the department or cost center for the period. All costs attributable to a department or cost center are presented according to the elements of the cost center. A production cost report for each department can be prepared following a four-step approach. Each step represents a separate plan and the four plans together constitute a report of the cost of production.

Step 1: Post the physical flow of units (quantity plan) .

Step 2: Calculate the equivalent production units (equivalent production plan).

Step 3: Accumulate the total and unit costs that will be accounted for by department (cost plan to be accounted for).

Step 4: Assign the accumulated costs to the units transferred or still in process (cost plan accounted for).

3 0
3 years ago
Because of the high volume of bicycles as a common form of transportation in beijing and shanghai, charles wants to sell his bic
adelina 88 [10]
This is not a good investment and Charles should hold his plan of selling his bicycle Beijing and in China. For example, if Charles sold his bicycle horn for $3.00, this would need a 6.42*3 which is equal to 19.26 Chinese yuan.
3 0
3 years ago
Read 2 more answers
9. With respect to Egor's land, Fig has an easement, Gabe has a profit, and Huck has a license. A right to possess the land is o
Debora [2.8K]

Answer:

Egor.

Explanation:

According to the Landlord-Tenant Law, the right to possess the land is owned by Egor in the given situation.

In the given scenario, Egor has a land, which he has given to Fig as an easement. An easement can be defined as a nonpossessory right to the holder of the property to earn interest on the land, originally owned by someone else. Gabe is earning profit on it and Huck has a license. Regardless of this, Egor still owns the property and has right to possess the land.

Therefore, Egor is the correct answer.

4 0
3 years ago
A new machine with a purchase price of $109,000, with transportation costs of $12,000, installation costs of $5,000, and special
Marta_Voda [28]
<span>The machine would have a cost basis of $80,000 - $86,000. All business owners must gain profit from the products that they sell by ensuring that their capital will be returned to them. Putting such costing price gives the owner the capital gains as well as earning back the expenses that he has shelled out in order to purchase the machine to be sold in the market. <span>
</span></span>
8 0
3 years ago
What is the ending balance on the statement of changes in owner's equity for this data?
creativ13 [48]

The Owner's Equity statement illustrates the capital account changes due to contributions, withdrawals, net income, or a net loss. So Ending Balance of the statement of changes in Owner's equity will be; Opening capital + Capital Added + Net Income - Owner's Withdrawals.

A one-page report titled a "statement of owner's equity" compares all assets and liabilities to determine the owner's equity's overall value. The snapshot, which is tracked over a predetermined time period or accounting period, depicts the flow of cash through a company.

Owner's equity is simply the difference between the owner's initial investment in the business and any withdrawals made by the owner. For instance: A real estate project with a value of $500,000 and a loan balance of $400,000 would have $100,000 in owner's equity.

Learn more about owner's equity here

brainly.com/question/24196918

#SPJ4

4 0
2 years ago
Other questions:
  • Jackson has a credit card with a 15% interest rate. His dad has a credit card with a 5% interest rate. If they both charge $1,00
    7·1 answer
  • The following information pertains to Alpha Computing at the end of 2015:
    7·1 answer
  • Many major league teams capture information about their customers or prospective customers and then segment those customers by t
    9·1 answer
  • Which practice helps a company retain customers?
    7·2 answers
  • Toby is the commissioner of environmental matters for State X, the state with the cleanest air in the nation. U.S. Pollution Com
    7·1 answer
  • Which of the following statements is consistent with the ideas that W. Edwards Deming promoted regarding quality management? a.
    12·1 answer
  • Mark works for a financial company. He has been tasked to protect customer data. He decides to install a mantrap and an HVAC sys
    7·1 answer
  • Consider the demand for avocados. Does an increase in average income cause a shift of the demand curve for avocados or a movemen
    5·1 answer
  • Lambda Computer Products competed for and won a contract to produce two prototype units of a new type of computer that is based
    12·1 answer
  • Accounts receivable is classified on the balance sheet as a
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!