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Ivanshal [37]
3 years ago
10

Jimmy establishes a Roth IRA at age 47 and contributes a total of $89,600 over 18 years. The account is now worth $112,000. How

much of these funds may Jimmy withdraw tax-free?
Business
1 answer:
azamat3 years ago
3 0

Answer:

Jimmy may withdraw $112,000 tax-free.

Explanation:

Jimmy's Roth IRA is a special retirement account where he has paid taxes on money going into the retirement account.  Then all future withdrawals are tax-free.  Jimmy can choose Roth IRAs when he considers that his taxes will be higher in retirement than they are at the time of the contributions.  It is important to note that Jimmy cannot contribute to a Roth IRA if he makes too much money, instead, he will be required to contribute to a traditional IRA where taxes are paid during withdrawal.

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professor190 [17]

<u>Answer: </u>Option D

<u>Explanation:</u>

When the government tries to reduce the production or consumption of certain goods taxes can help the government to perform this action. Taxes alter the resource allocation by giving disincentives for production, consumption or exchange of these goods. Consumer decisions on savings and retirements can be controlled through taxes. Through affecting their decisions, their behavior to take actions based on the decision can also be changed.

By keeping a check on the incentives of the people through taxes the demand and supply can be decreased. This further decreases the productivity of the country.

4 0
3 years ago
Prepaid Advertising Debit Balance $1100
alukav5142 [94]

Answer:

Debit   Advertising expense  $916.67

Credit  Prepaid Advertising    $916.67

Being entries to recognize advertising expense incurred for 5 months.

Explanation:

When an amount is paid in advance, the entries posted are

Debit Prepaid Advertising  

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Debit Advertising expense

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Hence the entries required will be

Debit   Advertising expense  $916.67

Credit  Prepaid Advertising    $916.67

Being entries to recognize advertising expense incurred for 5 months.

5 0
4 years ago
As part of a written plan for emergency operations, the employer must identify _____ at a construction site before construction
Anarel [89]

According to OSHA, the employer must identify <u>emergency escape routes.</u>

7 0
3 years ago
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Exercise 5-17 (Algorithmic) (LO. 4, 8) Rover Corporation would like to transfer excess cash to its sole shareholder, Aleshia, wh
CaHeK987 [17]

Answer:

The correct answer that a dividend is a better choice is . a. Regarding taxes, which would benefit Aleshia the most? The $114,000 dividend because after taxes she would have $ from the dividend and $ 86,640 from the bonus.

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3 years ago
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marshall27 [118]
If you are talking about Brainly i don't think you can :) 
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3 years ago
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