HOW DO U REPORT SOMEONES ACCOUNT!!! HELP

In need of extra cash, Troy and Lily decide to withdraw $2 comma 100 from their traditional IRA. They are both 40 years old. T

krek1111 [17]

Answer:

Calculate the tax consequence of withdrawal from retirement account.

T and L are 40 years old and decide to withdraw $2,100 from their IRA. They lie in a 35% marginal tax bracket.

Analysis

They are withdrawing some amount from their retirement fund. They have to pay the tax and penalty for early withdrawals from the retirement fund. The withdrawal amount is $2,100 so they have to pay tax on it. The tax rate will be 35% which is their marginal tax bracket.

Calculation of tax consequences if withdrawal amount is $2,100:

Ordinary income tax amount calculates by multiplying the withdrawal amount with the ordinary tax rate.

= $2100 × 35%

= $735

The withdrawal amount attracts the 10% penalty. So, the penalty amount is calculated as follows: Penalty on withdrawn funds calculates by multiplying the withdrawn funds with the percentage of penalty.

= $2100 × 10%

= $210

(NOTE: - T and L have to pay ordinary income tax along with the penalty on their withdrawal because they are withdrawing funds from their IRA before age 59.5.)

Total expenses include the tax amount and penalty charge on withdrawal amount. So, it is calculated as follows:

Total expenses =$735 + $210

Total expenses = $945

Conclusion

Therefore, T and L would incur a tax of $945 on their withdrawal. This $945 is the sum of income tax amount and penalty on withdrawal balance.

8 0

3 years ago

Suppose a competitive firm has cost, C = (0.002q3) + (22q) + 750, marginal cost, MC = 0.006q2 + 22, and revenue, R =

aniked [119]

Answer:

Options B and C are correct.

Marginal profit is negative.
Profit is positive.

Explanation:

At q = 150

R = 80q = 80(150) = 12,000

C = 0.002(150)3 + 22(150) + 750 = 6750 + 3300 + 750 = 10,800

R > C so first is incorrect.

MR = 80

MC = 0.006(150 x 150) + 22 = 135 + 22 = 157

MC > MR so B is correct.

Profit = TR - TC = 80(150) - 0.002(150)3 - 22(150) - 750 = 12000 - 10800 = 1200

Profit is positive.

Marginal profit = MR - MC = 80 - 157 = - 77

MR is Negative

3 0

3 years ago

contractor decided to bid for a major commercial project. The total price of her bid is $10 million. Estimate the total cost of

IRINA_888 [86]

Answer: $150,000

Explanation:

The total cost of estimating and preparing the bid would normally fall between 1% and 2% of the total price of the bid.

It would therefore be best to use an average rate of these:

= ( 1 + 2) / 2

= 1.5%

The estimate will therefore be:

= 1.5% * 10,000,000

= $150,000

5 0

3 years ago

In a five paragraph essay compare and contrast your state's constitution with the United States Constitution, and determine the

mart [117]

Answer:

hi

Explanation:

6 0

3 years ago

Brief Exercise 5-1 Presented below are the components in determining cost of goods sold. Determine the missing amounts. Beginnin

erik [133]

Answer:

A. Ending Inventory = $58,000

B. Purchases = $67,900; Cost of goods sold = $79,700

C. Beginning Inventory = $39,000; Cost of goods sold = $128,700

Explanation:

The following statement is used to calculate cost of goods sold:

Beginning Inventory

Add: Purchases

Cost of Goods Available for Sale

Less: Ending Inventory

<em>Cost of Goods Sold</em>

Requirement (A)

Beginning Inventory = $81,100

Add: Purchases = $98,900

Cost of Goods Available for Sale = $180,000

Less: Ending Inventory = $58,000 (Note - 1)

Cost of goods sold = $122,000

Note - 1

Cost of Goods Available for Sale - Ending Inventory = Cost of goods sold

$180,000 - Ending Inventory = $122,000

or, - Ending Inventory = $122,000 - $180,000

Therefore, Ending Inventory = $58,000

Requirement (B)

Beginning Inventory = $48,100

Add: Purchases = $67,900 (Note - 2)

Cost of Goods Available for Sale = $116,000

Less: Ending Inventory = $36,300

Cost of goods sold = $79,700 (Note - 3)

Note - 2

Beginning Inventory + Purchases = Cost of Goods Available for Sale

or, $48,100 + Purchases = $116,000

or, Purchases = $116,000 - $48,100

Purchases = $67,900

Note - 3

Cost of Goods Available for Sale - Ending Inventory = Cost of goods sold

$116,000 - 36,300 = Cost of goods sold

Cost of goods sold = $79,700

Requirement (C)

Beginning Inventory = $39,000 (Note - 4)

Add: Purchases = $119,000

Cost of Goods Available for Sale = $158,000

Less: Ending Inventory = $29,300

Cost of goods sold = $128,700

Note - 4

Beginning Inventory + Purchases = Cost of Goods Available for Sale

or, Beginning Inventory + $119,000 = $158,000

or, Beginning Inventory = $158,000 - $119,000

Beginning Inventory = $39,000

6 0

3 years ago