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PIT_PIT [208]
3 years ago
6

Diego (32) is filing as a single taxpayer. He changed jobs during the year, and when he left his first job, he decided to take a

distribution of funds from his 401(k). He used the funds to make a down payment on a new car. The taxable amount of this distribution, reported in box 2a of Form 1099-R, was $14,500. There was a code 1 in box 7 of the Form 1099-R. Diego was also the beneficiary of one of his great-grandmother's traditional IRAs. She passed away during the year, and Diego took a $2,000 distribution from the IRA. He used the money to pay down his credit card debt. As far as he knows, all of his great-grandmother's contributions to the account were deductible. This distribution was reported to him on a Form 1099-R with a code 4 in box 7. Diego's only other income during the year was $40,000 in wages. He will claim the standard deduction.
Required:
What is the solution?
Business
1 answer:
Papessa [141]3 years ago
4 0

Answer:

He will claim the standard deduction

Explanation:

You might be interested in
cost formula is expressed as follows: Y = $17PH + $760,000 where PH is defined as process hours. What budgeted dollar amount wou
VMariaS [17]

Answer:

B. $ 1,984,000 $ 2,112,000

Explanation:

Static budget is a budget that has been prepared for a standard level of output with no tendency to vary irrespective of the level of output.

Therefore, the figure that will appear in static budget  is as follows:

  Y = $16PH + $640,000 where PH is defined as process hours

PH  = 84,000  (Budgeted output)

  Y  = $16(84,000) + $640,000

  Y  = $1,344,000 + $640,000

  Y  = $1,984,000

That is the figure that will appear in the static budget is  $1,984,000

Flexible budget is a budget designed to vary with the level of actual activity.

Therefore the figure that will appear in the flexible budget  is as follows:

  Y = $16PH + $640,000 where PH is defined as process hours

PH  = 92,000   (Budgeted output)

  Y  = $16(92,000) + $640,000

  Y  = $1,472,000 + $640,000

  Y  = $2,112,000

That is the figure that will appear in the flexible budget is  $2,112,000

8 0
3 years ago
Tesla wanted to break into the electric vehicle (EV) marketplace with a luxury sports model. At that time, economic value was mo
andreev551 [17]

Answer:

B. attribute

Explanation:

Tesla used the attribute base to position itself in the market

8 0
3 years ago
A licensed _______________ must display his or her license conspicuously in the principal place of business at all times.
creativ13 [48]

Answer:

Broker

Explanation:

A licensed broker must dispaly his or her name boldly in their primary place of business at all times becasue it helps to identify a broker quickly as well as has gives confidence to customers to transact business with them.

Cheers.

3 0
3 years ago
Which category (or type) of consumer products are: (1) relatively expensive, (2) infrequently purchased, and (3) buyers are will
artcher [175]

Answer:

consumer products provided are categorized thus:

(1) relatively expensive: a computer system

(2) infrequently purchased:  A car

(3) buyers are willing to expend considerable effort in planning and making purchases: A house

Explanation:

Consumer products are defined as products that satisfy a consumer's wants or needs. There can be convenient, affordable as well as expensive and infrequently purchased.

Consumer goods are final goods sold to consumers for  use. It is usually not used as means for further economic production activity.

Some consumer goods are durable and can last for up to three years or more while some are perishable with expiry dates and must be consumed within a short pace of time.

Finally, consumer goods can be grouped into different categories based on consumer behavior depending on how frequently they are used.

7 0
3 years ago
If Coca-Cola had all the human resources, operations, marketing, and accounting functions for the bottled water division at an o
astraxan [27]

Answer:

product

Explanation:

When a company is organized by product, it will structure its whole operation to cater to focus on that one product. This will include the way the arrange their production method, distribution strategy, marketing plan that they implemented, etc.

We can use coca-cola as an example.

They separate the office to cater specific products only. They do this to increase the efficiency of the production. Focusing only on one product  will make it easier for the workers to understand the type of customers that they face in the market and the type of  materials and production method that will be the most cost efficient.

6 0
3 years ago
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