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PIT_PIT [208]
2 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]2 years ago
4 0

Answer:

He will claim the standard deduction

Explanation:

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What is Calls In Arrears..??​
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Call in Arrear

The company calls for money from shareholders when needed within a certain period. If the shareholder is not able to pay the call amount due on an allotment or on any calls according to the terms before or on the specific date fixed for payment, such amount is taken as 'call in arrears'.

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2 years ago
Sandra is purchasing a home for $200,000 and provides a $3,000 earnest money check to the seller. Her closing costs and down pay
Evgen [1.6K]

Answer:

The answer is $190,000.

Explanation:

We are given the information about the total price of the home and other payments made by Sandra towards the purchase of the home.

An earnest money check can be counted towards the down payment. She also pays an amount of $7,000 for the down payment which the total of the two adds up to $10,000.

Subtracting that from the price of the home, she should bring $190,000 to the closing.

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4 0
3 years ago
Kate and Sarah work in a bakery for 8 hours per day. Kate can make 1 cake in 1 hour or 1 loaf of bread in 2 hours. Sarah can mak
Oxana [17]

Answer:

Please read explanation whilst referring to the attached table :)

Explanation:

1. Absolute Advantage

Absolute advantage is the ability of an individual, company, region or country to produce a greater quantity of a good or service than another individual, company, region or country using the same resources.

Cake: Sarah

Bread: Sarah

Sarah takes the least time to produce both a loaf of bread as well as a cake when compared to Kate. In the time Kate takes to produce one cake, Sarah can produce 2 cakes (60 mins / 30 mins). In the time it takes Kate to produce one loaf of bread, Sarah can produce 3 loaves (120 mins / 40 mins).

2. Kate's opportunity cost of producing one cake

Opportunity cost is the benefit lost from the second best alternative. In this case, the number of loaves of bread Kate sacrifices to produce 1 cake. It takes 60 mins for her to produce a cake whilst it takes 120 mins to produce a loaf of bread. Hence opportunity cost of producing one cake = 60 / 120 = 1/2 a loaf of bread. This means that when she is producing a cake, she is using up the time that she can use to produce half a loaf of bread.

3. Sarah's opportunity cost of producing one cake

The second best alternative to Sarah to cake production, is the production of bread. It takes 30 mins for her to produce a cake whilst it takes 40 mins for her to produce a loaf of bread.  Hence opportunity cost of producing one cake = 30 / 40 = 3/4 a loaf of bread. In other words, in the time that Sarah spends producing a cake, she is actually able to accomplish three-quarters of a loaf of bread production.

4. Comparative Advantage

Comparative advantage is referred to as an individual, company, region or country's ability to produce goods and services at a lower opportunity cost than that of its trade partners. The person with the least opportunity cost has comparative advantage in that product.

Cake: Kate

As per the above calculations, Kate only loses making 1/2 a loaf of bread whilst Sarah loses making 3/4 of a loaf of bread.

Bread: Sarah (explanation below)

Kate = 120 / 60 = 2 cakes sacrificed

Sarah = 40 / 30 = 1.3 cakes sacrificed

Hence, Sarah has comparative advantage in the production of a loaf of bread as she has to sacrifice producing only 1.3 cakes whilst Kate sacrifices producing 2 cakes in the time taken to produce a loaf of bread.

8 0
2 years ago
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