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
Irina-Kira [14]
2 years ago
8

Marilyn is age 66, if she receives a $15,000 taxable HSA distribution this year, what tax penalty, if any, will apply?

Business
1 answer:
Arada [10]2 years ago
5 0

Answer:

No penalty

Explanation:

The tax penalty is as follows

The HSA i.e. health saving account. It is opened so that the expenses related to the medical could be paid and the high health plan i.e. deductible  (HDHP) would not covered here

In the case when rules are not followed so there is a penalty of 20%

Given that the amount taxable is $15,000

So here the penalty would be

= $15,000 × 20%

= $3,000

But since Marilyn age is 66 so there is no penalty as the penalty would be applied till the age of 65

You might be interested in
Mighty Manny, Incorporated, manufactures ice scrapers and distributes them across the midwestern United States. Mighty Manny is
Alex787 [66]

Answer:

Determination of the state in which Mighty Manny does not have sales tax nexus:

A. No sales tax nexus in Minnesota, under given scenario.

B. No sales tax nexus in Wisconsin, under given scenario.

C. Sales tax nexus may exist because of the large orders.  It may approach the sales threshold of more than $100,000 worth.

D. No sales tax nexus in Nebraska, with trucks driving through to other sales.

Explanation:

Might Manny is incorporated and headquartered in Michigan, according to this case.  So, it has sales tax nexus in Michigan for its physical presence and sales.

Sales tax nexus describes the factors that can make a state to impose sales taxes on a business.  The factors that establish sales tax nexus are a) certain business activities, b) physical presence, and c) approaching a certain sales threshold of either 200 transactions or $100,000.

Some states that have adopted the Wayfair legislation determine sales tax nexus with the above mentioned sales threshold of 200 transactions or $100,000.  California's sales threshold is $500,000.

However, Public Law 86-272 or Interstate Income Act of 1959 forbids states from imposing unnecessary sales tax burdens on businesses soliciting for sales in their states without physical presence, provided the orders are filled or shipped from outside the said state.  But, some of them rely on the Wayfair legislation, as it allows them some leverage to impose sales tax without physical presence of the business.

7 0
3 years ago
Angelica Canizales is the CEO of Mucho Dinero Enterprises. Sales have declined for four consecutive years and the firm's account
Mariulka [41]

Willie appears to be an important part of the informal Organization

Explanation:

The informal organization comes from the purposeful development of a system of interactions. Willie has little influence in the formal association, but love for him in the department of development makes it very important for him to engage in the informal organisation.

The primary role of informal organizations is essentially to preserve people's values and beliefs. If you can socially associate yourself, you always feel a sense of cohesion. As a result, an informal organization has another function that will provide members with social satisfaction.

8 0
3 years ago
How to make demon children
Nitella [24]

Answer:

dont vaccinate them lol

4 0
3 years ago
Read 2 more answers
Sherry owns a car business. She just received a shipment of Volkswagen SUVs. She paid $60,000 for each vehicle and wants to make
densk [106]

The selling price of the price that is offered to the buyer of the goods. The selling price of the car should be $<u><em>75,000</em></u>.

<h3>What is the selling price?</h3>

The selling price is the ultimate value of the goods the seller is willing to offer to the buyer at the time of sale. It is determined by adding up the profit margin to the actual cost of the goods.

The computation of the selling price of the car:

Given,

  • Cost price =$60,000
  • Margin =25%

\begin{aligned}\text{Selling Price}&=\text{Cost Price}+\text{Margin}\\&=\$60,000+(\$60,000\times25\%)\\&=\$60,000+\$15,000\\&=\$75,000\end{aligned}

Therefore, if Sherry wants to make 25% on the sale of each car then the car must be sold at $75,000 each.

Learn more about selling price, here:

brainly.com/question/3798799

5 0
2 years ago
There are more corporations in this country than any other business structure.<br> OTrue<br> O False
Ket [755]
It would be false, Shareholders in a corporation are legally considered partial owners of the corporation.
6 0
3 years ago
Read 2 more answers
Other questions:
  • Suppose you are a T-shirt producer in a market without price controls. You are charging a price that is below the equilibrium pr
    8·2 answers
  • Both buyers and sellers of a good are responsive to changes in the price of the product. An increase in the sales tax on the pro
    10·1 answer
  • Selling inventory costing $93,000 for a selling price of $111,000 to customers on account (to be received at a later date) would
    11·1 answer
  • Select the examples that best demonstrate likely tasks for Engineering and Technology workers. Check all that apply.
    12·2 answers
  • Simpkins Corporation does not pay any dividends because it is expanding rapidly and needs to retain all of its earnings. However
    9·1 answer
  • During the 16th and 17th centuries many European countries adopted the belief that the best way to have a prosperous country was
    13·1 answer
  • 1. The condensed income statement for a Fletcher Inc. for the past year is as follows: Product F G H Total Sales $300,000 $210,0
    13·1 answer
  • Grand Garden is a luxury hotel with 165 suites. Its regular suite rate is $210 per night per suite. The hotel’s cost per night i
    9·1 answer
  • Question 2
    7·1 answer
  • Im unable to add more comments come here to chat now
    14·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!