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3 years ago

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]3 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

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A firm engaging in efficient production, using current technology, ________ produce its current level of production with ____

insens350 [35]

Answer:

Explanation:

Efficiency is manifested in the proper use of time, and resources for an intended purpose. Meaning, it is doing things right.

Production efficiency is based on a business's ability to produce the highest number of units of a good while using the least amount of resources possible.

Also, is the comparison of what is actually produced or performed with what can be achieved with the same consumption of resources (money, time, labor, etc.).

In this example, the firm has already meet the efficient point. It is not possible to produce the same level of production with less resources.

7 0

3 years ago

Quantas Industries sold $300,000 of consumer electronics during January under a one-year warranty. The cost to repair defects un

finlep [7]

Answer:

January 31.

Warranty Expense $18,000 (debit)

Warranty Provision $18,000 (credit)

June 20.

Warranty Provision $183 (debit)

Cash $183 (credit)

Explanation:

There is no option on the customer to take the warranty or not. There this type of Warranty is known as an Assurance Type Warranty.

Assurance type warranties are accounted in terms of the Provision Standards as follows ;

Entry when the warranty is granted

Warranty Expense $18,000 (debit)

Warranty Provision $18,000 (credit)

Being recognition of warranty cost and provision.

Warranty Expense $300,000 × 6% = $18,000

When the Warranty Claim is subsequently received.

Warranty Provision $183 (debit)

Cash $183 (credit)

Being utilization of Provision when the warranty claim is received.

3 0

3 years ago

Cushman company, inc. had $812,000 in net sales, $355,250 in gross profit, and $203,000 in operating expenses. cost of goods sol

ch4aika [34]

To solve for the cost of goods sold (COGS):
COGS = Net sales - gross profit
COGS = $812,000 - $355,000
COGS = $457,000

The cost of doors sold is the costs that are used for production of the goods the company sells. It includes materials used for creating the product and labor.

6 0

3 years ago

How did the economy impact the livelihood of the 13 original colonies? open study?

AVprozaik [17]

Before the foundation of the United States, the Kingdom of Britain owned the 13 colonies on the East shore of North America. Those colonies were separated into 3 regions: the New England, the Middle Colonies, the Southern Colonies. Economic activities and trade was dependent of the environment in each of those regions. Economy in the New England : ship building industry, fishing, trade. Economy in the Middle Colonies: farming, lot of jobs for skilled workers. Also merchants invested money in colonies. In the Southern Colonies: cotton and tobacco-industry. The economy impact the livelihood of the original 13 colonies by giving jobs and money to the colonists.

4 0

4 years ago

Pursuant to a contract, a landscaper performed $30,000 of landscape work for a homeowner. By coincidence, the homeowner and the

vfiekz [6]

Answer:

NO, court does not have subject matter jurisdiction over the landscaper's contract claim

Explanation:

given data

landscape work = $30,000

seeking in damages = $100,000

solution

landscaper assert and maintain claim against an home owner for breach of contract is no because court have diversity of an citizenship in the jurisdiction over an home owner for negligence claims .

we know that Federal Rule of Civil Procedure permit only counter claims and federal court have not any subject matter jurisdiction over an landscaper contract claims

6 0

4 years ago