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slega [8]
3 years ago
13

Zina Balaskas (57) is single and earned $3,250 in wages. Because she has a large amount of investment income, she would like to

contribute and deduct the largest allowable IRA amount to help reduce her tax liability. She has not yet made a contribution, but will do so before the due date of her return. Zina's maximum traditional IRA deduction is $_____________. $0
Business
1 answer:
Nana76 [90]3 years ago
8 0

Zina's maximum traditional IRA deduction is $3,250.

She could have been entitled to $7,000 since she is 57 if her earnings were more than $3,250.

If Zina is less than 50 years, the maximum deduction for the traditional IRA is $6,000.

Contributions made to traditional IRA are not taxable during the years of contribution.  This is why they are tax-deductible.

Thus, based on Zina's income, the maximum traditional IRA deduction is only $3,250.

Read more about traditional IRA deduction limits at brainly.com/question/2108625

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Mega Corporation repurchased 1,000 shares of its $1 par value common stock for $8,000. The effect of this transaction on the acc
Nitella [24]

Answer:

Explanation:

Since in the question the shares are repurchased which impact the accounting equation in a negative manner

Accounting equation would be

Total assets = Total liabilities + Stockholder equity

The assets are decreased as it reduces the balance of cash account as well as it reduced the stockholder equity also by the same amount

4 0
3 years ago
Emily Boyce, a project manager at an insurance firm, regularly satisfices while making decisions. She often comes across complic
grigory [225]

Answer:

B) search for solutions that are reasonable

Explanation:

When Emily solves her work problems by satisficing a large number of decisions, it means that she makes the decisions that are barely adequate to solve the issues. She doesn't take the time to make the best possible ones. Since she has a very tight work schedule, she doesn't have the time to search all the necessary information nor to search all the possible options. She doesn't have the time to analyze which alternative is best, she will take whatever option she finds first.

3 0
2 years ago
During 2018, Raines Umbrella Corp. had sales of $715,000. Cost of goods sold, administrative and selling expenses, and depreciat
Dima020 [189]

Answer:Net Income/ loss= -$37,100

Raine's operating cash flow= $174,000

Explanation:

Net income/loss for Raines Umbrella Corp In 2018

Sales                                                        $715,000

less:  Cost of goods sold                        -$446,000

Administrative and Selling expenses        -$95,000

 Depreciation                                              -$140,500

 EBIT                                                             $33,500

less: Interest                                                  $ 70,600

Net loss                                                          -$37,100

B) Raine's operating cash flow:

= EBIT + Depreciation - Taxes( Since a net loss was recorded by Raines, yhere would be no taxes  

= $33,500 + $140,500 - $0

= $174,000

7 0
2 years ago
Misterio Company uses a standard costing system. During the past quarter, the following variances were computed:
kotykmax [81]

Answer:

1. Total hours allowed = 40,000

  Actual direct labour hours worked = 52,000.

2. Standard hourly rate = $10

   Actual rate = $10.2

3. Actual output= 20,000 units

Explanation:

The variable overhead efficiency variance in hours= variable overhead efficiency variance in Dollar/Variable overhead standard rate

= $24,000/$2= 12,000 hours unfavorable

Let the actual hours be V

Let the standard hours for the actual output achieved be = V

The actual hours worked = 130% of the standard hours allowed

Actual hours =130% × V = 1.3V

1.3V - V= 12,000

V=12000/0.3=40,000

Total hours allowed = 40,000

Actual labour hours= 130%× 40,000=52,000

Total hours allowed = 40,000

Actual direct labour hours worked = 52,000.

Standard labour rate =

Labour effciency variance in Dollar /Labour efficiency variance in hours

= 120,000/12,000=$10

Standard hourly rate = $10

Rate variance = (Actual rate - standard rate)× Actual hours

Let the actual rate be = Y

      10,400   = ( Y - 10) × 52,000

10,400= 52000Y- 520,000

Y= (520,000 + 10,400)/52,000=10.2

Actual rate = $10.2

Standard labour hours for actual output = Actual output × standard hours

Let the actual output be = m

40,000 = m × 2

m= 40,000/2= 20,000 units

Actual output= 20,000 units

3 0
3 years ago
How have airplanes changed the way the world does business/9768586/651e9934?utm_source=registration
WARRIOR [948]
By spreading the process of travel to allow faster 1 to 1/person to person business.
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