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svet-max [94.6K]
3 years ago
6

In 2020, Erin (38) contributed $2,000 to a traditional IRA. She will use the single filing status, and her modified adjusted gro

ss income (MAGI) is $31,000, all from wages. Erin has never taken a distribution from any retirement account. She is potentially eligible for a retirement savings contributions credit (Saver's Credit) of up to:
Business
1 answer:
KiRa [710]3 years ago
7 0

Based on the information given she is potentially eligible for a retirement savings contributions credit (Saver's Credit) of up to: $200.

The minimum threshold for single filing status is $31,500 threshold but based on the information given we were told that Erin modified adjusted gross income (MAGI) is $31,000 which is lower than $31,500.

Based on this Erin credit rate is 10% of the amount she contributed to the traditional IRA, which mean that she is eligible for a Saver's Credit of up to $200 calculated as:

Saver's Credit=$2,000×10%

Saver's Credit =$200

Inconclusion she is potentially eligible for a retirement savings contributions credit (Saver's Credit) of up to: $200.

Learn more here:

brainly.com/question/14422230

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4 years ago
Does this big data approach work for all three Gap Inc.'s primary brands: Old Navy, Gap, and Banana Republic? Why or why not? Wh
Greeley [361]

Answer:

We feel that the big data approach is applicable for all three of Gap Inc.’s brands, although the biggest insights from the information collected will come from the brand that has the greatest product diversity. Banana Republic is Gap’s most targeted brand with its expensive price points, so designers already have a relatively good idea of what their customers are looking for. The target customer is upscale, predominantly female, and interested in a classic look. The variability in design for the brand is least among Gap’s, but still significant so the ability to assess the success  

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8 0
3 years ago
Which one of the following regarding the State Disability Insurance (SDI) program is true?
solmaris [256]

Answer:

B) The State Disability Insurance (SDI) program benefits received for a period of disability are not taxable as income, but benefits received for time off under the Paid Family Leave program are federally taxable as income.

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Disability insurance benefits are not reported for tax purposes with one exception. If a person are receiving unemployment insurance benefits,

become unable to work due to a disability, and begin receiving disability insurance benefits, your disability insurance benefits are considered a substitution for your unemployment insurance benefits,  and will then be reported for tax purposes.

If disability insurance benefits are reported, a notice will accompany the first benefit payment sent to you advising  that the benefits are being reported to the Internal Revenue Service.  The employment development department will provide you with a 1099G tax form in January showing the reported amounts paid and forward a copy to the Internal Revenue Service.

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Paid family leave benefits are not taxable or reported to the California State Franchise Tax Board.

4 0
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A table of notes receivable for 2018 follows:
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Answer:

The interest revenue is $ 300+$315.62+$887.67+$4500= $ 6003.29

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Note 4:  Interest Revenue=  $ 150,000 * 12% *6/12= $ 4500

4 0
3 years ago
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