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oksian1 [2.3K]
3 years ago
15

Johan is a 25-year-old, single taxpayer with modified adjusted gross income of $18,500. During Tax Year 2020, he made a $2,000 c

ontribution to his employer's 401(k) plan. He has never taken a distribution from any retirement plan. The maximum amount Johan may receive for the retirement savings contributions credit (Saver's Credit) is:
Business
1 answer:
timofeeve [1]3 years ago
5 0

Johan is entitled to receive a maximum of $1,000 for the retirement savings contributions credit.

The amount of Saver's Credit claimed depends on the adjusted gross income and the tax filing status. In a single year, the claim made can be either 50%, 20%, or 10% for the first contribution of $2,000 made during the year for a retirement account. In other words, the maximum claim can either be $1,000, $400, or $200.

Moreover, the Saver's Credit could be claimed for contributions made to the:

  1. 401k
  2. 403(b)
  3. 457 plan
  4. Simple IRA
  5. SEP IRA

Keeping in view the above information, Johan is a single taxpayer and his income is below $19,750 and therefore, he could claim contribution for retirement savings at 50%. This means his contribution is $1,000 ($2,000 x 50%).

You can learn more on Saver's Credit here: brainly.com/question/26022025

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If a company incorrectly records cash received for services to be provided in the future with a debit to cash and a credit to sa
Helen [10]

There will be inadequate liabilities.

What Does Sales Revenue Mean?

Sales revenue is the money a business makes from selling products or offering services. Sales and revenue can, and frequently are, used interchangeably to refer to the same thing in accounting. It is significant to remember that revenue does not always equate to money received. One part of sales revenue may be paid in cash, and the other part may be paid on credit using methods like accounts receivable.

Either the gross revenue total or the net revenue amount can be used to represent sales revenue on the income statement. All deductions for product returns, the potential for undelivered items, and the cost of bad debt are all included in net revenue.

to know more about sales revenue

brainly.com/question/16232387

#SPJ4

8 0
2 years ago
Elinore is asked to invest $ 4 comma 900 in a​ friend's business with the promise that the friend will repay $ 5 comma 390 in on
Mandarinka [93]

Answer:

0.09 or 9%

Explanation:

This question has some irregularities. The correct question should be :

Elinore is asked to invest $4,900 in a​ friend's business with the promise that the friend will repay $5,390 in one​ year's time. Elinore finds her best alternative to this​ investment, with similar​ risk, is one that will pay her $ 5,341 in one​ year's time. U.S. securities of similar term offer a rate of return of 7​%. What is the opportunity cost of capital in this​ case?

Solution

Given from the question

Investment (I) = $4,900

Return on investment (ROI) in one year = $5,341

Rate or opportunity cost of capital r is given by

ROI = I × (1 + r)

input the given data

$5,341 = $4,900 (1 + r)

$5,341 = $4,900 + $4,900r

$5,341 - $4,900 = $4,900r

r = ($5,341 - $4,900) / $4,900

r = 0.09

Or 9% in percentage

6 0
3 years ago
Andy Basil Industries Inc. reported the following information about the production and sale of its only product during the first
grandymaker [24]

Answer:

Cost of Goods Sold = $ 400,000

Explanation:

Units Sold = $360,000/ $225= 1600

Sales ​                                                                  $360,000

Direct materials ​$176,000

Direct labor ​$100,000

Variable factory overhead ​$44,000

Fixed factory overhead ​$80,000

Total Manufacturing Costs   $ 400,000

Variable selling and administrative expenses ​$20,000

Fixed selling and administrative expenses ​$10,000

Cost of Goods Sold = $ 400,000

As ending Inventory Finished Goods is 400 units it is not included in the Cost of Goods Sold.

3 0
4 years ago
Mary sells two products. She finds that when she promotes one product with a lower promotional price, sales increase for the oth
Marina CMI [18]

Answer:

Cheap

Explanation:

If Mary is selling one product at a lower promotional price then the buyer will think the other products are being sold at a lower price too right?

I may be wrong.......

8 0
4 years ago
Which of the following characteristics apply to unit investment trusts? I) Most are invested in fixed-income portfolios. II) The
sweet-ann [11.9K]

Answer:

I) Most are invested in fixed-income portfolios.

IV) The portfolio is fixed for the life of the fund.

Explanation:

Unit investment trusts is one in which Pools of money is invested in a portfolio which is fixed for the life of the fund. This is generally stocks and bonds which are redeemable units to investor for specific time. These investment portfolio have no board of directors. This is a type of mutual fund which offers investors having fixed portfolio of securities having definite life.

3 0
4 years ago
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