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oksian1 [2.3K]
2 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]2 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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Carter is the principal broker of a Missouri real estate branch office. Kathleen, a broker-salesperson, was appointed the superv
Nitella [24]

There are different aspect to being a broker. To whom do the listings belong is  Carter as the principal broker.

<h3>Who is principal broker? </h3>
  • Note that in real estate office, there has to be a principal or designated broker. This is known to be an individual who is responsible for managing or the person who oversees all licensed real estate agents at a specific firm.

He or she makes sure that agents are working in compliance with state and national real estate law.  Based on  the scenario between Carter and Kathleen and Holly, the listings belong is  Carter as the principal broker.

Learn more about a broker from

brainly.com/question/6304438

8 0
2 years ago
An example of an intermediate good will be:
OlgaM077 [116]

Answer:

b. steel purchased by the aircraft manufacturers.

Explanation:

An intermediate good is a producer good or semi-finished  good that is used as an input in the production process in the manufacturing of other goods such as finished goods. An example of an intermediate good in the options given above will be steel that is purchased by the aircraft manufacturers. Steel is a partly finished good used in producing aircraft, as a final or finished good.

6 0
3 years ago
Reese, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In late December, she received
AVprozaik [17]

Answer:

a. What is the after-tax cost if she pays the $20,000 bill in December?

= $20,000 x (1 - 32%) = $13,600

b. What is the after-tax cost if she pays the $20,000 bill in January?

total after tax cost (including investment revenue):

= $20,000 x (1 - 35%) = $13,000

= -$20,000 x 12% x 1/12 x (1 - 35%) = -$130

= $12,870

c. Should Reese pay the $20,000 bill in December or January?

January, since the after tax cost is lower

d. What is the after-tax cost if she expects her marginal tax rate to be 24 percent next year and pays the $20,000 bill in January?

= $20,000 x (1 - 24%) = $15,200

= -$20,000 x 12% x 1/12 x (1 - 24%) = -$152

= $15,048

e. Should Reese pay the $20,000 bill in December or January if she expects her marginal tax rate to be 32 percent this year and 24 percent next year?

December, since the after tax cost is lower

5 0
2 years ago
In an open economy, national saving equals a. domestic investment. b. domestic investment plus net capital outflow. c. domestic
egoroff_w [7]

In an open economy, national saving equals to domestic investment and net capital outflow

Explanation:

In an open economy national saving as considered or calculated an equal to the domestic investment and net capital outflow.

The savings saved by the households are generally deposited in the the banks accounts and banks use this amount to give loans to the business organisation and they make money from these loans.

Apart from this, countries also invests in the other foreign countries which is also considered as domestic (national) saving.

7 0
3 years ago
The 80/20 principle holds that 20 percent of all customers generate 80 percent of the demand. Although the percentages usually a
myrzilka [38]

Answer: The consumer market segment that is described is the Usage-Rate Segmentation.

Explanation:

This type of consumer market segment is used to determine how much a buyer/consumer uses the product. This put the consumer into a particular category that is used by companies when deciding on their products.

The consumers/customers are put into categories such as the;

  • heavy product users
  • light product users
  • non-users
  • medium product users

Larger companies tend to market towards the heavy product users instead of the other 3 categories.

7 0
3 years ago
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