User Account

All Pages

Compute how much of jermaine distribution is taxable

Assignment Help Financial Accounting
Reference no: EM132719531

Problem 1: Jremained, a retired single taxpayer, began receiving a monthly pension from his former employer's qualified plan in January 2019. He was 66 years old when he received his first payment and the pension will pay over the course of his life. He received a 1099-R for the tax year shoeing a gross distribution of $8000 in box 1. Code 7 in box 7, and total employee contributions of $20,000 in box 9b. Box 2a is blank and box 2b indicates that the taxable amount is not determined. How much of Jermaine's distribution is taxable?

Option 1: $6588

Option 2: $6857

Option 3: $8000

Option 4: $18,857

Reference no: EM132719531

Questions Cloud

Find why do think us accounting standards require : Find why do you think U.S. accounting standards require accrual basis accounting instead of cash basis accounting? Given the purpose of financial accounting
Understanding will likely affect your professional practice : You will discuss how your new understanding will likely affect your professional practice.
Prepare a partial income statement for Apex Inc : Prepare a partial income statement for Apex Inc., beginning with income from continuing operations before income tax expense
What is the journal entry to record the remittance : Taylor Ltd is a retailer registered for GST and accounts for GST on accrual basis. During April 2018 the company sold products for $48,400 (including GST).
Compute how much of jermaine distribution is taxable : Compute How much of Jermaine's distribution is taxable? Jremained, a retired single taxpayer, began receiving a monthly pension
Determine the per-share figures for common stock : Determine the per-share figures for common stock for (a) income before discontinued operations and (b) net income
Context of professional learning community framework : How these items can be used within the context of a professional learning community framework.
Determine an example of a company that consider using abc : Determine Which An example of a company that should consider using Activity-Based Costing to track its overhead costs would be
Revised marketing plan : Revised Marketing Plan - Major problems and resistance to product acceptance based on the preceding evaluation - Evaluate the product as an innovation

Reviews

Write a Review

Financial Accounting Questions & Answers

  Prepare an income statement of mids co

AC491 Financial Accounting, Reporting and Disclosure. Prepare an income statement of MIDS Co. for the month ended 30 April 2015 and the statement of financial position (balance sheet) at that date. Describe the effect of change in depreciation esti..

  Prepare journal entry to record the transfer on the books

The Mountain High Ice Cream Company transferred $50,000 of accounts receivable to Prudential Bank. The transfer was made without resource. Prudential Bank remits 90% of the factored amount to Mountain High and retains 10%. Prepare the journal entry t..

  Leased aircraft on its balance sheet after lease is signed

Albertsen Corporation is considering proposals for either leasing or purchasing aircraft. The proposed lease agreement involves a twin-engine turboprop Viking that has a fair value of $1,000,000. This plane would be leased for a period of 10 years be..

  Journalize the january transactions

Journalize the January transactions. (Assume a perpetual inventory system.) The statement from First National Bank on January 31 showed a balance of $21,630.

  What the earnings before income taxes for year ended august

Determine what total inventories at August 31, 2004, would have been, using the fifo method, and what earnings before income taxes for year ended August 31, 2004, would have been if fifo had been used instead of lifo.

  Compute the measurements you researched

Financial statement of your SLP company to compute the measurements  - Reflect on the advantages and disadvantages of these performance measures.

  Difference controllable costs budget actual favorable

The Mixing Department manager of Malone Company is able to control all overhead costs except rent, property taxes, and salaries. Budgeted monthly overhead costs for the Mixing Department, in alphabetical order, are: Prepare a responsibility report fo..

  Using the cash basis of accounting

LO.2, 5 Al is a medical doctor who conducts his practice as a sole proprietor. During 2014, he received cash of $280,000 for medical services. Of the amount collected, $40,000 was for services provided in 2013. At the end of 2014, Al had accounts rec..

  Find and comment on legal issues involved in skimming

Brady Dumais owns a small restaurant that operates on a cash-only basis; Comment on the legal and ethical issues involved in skimming.

  Prepare the journal entries that would appear in txa ltd

Provide the journal entries that would appear in TXA Ltd.'s books to account for the acquisition of Machine. Land in the books of TXA Ltd the land is recorded

  Evaluate the cash balance at the end of each quarter

The company wants to have a minimum of $50,000 cash balance at the end of each quarter and assume cash is borrowed at the beginning of a quarter and repaid at the end of a quarter

  Critically discuss the role of Business Plan and Budget

ACC4029 Managing Operations and Finance Assignment - Teesside University, UK. Critically discuss the role of Business Plan and Budget

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd