How much withdrawal tax would apply to the total withdrawal

Assignment Help Financial Accounting
Reference no: EM132759996

Angela is 59 years old and has a balance of $620000 in her transition to retirement income stream account. She has a $248000 tax-free component and a $372000 taxable component (taxed element). Angela withdraws an income stream from this account, in the amount of $25000 for the current year. Angela's marginal tax rate, including the medicare levy is 39%.

Problem 1: For the 2020/21 financial year,how much withdrawal tax (including the Medicare Levy) would apply to the total withdrawal amount?

Select one:

a. $2550.00
b. $NIL
c. $3600.00
d. $5550.00

Reference no: EM132759996

Questions Cloud

How current values might be determined for investments : Determine how current values might be determined for investments, land, buildings, equipment, patents, copyrights, trademarks, and franchises
How much withdrawal tax apply to the total withdrawal amount : For the 2020/21 financial year, how much withdrawal tax (including the Medicare Levy) would apply to the total withdrawal amount?
Seven different types of consumer promotions : Describe the seven different types of consumer promotions shown in Table 6.2 of the text and assess how each of the seven types would be applied
How is the cost driver measured in conventional cvp analysis : What is a cost driver? What is the cost driver in conventional cost volume profit (CVP) analysis? How is the cost driver measured in conventional CVP analysis?
How much withdrawal tax would apply to the total withdrawal : For the 2020/21 financial year,how much withdrawal tax (including the Medicare Levy) would apply to the total withdrawal amount?
Contemporary issues in healthcare : What drawbacks exist within the structure of health care institutions (hospitals, nursing homes, etc.)?
What would be the balance of madge transfer balance : Madge has a retirement phase income stream, What would be the balance of Madge's Transfer Balance Account at the end of the 2019-20 financial year?
What is meant by the term internal rate of return : What is meant by the term internal rate of return? Explain the RR decision rule? For the purpose of calculating net present value and internal rate of return.
What would be balance of william transfer balance account : William has a retirement phase income stream, What would be the balance of William's Transfer Balance Account at the end of the 2019-20 financial year?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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!

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