User Account

All Pages

What amount of federal taxes must pay

Assignment Help Financial Accounting
Reference no: EM132654225

Problem 1: Doris was 70 ½ on May 20, 2018. The bank which held her IRA account had indicated that she would be required to take a Required Minimum Distribution (RMD) of $3,000. She took her RMD on June 30, 2019, which was the year after the year that she turned 70 ½. Assume that her federal tax rate is 22%. What amount of federal taxes must she pay on her $3,000 withdrawal?

Select one:

a. $ 960
b. $ 660
c. $2,160
d. $1,500

Reference no: EM132654225

Questions Cloud

How much of the distribution is taxable to steve : How much of the distribution is taxable to Steve? Steve and Naomi are both age 41. Steve decided to quit his job and received a total distribution
How much of jack disability payments are taxable : Jack, 60, retired in March on disability. Before retirement, his employer paid 100%. How much of Jack's disability payments are taxable?
Prepare a simple journal entry : On March 3, 2010 he purchased laundry supplies for cash, P40,000 from Gaisano Mall. Prepare a simple journal entry with these following transactions
Health Issues And Behaviors : Obesity is a major health issue in the United States. What environmental factors do you believe have contributed to obesity?
What amount of federal taxes must pay : Doris was 70 ½ on May 20, 2018. Assume that her federal tax rate is 22%. What amount of federal taxes must she pay on her $3,000 withdrawal?
What role did policy and legalities play in the disaster : Conduct a thorough, critical analysis of the article and its points. Support your analysis with critical thinking that clearly demonstrates an informed.
Security and liberty and homeland security bureaucracy : Benjamin Franklin said, "Those who would give up essential liberty to purchase a little temporary safety deserve neither liberty nor safety."
Discussion focuses on the transformation of sport television : Discussion focuses on the transformation of sports television and the emergence of new OTT models. How would you respond to the recent subscriber loss trends?
Find what is tax liability for miguel : Find What is their tax liability? Miguel and Carmelita are filing a joint return and use the standard deduction; they have no other income to report.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Alden cos monthly cost and sales data for its operating

alden co.s monthly cost and sales data for its operating activities of the past year follow. management wants to use

  What is the net present value if the cost of capital

Schaefer Organic Farms purchased a new tractor at a cost of $80,000. Annual operating cash inflows are expected to be $30,000 each year for four years. At the end of the teachers useful life, the salvage value of the tractor is expected to be $5000. ..

  Explain the double-declining technique

The machine has an evaluated five-year useful life and scrap value of $5,000. This machine is being depreciated using the double-declining technique.

  Established an effective system of internal control

Consult Paragraph A5 (in Appendix A) of PCAOB Auditing Standard No. 5 and Paragraph 68 of PCAOB Auditing Standard No. 12. Do you believe that Qwest had established an effective system of internal control over financial reporting related to the revenu..

  How much should it report as foreign exchange loss

When Post collected the receivable on February 15, 2012, the U.S. dollar equivalent was $95,000. In Post's 2012 consolidated income statement, how much should it report as a foreign exchange loss?

  Amount of money needed to pay the student expenses

The assumption is that payments are made into the college fund each year (as an ordinary annuity), and payments are withdrawn from the fund

  Maximum price you would be willing to pay for the business

Assume that fast-food restaurants generally provide an ROI of 12%, but that such a restaurant near a college campus has an ROI of 15% because its relatively large volume of business generates an above-average turnover (sales/assets). What is the maxi..

  How would find using balance sheet and income statement

How would find Dividends using balance sheet and income statement? How would find using balance sheet and income statement?

  Taxpayers pay for the rising costs of health insurance

Employees, consumers and taxpayers pay for the rising costs of health insurance. Businesses pass along a portion of rising premiums to their workforces in the form of lower wage increases or higher payroll deductions for benefits. Do we have a moral ..

  Determine ending inventory cost by average cost method

Determine ending inventory cost by average cost method. In your calculations round per unit to the nearest cent. Round your answer

  Compute the total value of coca-colas net operating assets

Compute the total value of Coca-Cola's net operating assets using the total sum of the present value of free cash flows for all debt and equity stakeholders.

  Standard fraud risk assessment question

the interests of catharsis and a civil society - I want you to conclude by discussing (briefly) any preventive or detective controls could be put into place to address your scheme.

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