User Account

All Pages

What amount of federal taxes must she pay on withdrawal

Assignment Help Accounting Basics
Reference no: EM132714934

Question: 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?

Reference no: EM132714934

Questions Cloud

Role in the failure of the controls : Think of a recent business fraud or scandal you've heard about in the news, or choose one that has been mentioned in your reading. For example
Describe a book or tv show : Select at least two families/relationships from your chosen story and explain the relationship characteristics and dynamics between individuals.
What is the relationship between impedance and e.coli : What is the relationship between impedance (k?) and E.coli concentration and How do the responses of non-treated and TCEP treated electrodes compare
Why is productivity and quality tools important : Why is productivity and quality tools important in any business?
What amount of federal taxes must she pay on withdrawal : 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).
Explain the origins of globalization : Explain the origins of globalization. What have been two major strengths and weaknesses of globalization on the country you selected?
Evaluate nutritional recommendations to help combat disease : Evaluate nutritional recommendations to help combat the disease. Define malnutrition and identify a specific disease that can result from it.
Application of ethical issues of code of conduct of nike : What is ethics and application of ethical issues of code of conduct of nike?
What is the fergusons 2019 federal income taxes payable : What is the Fergusons' 2019 federal income taxes payable or refund, including any self-employment tax and AMT, if applicable? (Round your intermediate.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Analyst gathered the following data for a company

The average age and average depreciable life of the company's fixed assets at the end of 2001 are closest to:

  What is Keanu earnings per share of common stock

Keanu Inc. has net income of $200,000, average shares of common stock outstanding of 40,000, and preferred dividends for the period of $20,000.

  How much was depreciation expense

This resulted in a loss of $16,000. Assuming that no other assets were disposed of during the year, how much was depreciation expense for 2017

  Calculate the target cost for maintaining current market

The company expects sales to drop dramatically unless it matches the competitor's price. Calculate the target cost for maintaining current market share

  Prepare journal entry for Arness and Commercial Factors

Arness estimates the fair value of the recourse obligation to be $8,000. Prepare the journal entry for (a) Arness and (b) Commercial Factors

  How are non-controlling interests affected by intra-group

What portion of the intra-group transactions between the parent entity and the subsidiary entity will need to be eliminated on consolidation?

  Partner joe had a capital balance on january 1 2008 of

partner joe had a capital balance on january 1 2008 of 45000 and made additional capital contributions during 2008

  How would this matter be treated in the accounts

How would this matter be treated in the accounts and statements?

  Compute the next tax benefit from each alternative

Should Dean sell the stock and then donate the cash, or should he donate the stock directly? Compute the next tax benefit from each alternative

  Calculate the contribution margin ratio for both plans

Using the CVP formula, calculate the number of units (and its KINA amount) for achieving - Calculate the Contribution Margin ratio for both plans

  Present some arguments to convince him that accounting data

The chairman of the board of directors of the company for which you are chief accountant has told you that he has little use for accounting figures based on cost.

  What is the accounts receivable balance reported

Gemmex follows an accrual accounting system. What is the Accounts Receivable balance reported in the Statement of Financial Position on July 31

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