Homework Answers
Question 9
2nd option is correct - all money remaining in HSA rolls over to the following year. No unused money is forfeited so contributor does not have to make withdrawal when not required
1st option incorrect - at age 65, distributions only for qualified medical expenses are tax free. Withdrawal for any other purpose would be taxable
3rd option is incorrect - for individual HSA the limit is $3500. $7000 is limit for family HSA
4th option is incorrect - individuals over 55 can make catch up contributions
Add Answer to:
federal income tax question
Each penalty They may each take a tax-free distribution of $5,000, for...
federal income tax question, retirement strategies for self-employed Question 1 of 10. Contributions to a SIMPLE...
federal income tax question, retirement strategies for
self-employed
Question 1 of 10. Contributions to a SIMPLE IRA are limited to: Employee elective contributions only Employer nonelective contributions only. Employee elective contributions and employer nonelective or matching contributions. Employee elective contributions and employer matching contributions. Mark for follow up Question 2 of 10. Question 3 of 10 A profit-sharing plan is: A defined contribution plan where the employees split the profits A plan where the employer must make discretionary contributions each...
federal income tax question Question 2 of 10. Jenna, a small business owner, started a SIMPLE-IRA...
federal income tax question
Question 2 of 10. Jenna, a small business owner, started a SIMPLE-IRA plan on January 1 2019. She makes a 3% matching contribution to the accounts. Her employees are as follows: • Henry, $24,000 compensation, defers 5% of salary • Justine, 535,000 compensation, defers 10% of salary • Niam, $40.000 compensation, defers 0% of salary Jenna's net self-employment income is $90.000 and she contributes 10% of her salary. How much does Jenna's business contribute in matching...
Question 35 of 50. Yumiko, age 55, has $6,500 net self-employment income from a consulting business....
Question 35 of 50. Yumiko, age 55, has $6,500 net self-employment income from a consulting business. She also receives $50,000 dividends, of which $44,000 are qualified. The maximum amount that Yumiko may contribute to a Roth IRA is O $0 O $5,500 O $6,041 O $6,500 Mark for follow up Mark for follow up Question 36 of 50. Victoria made deductible contributions to traditional retirement accounts for several years. In 2018, she decided to withdraw $12,000 from one of her...
Elizabeth, age 55, has $5,000 net self-employment income from a consulting business. She also receives $50,000...
Elizabeth, age 55, has $5,000 net self-employment income from a consulting business. She also receives $50,000 in dividends, of which $44,000 are qualified. What is the maximum amount that E o $4,647 o $5,500 izabeth may contribute to a RothIRA? $6,500 o $6,853 Mark for follow up
federal income tax question Mark for follow up Question 6 of 12 Which of the following...
federal income tax question
Mark for follow up Question 6 of 12 Which of the following education expenses are NOT qualified expenses for the education savings bond program? O Contributions to a qualified tuition program or to a Coverdell Education Savings Account. Tuition and fees required to attend an eligible educational institution for the taxpayer or spouse. Tuition and fees required to attend an eligible educational institution for a dependent. Room and board needed to attend an eligible educational institution...
When a taxpayer receives form 1099-R with no amount entered in box 2a and code7 in...
When a taxpayer receives form 1099-R with no amount entered in box
2a and code7 in box 7 the entire distribution:
□Mark for follow up Que Question 6 of 75 Which of the following distributions is eligible for rollover treatment O The required minimum di work and is an active participant in his current employer's qualified plan. O A hardship distribution. By the time the distribution was received, the taxpayer no longer faced the hardship O A distribution of excess...
I would like to have answer to this question. thanks tax law question $5,500 $6,500 Mark...
I would like to have answer to this question.
thanks
tax law question
$5,500 $6,500 Mark for follow up Question 12 of 30. Ben (48) and Lisa (49) are married, and they will file jointly for 2018. Ben earned $70,000 and is an active participant his employer's retirement plan. Lisa earned $35.000. She is not covered by a retirement plan at work. They have no other income or adjustments, so their modified adjusted gross income (MAGI) is $105,000. Lisa would...
Hi, Please help me to solve these questions with detail explanation . Thanks Question 4 Dustin,...
Hi, Please help me to solve these questions with detail explanation . Thanks Question 4 Dustin, who is 48 years old, works for Pinnacle Inc., with a salary of $300,000, a car allowance, and a very nice expense account. Pinnacle is a Fortune 1,000 company that sponsors a defined benefit plan that pays 2 percent times years of participation times the average of the three final years of compensation. In addition, Pinnacle sponsors a 401(k) / profit sharing plan and...
federal income tax question Question 10 of 15. Hailee makes the following contributions in 2019 (all...
federal income tax question
Question 10 of 15. Hailee makes the following contributions in 2019 (all of which she can substantiate): Goodwill, clothing she bought for $950 with a FMV of $310. Salvation Army, automobile, FMV of $750, sold for $700. YWCA, 200 volunteer miles. Nonprofit cemetery, $500 for care of her grandfather's crypt, Qualified exchange student, $1,000 during four months for the well. being of the student. How much will she be able to deduct for contributions on Schedule...
Section 1 Question 1 of 15. Leo uses the simplified method to determine the taxable amount...
Section 1 Question 1 of 15. Leo uses the simplified method to determine the taxable amount of his pension. Which of the following statements is true: The tax-free portion of Leo's distribution is determined using his age and the age of any survivor beneficiary as of December 31 of starting date. The tax-free part of the payment will remain the same each year, even if the amount of the distribution changes. The tax-free portion of Leo's distribution is determined using...
federal income tax question, retirement strategies for
self-employed
Question 1 of 10. Contributions to a SIMPLE IRA are limited to: Employee elective contributions only Employer nonelective contributions only. Employee elective contributions and employer nonelective or matching contributions. Employee elective contributions and employer matching contributions. Mark for follow up Question 2 of 10. Question 3 of 10 A profit-sharing plan is: A defined contribution plan where the employees split the profits A plan where the employer must make discretionary contributions each...
federal income tax question
Question 2 of 10. Jenna, a small business owner, started a SIMPLE-IRA plan on January 1 2019. She makes a 3% matching contribution to the accounts. Her employees are as follows: • Henry, $24,000 compensation, defers 5% of salary • Justine, 535,000 compensation, defers 10% of salary • Niam, $40.000 compensation, defers 0% of salary Jenna's net self-employment income is $90.000 and she contributes 10% of her salary. How much does Jenna's business contribute in matching...
Question 35 of 50. Yumiko, age 55, has $6,500 net self-employment income from a consulting business. She also receives $50,000 dividends, of which $44,000 are qualified. The maximum amount that Yumiko may contribute to a Roth IRA is O $0 O $5,500 O $6,041 O $6,500 Mark for follow up Mark for follow up Question 36 of 50. Victoria made deductible contributions to traditional retirement accounts for several years. In 2018, she decided to withdraw $12,000 from one of her...
Elizabeth, age 55, has $5,000 net self-employment income from a consulting business. She also receives $50,000 in dividends, of which $44,000 are qualified. What is the maximum amount that E o $4,647 o $5,500 izabeth may contribute to a RothIRA? $6,500 o $6,853 Mark for follow up
federal income tax question
Mark for follow up Question 6 of 12 Which of the following education expenses are NOT qualified expenses for the education savings bond program? O Contributions to a qualified tuition program or to a Coverdell Education Savings Account. Tuition and fees required to attend an eligible educational institution for the taxpayer or spouse. Tuition and fees required to attend an eligible educational institution for a dependent. Room and board needed to attend an eligible educational institution...
When a taxpayer receives form 1099-R with no amount entered in box
2a and code7 in box 7 the entire distribution:
□Mark for follow up Que Question 6 of 75 Which of the following distributions is eligible for rollover treatment O The required minimum di work and is an active participant in his current employer's qualified plan. O A hardship distribution. By the time the distribution was received, the taxpayer no longer faced the hardship O A distribution of excess...
I would like to have answer to this question.
thanks
tax law question
$5,500 $6,500 Mark for follow up Question 12 of 30. Ben (48) and Lisa (49) are married, and they will file jointly for 2018. Ben earned $70,000 and is an active participant his employer's retirement plan. Lisa earned $35.000. She is not covered by a retirement plan at work. They have no other income or adjustments, so their modified adjusted gross income (MAGI) is $105,000. Lisa would...
federal income tax question
Question 10 of 15. Hailee makes the following contributions in 2019 (all of which she can substantiate): Goodwill, clothing she bought for $950 with a FMV of $310. Salvation Army, automobile, FMV of $750, sold for $700. YWCA, 200 volunteer miles. Nonprofit cemetery, $500 for care of her grandfather's crypt, Qualified exchange student, $1,000 during four months for the well. being of the student. How much will she be able to deduct for contributions on Schedule...
Section 1 Question 1 of 15. Leo uses the simplified method to determine the taxable amount of his pension. Which of the following statements is true: The tax-free portion of Leo's distribution is determined using his age and the age of any survivor beneficiary as of December 31 of starting date. The tax-free part of the payment will remain the same each year, even if the amount of the distribution changes. The tax-free portion of Leo's distribution is determined using...
Most questions answered within 3 hours.
-
Katelynn, a physician, earns $200,000 from her medical practice
in the current year. She receives $45,000...
asked 6 minutes ago -
Each row of the table below describes an aqueous solution at
25°C
.
The second column...
asked 10 minutes ago -
A horizontal wire is at y = 0. Current travels in the +x
direction. The magnetic...
asked 11 minutes ago -
Let X be a continuous random variable whose PDF is Let X be a
continuous random...
asked 32 minutes ago -
Martinez Company’s relevant range of production is 7,500 units
to 12,500 units. When it produces and...
asked 30 minutes ago -
A football with a mass of 1.2 kg is kicked from ground level to
a height...
asked 35 minutes ago -
Remember: Changes in supply determinants shift supply, and
changes in demand determinants shift demand. We say...
asked 34 minutes ago -
Why is the answer b), for this question? I came up with C) for
my incorrect...
asked 40 minutes ago -
Suppose that you know that in the population of full-time
employees in the United States, the...
asked 1 hour ago -
This experiment was designed originally to sample various meat and carcass quality
aspects of Ontario pigs...
asked 1 hour ago -
Dopamine Hydrochloride: draw the structure And Show the
functional groups in different colors and label the...
asked 55 minutes ago -
A rope supports a 10 kg dumbbell hanging from it. What is the
tension in the...
asked 54 minutes ago