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- zack borrowed $30,000 at 9 % on July 23, 2020. He repaid $15,000 on October 21 and $10,000 on December 16. Find the final payment required on the February 12, 2021 using merchant’ rule?Trevor reported a $63,000 coronavirus-related distribution on his 2020 Form 8915-E and spread the income over three years, 2020 through 2022. Trevor made repayments of $21,000 in 2020 and in 2021, but only made a repayment of $6,000 in 2022. How much of the distribution, if any, would Trevor be required to recognize as income in 2022? a. $63,000 b. $21,000 c. $15,000 d. $0During 2019, the Zeppelin City Debt Service Fund paid $18100 towards general long-term debt principal and $4400 towards interest on general long-term debt. What amount will be reported as Expenditures for Debt Service for 2019? BE SURE TO TYPE A SIMPLE NUMBER WITH NO COMMAS OR DOLLAR SIGNS. FOR EXAMPLE, TYPE 1000 INSTEAD OF $1,000. Your Answer: Answer
- akeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false еВook Problem 9-38 (LO. 6) For the following scenarios, compute the maximum total deductible contribution to a traditional IRA for 2020. Traditional IRA Contribution a. Juan, age 41, earns a salary of $28,000 and is not an active participant in any other qualified plan. His wife, Agnes, has no earned income. Juan wishes to contribute as much as possible to his own IRA. b. Abby, age 29, reports earned income of $25,000, and her husband, Sam, has earned income of $2,600: They are not active participants in any other qualified plan. C. Leo's employer makes a contribution of $3,500 to Leo's simplified employee pension plan. Leo is single, has earned income of $32,000, and has AGI of $29,000. (PreviousDuring 2020, Alissa had the following transactions: Salary $80,000 Interest income on savings account 3,000 Inheritance from aunt 30,000 Contribution to traditional IRA 6,000 Interest on student loans 1,500 Calculate Alissa's AGI. You do not need to include the dollar sign or cents imFor 2019 and 2020, what is the ceiling for a person under the age of 70 and 1/2 to contribute to an Individual Retirement Account? a. $6,000 (or the $12,00 for spousal IRAs) or 100% of compensation. b. $1,000 annually. c. $3,000 annually. d. all of the above.
- (Computations for a Retirement Fund) Clarence Weatherspoon, a super salesman contemplating retirement on his fifty-fifth birthday, decides to create a fund on an 8% basis that will enable him to withdraw $20,000 per year on June 30, beginning in 2021 and continuing through 2024. To develop this fund, Clarence intends to make equal contributions on June 30 of each of the years 2017–2020.Instructions(a) How much must the balance of the fund equal on June 30, 2020, in order for Clarence to satisfy his objective?(b) What are each of Clarence’s contributions to the fund?The disposable income from my part-time job in 2021 was $12,000. In 2020, I borrowed $580 at 15 percent interest. I repaid my loan with interest in 2021. How much would I have available for spending in 2021? please helpZena is taking distributions from her traditional IRA. At the end of 2021, the plan had a balance of $220,000 and Zena was 72 years old. What minimum amount must Zena take as a distribution from the IRA in 2022? Multiple Choice $8,302. Some other amount. $8,209. $13,415.
- In 2012 the maximum Social Security deposit by an individual was $8,386.75. Suppose you are 27 and make a deposit of this amount into an account at the end of each year. How much would you have (to the nearest dollar) when you retire if the account pays 2% compounded annually and you retire at age 65?_____$Regarding Rodney’ s Registered Retirement Savings Plan situation, assume that the following data is accurate: - His earned income in 2019 was $100,000, and $150,000 in 2020 - His Pension Adjustment based on 2019 data was $8,000, and based on 2020 data, it was $9,000. - Unused RRSP deduction limit room at the end of 2019 was $3,000. - He had undeducted RRSP contributions balance of $3,275 at the end of 2019. - He contributed $13,000 to his RRSP in 2020. Required: What is the RRSP contribution room limit for 2020 What is the maximum RRSP tax deduction that can be claimed for 2020 What is the unused RRSP Contribution Room available at the end of 2020 Determine any undeducted contributions remaining at the end of 2020; and Determine whether at the end of 2020, there are any excess RRSP contributions, on which penalties will applyOn January 1, 2019, Alex deposited $2,000 into a savings account that pays interest of 10 percent, compounded annually. If he makes no further deposits or withdrawals, how much will Alex have in his account on December 31, 2021 (3 years later)? А. 2600 В. 2662 C. 2724 D. 2200
