Mindy who is 44 years old has money in an ex employer profit sharing 401(k) plan. On January 12 of this year she did a direct rollover of $40,000 into a Roth IRA account and $100,000 into a traditional IRA account. On March 25 of this year she took a distribution of $20,000 from her IRA account. On May 20 of this year she rolled in $20,000 into her IRA account.
Which of the following statements is correct with respect to the tax liability that Mindy created through all of this?
A. Mindy owes tax and penalty on the $20,000 because it represents her second rollover during the year
B. Mindy owes ordinary income tax on $40,000, but no penalty
C. Mindy owes tax and penalty on $40,000
D. The $20,000 rollover qualified for the 60-day rollover exception
Answers
The correct statement with respect to the tax liability that Mindy created through all of this is B. Mindy owes ordinary income tax on $40,000, but no penalty.
Mindy did a direct rollover of $40,000 from her ex-employer profit sharing 401(k) plan into a Roth IRA account. Since it was a direct rollover, there are no taxes or penalties owed on this amount.
She also did a direct rollover of $100,000 from her ex-employer profit sharing 401(k) plan into a traditional IRA account. Again, since it was a direct rollover, there are no taxes or penalties owed on this amount.
On March 25, Mindy took a distribution of $20,000 from her IRA account. This distribution will be subject to ordinary income tax since it is a taxable distribution. On May 20, Mindy rolled in $20,000 into her IRA account. This is considered a rollover contribution and does not create any tax liability or penalties.
Therefore, the correct statement is that Mindy owes ordinary income tax on the $40,000 distribution she took from her IRA account, but no penalty is owed.
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Related Questions
The most productive way to find a job lead is to
a. find advertisements on the Internet
b. network
c. find advertisements in the newspaper
d. read brochures from professional organizations
Please select the best answer from the choices provided
A
В
C
D
Answers
Answer:
B. Network
Explanation:
took quiz on edge
Answer:
B
Explanation:
if an economy is in a liquidity trap, then the nominal interest rate is ________ and the only effective policy that can be used to stimulate the economy is ________.
Answers
if an economy is in a liquidity trap, then the nominal interest rate is zero or negative, and the only effective policy that can be used to stimulate the economy is expansionary fiscal policy.
The economy is an area of the product, distribution, and trade, as well as consumption of goods and services. In general, it's defined as a social sphere that emphasizes the practices, dialogues, and material expressions associated with the product, use, and operation of scarce coffers'. Frugality encompasses all of the conditioning related to the product, consumption, and trade of goods and services in reality, whether the reality is a nation or a small city. No two husbandry are identical. Each is formed according to its own coffers, culture, laws, history, and geography.
The economy is defined as the operation of financial matters for a community, business, or family. An illustration of frugality is the stock request system in the United States. noun.
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With ______, the firm first divides the marketplace into subgroups, determines which of those subgroups it should pursue, and finally decides how it should best position its product or service.
Answers
With market segmentation, the firm first divides the marketplace into subgroups based on relevant characteristics such as demographics, psychographics, behavior, or geographic location.
It then determines which of those subgroups it should pursue as target markets, considering factors like size, growth potential, profitability, and compatibility with the firm's capabilities. Finally, the firm decides how it should best position its product or service to appeal to the chosen target market, by emphasizing unique features, benefits, or value propositions that differentiate it from competitors. In summary, market segmentation involves dividing the market, selecting target markets, and positioning the offering effectively.
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Tickets to a fundraiser are $14 if purchased ahead of time and $25 if purchased at the door. The total amount raised from all ticket sales was $625. If eleven tickets were purchased at the door, how many tickets were purchased ahead of time?.
Answers
($14)(25)=$350
($25)(11)=$275
$350+$275= $625
Why might it be risky to purchase a preowned vehicle from a
private owner?
Answers
One of the requirements of an enforceable lease is that both parties are bound to the terms of the lease. This is called ______.
Answers
The scenario where both parties are bound to the terms of the lease illustrates a contract.
What is a lease?A lease simply means a contractual agreement that calls for the user of a property or asset to pay the owner.
In this case, a requirement of an enforceable lease is that both parties are bound to the terms of the lease and this is termed the contract of the lease.
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to my brother jayjay
Answers
hahahahahhaha
that is very funny i am laughing so hard i am crying
why is askom regarded as a monopoly
Answers
Answer:
Because it has no substitute s
A small network is more effective than a large network.
Please select the best answer from the choices provided
ОТ
OF
Answers
Answer:
is
Explanation:
A small network is more efficient than a huge network is a false claim.
What do you meant by Wide area network?A telecommunications network that covers a significant amount of ground is called a wide area network (WAN). Often, leased telecommunications circuits are used to construct wide area networks.
Wide area networks are used by businesses, as well as by institutions of higher learning and governmental organizations, to transmit information to personnel, pupils, clients, customers, and suppliers located all over the world. In short, this form of communication makes it possible for a company to efficiently perform its regular tasks wherever it is.
A WAN could be thought of as the Internet. Yet, a lot of WANs are private and were created for a single enterprise. Given that LANs are networks that are physically close together, WANs can be distinguished from them.
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According to the Phillips curve, if current output equals potential output:
a. unemployment is zero.
b. inflation fluctuates a lot.
c. inflation is steady.
d. unemployment is negative
e. the economy is booming
Answers
According to the Phillips curve, if the current output equals the potential output, the inflation is steady. The correct option is (c).
The Phillips curve represents the relationship between inflation and unemployment in an economy.
It suggests an inverse relationship between the two variables, meaning that as unemployment decreases, inflation tends to increase, and vice versa.
When current output equals potential output, it implies that the economy is operating at its full capacity and there is no output gap.
In this situation, the Phillips curve predicts that inflation will be steady, without significant fluctuations. This is because there is no excess demand or supply in the economy to drive prices up or down. Therefore, option c, inflation is steady, is the correct answer.
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John owns his own printing company. He wants to buy a new building since his business, created two years ago, is expanding so rapidly. John could call any resources to obtain a new loan in the primary mortgage loan business EXCEPT:
Answers
Answer:
A mortgage broker. Have a good day! =)
Explanation:
What are withdrawals and how do they affect the basic accounting equation?
Answers
Funds that are taken from the business to pay for personal expenses. They decrease the owner's equity in the business.
Which of the following explains why a city fireworks display on the Fourth of July is provided as a public good?
A. Fireworks displays usually take place in a public area.
B. Fireworks are a scarce resource.
C. Nonpayers cannot be prevented from seeing the fireworks.
D. Each consumer pays a fee to see the fireworks.
Answers
Answer:
C. Nonpayers cannot be prevented from seeing the fireworks.
Nonpayers cannot be prevented from seeing the fireworks explains why a city fireworks display on the Fourth of July is provided as a public good. Thus, option C is correct.
A good or service that is made available to all members of society is referred to as a public good in economics. Governments often handle the administration of these services, and taxes are used to pay for them all.
Law enforcement, national defense, and the rule of law are a few examples of public goods. Access to clean air and water are examples of more fundamental public goods.
It must be non-rivalrous and non-excludable, which are the two main characteristics that set a public good apart. When products are non-rivalrous, it means that their supply does not decrease as more people use them; when they are non-excludable, it indicates that all citizens can access them.
Therefore, option C is the ideal selection.
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The five 10-year semi-annual coupon bonds listed below are of comparable risk and have the same call provision: 5 years of call protection (NC-5), after which bonds are callable at 105% of par in the 6th year and declining ratably thereafter (103.75, 102.5, 101.25 and par in years 7, 8, 9, and 10, respectively). Which of these bonds appears to face the highest call risk
Answers
The bond that has the highest call risk based on the groups is A bond priced at 90 with 8 years to maturity.
What is the call risk of a bond?This is the risk that a person that issues bonds would have to redeem the bond before it gets to its maturity. The bond would be a callable bond.
The holder of the bond is going to get value based on the price of this bond.
Complete questionThe five 10-year semi-annual coupon bonds listed below are of comparable risk and have the same call provision: 5 years of call protection (NC-5), after which bonds are callable at 105% of par in the 6th year and declining ratably thereafter (103.75, 102.5, 101.25 and par in years 7, 8, 9, and 10, respectively). Which of these bonds appears to face the highest call risk?
A bond priced at 90 with 2 years to maturity
A bond priced at 90 with 8 years to maturity
A bond priced at 105 with 4 years to maturity
A bond priced at 115 with 2 years to maturity
A bond priced at 120 with 2 years to maturity
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major factors influencing economic growth
Answers
Answer:
Some major factors:
Natural Resources
Physical Capital or Infrastructure
Population or Labor
Human Capital
Technology
Law
Poor Health & Low Levels of Education
Lack of Necessary Infrastructure
Explanation:
Answer:
Natural Resources
Physical Capital or Infrastructure
Population or Labor
Human Capital
Technology
Law
Poor Health & Low Levels of Education
Lack of Necessary Infrastructure
Explanation:
years will be to the
On a timeline, a goal that will be achieved in
right of one that will be achieved in
years.
A. 16; 12
B. 8; 16
C. 12; 16
D. 8; 12
Answers
This question is a bit disorganized and incomplete; here is the complete and organized question:
On a timeline, a goal that will be achieved in _____ years will be to the right of one that will be achieved in _____ years
A. 16; 12
B. 8; 16
C. 12; 16
D. 8; 12
The correct answer is A. 16; 12
Explanation:
The purpose of a timeline is to represent a set of events during time by placing these on chronological order from left to right. This means in the case of goals, these will be organized from the goal that is closest in the future to the one that will take the most time. For example, if one of the goals is to buy a house in 10 years, this should be placed to the right of goals such as getting a degree in 2 years or buying a car in 3 years. Thus, a goal that takes 16 years should be placed to the right of a goal that takes 12 years in a timeline.
Answer: 14;10
Explanation:
A p e x
Tony is a self-employed financial consultant. During the current year, tony's net self employment income is $160,000. What is tony's self employment tax?
Answers
Tony's self-employment tax for the current year is $24,480 at net self employment income of $160,000.
The self-employment tax rate for 2021 is 15.3%, consisting of 12.4% for Social Security tax and 2.9% for Medicare tax.
To calculate Tony's self-employment tax, we can first determine his net earnings from self-employment, which is his net self-employment income minus any allowable deductions.
Next, we can calculate the amount of Social Security tax owed by multiplying Tony's net earnings from self-employment by the Social Security tax rate of 12.4%:
Social Security tax = $160,000 x 0.124 = $19,840
We can then calculate the amount of Medicare tax owed by multiplying Tony's net earnings from financial self-employment by the Medicare tax rate of 2.9%:
Medicare tax = $160,000 x 0.029 = $4,640
Finally, we can calculate Tony's total self-employment tax by adding his Social Security tax and Medicare tax:
Total self-employment tax = $19,840 + $4,640 = $24,480
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True or false? when creating a budget to repay your student loans, you can save money by paying only the interest.
Answers
According to the budget office, Biden's plan to cancel student loans will cost $400 billion. The Congressional Budget Office stated in a report that the cost of the White House's student loan forgiveness plan is an estimate over a 30-year period and will increase the nation's deficit.
Explain about the budget to repay student loans?
Paying more than the required minimum each month is the most effective approach to pay off student debt. The more you put toward your debts, the more you'll save on interest and the faster the sum will be paid off. Use a student loan payoff calculator to determine how quickly you might pay off your debt and how much you would save on interest.
To save money, you can pay your student loans with interest alone. Making these payments prior to graduating, or while deferring repayment, can prevent the addition of thousands of dollars in interest to the balance of your loan.
Since you'll be paying less interest, paying off your private or federal loans early can help you save thousands of dollars over the course of your loan. If you do have high-interest debt, refinancing it will make your money work harder for you.
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An oligopoly firm is similar to a monopolistically competitive firm in that.
Answers
Answer:
An oligopoly firm is similar to a monopolistically competitive firm in that both firms face the prisoner's dilemma. both firms are in industries characterized by an interdependent firm. both firms have market power. both operate in a market in which there are significant entry barriers.
in intel's "rules of social media engagement," what does the concept of "protect" mean?
Answers
In Intel's "Rules of Social Media Engagement," the concept of "protect" means protecting the privacy, confidentiality, and security of the company's and its customers' information.
This involves not sharing confidential or sensitive information, being aware of the risks of using social media, and taking appropriate measures to secure devices and accounts. Additionally, it means being respectful of others' intellectual property and not infringing on copyrights or trademarks. Finally, it involves understanding and complying with relevant laws and regulations, such as those related to data privacy and security. By following these guidelines, Intel aims to protect its own reputation and that of its customers and partners in the online world.
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Primo Corporation acquired 60 percent of Secondo Corporation’s voting common stock. On the date of acquisition, Primo had equipment with a book value of $50,000 and a fair value of $150,000. Secondo’s buildings and equipment had a book value of $200,000 and a fair value of $200,000 at the time of the acquisition. What will be the amount at which buildings and equipment will be reported in consolidated statements immediately following the acquisition?
A) $150,000
B) $200,000
C) $230,000
D) $250,000
Answers
Answer: $250,000
Explanation:
The amount at which buildings and equipment will be reported in consolidated statements immediately following the acquisition will be the value of the book value of Primo's equipment which is $50,000 plus Secondo’s book value of its buildings and equipment which is $200,000.
Therefore, the answer will be:
= $50,000 + $200,000
= $250,000
PLEASE HELP!!!!!
Making a Purchase
1. Identify a consumer want or need for you or your family.
2. Explain which consumer strategies you will use to find the product or service that will best meet this want or need and why you have chosen them.
3. Describe each stage of the buying process for this item.
4. Identify the federal and/or local consumer protection agency that is best equipped to handle any potential consumer complaint that results from this purchase and explain how this agency could help you
Answers
Answer:
Consumer Want or Need: My family wants to purchase a new refrigerator because our current one is old and does not function properly.
Consumer Strategies: To find the best product to meet our need, we will use several consumer strategies, including:
a
b. Store Visits: We will visit different appliance stores to see the refrigerators in person and ask questions from the sales representatives. This strategy will help us assess the physical features and functionalities of the refrigerators and enable us to make informed decisions.
c. Recommendations: We will ask for recommendations from friends and family who have purchased refrigerators recently. This strategy will help us gain valuable insights and advice from people we trust.
Buying Process:
a. Need Recognition: The need recognition stage involves identifying the problem or need that the refrigerator will address. In this case, our old refrigerator is no longer functioning correctly.
b. Information Search: During this stage, we will use the consumer strategies mentioned above to gather information about the different types of refrigerators available, their features, and prices.
c. Evaluation of Alternatives: We will compare the features and prices of the refrigerators we have researched and visited in person to evaluate the alternatives that best meet our needs.
d. Purchase Decision: Once we have evaluated the alternatives, we will make a purchase decision based on our evaluation criteria, including quality, price, and availability.
e. Post-Purchase Evaluation: After purchasing the refrigerator, we will assess its performance to ensure that it meets our expectations.
Consumer Protection Agency: In case of any potential consumer complaint resulting from this purchase, the best-equipped federal agency to handle the issue is the Federal Trade Commission (FTC). The FTC is responsible for protecting consumers from fraudulent, deceptive, and unfair business practices. In the event of a dispute, the FTC could help us file a complaint against the manufacturer or retailer and take appropriate action to resolve the issue. The FTC can also provide valuable advice on consumer rights and protections. Locally, we may also contact our state Attorney General's office, which has similar functions and responsibilities for consumer protection.
Explanation:
This answer explains how to identify a consumer's want or need, the strategies to find the best product or service, the stages of the buying process, and the appropriate consumer protection agency.
Explanation:Consumer Want or Need: An example of a consumer want or need for my family is a new laptop.
Consumer Strategies: To find the best laptop, I would use consumer strategies such as conducting online research, reading reviews, comparing prices and specifications, and seeking recommendations from friends or experts.
Stages of the Buying Process: The stages of the buying process for a laptop would include problem recognition (realizing the need for a new laptop), information search (researching different brands and models), evaluation of alternatives (comparing features, prices, and warranties), purchase decision (selecting and buying the chosen laptop), and post-purchase evaluation (assessing the laptop's performance and satisfaction).
Consumer Protection Agency: In the United States, the Federal Trade Commission (FTC) is the federal consumer protection agency that can handle potential consumer complaints resulting from this laptop purchase. The FTC can investigate deceptive or unfair business practices, provide educational resources, and take legal action if needed.
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Why would the inherent and control risks at Kid Castle be of concern to a potential auditor?
Answers
you have been asked to lead a group of your coworkers in developing a new process for handling performance reviews at your office. unfortunately, during your first meeting, you realize that everyone in the group is agreeing with each other — there is no debate happening, and no one is presenting different ideas. what can you do to solve this problem?
Answers
When faced with a lack of diverse perspectives and ideas in a group setting, it's important to take action to encourage healthy debate and discussion.
Here are a few strategies that could be effective in this scenario:
1.Set ground rules for the discussion: Start by setting some guidelines for the conversation to ensure that everyone has an opportunity to speak and be heard. Encourage open-mindedness, active listening, and constructive criticism.
2.Use a facilitation technique: Consider using a facilitation technique like brainstorming, where everyone is encouraged to generate ideas without criticism. Alternatively, you could try a devil's advocate approach, where someone is assigned to argue against each idea presented.
3.Encourage dissenting opinions: Specifically ask people for their opinions, even if they don't necessarily align with the current consensus. Encourage people to challenge each other respectfully and provide counterarguments.
4.Bring in outside perspectives: If the group is struggling to generate new ideas, consider bringing in outside experts or stakeholders who can provide a different perspective.
By implementing these strategies, you can help create an environment where everyone feels comfortable sharing their opinions and ideas, and where healthy debate and discussion can flourish.
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Underline the two items that are affected.
State whether each item is increasing or decreasing.
1.Sold office machinery for cash
2. Bought motor lorry for cash
3. Sold motor lorry for cash
4. Bought motor van by cheque
5. Bought office furniture by cheque
Answers
2. Increase in machinery (motor lorry) , decrease in cash
3. Decrease motor lorry, increase cash
4. Increase machinery and equipment, increase in accounts payable
5. Increase in office furniture , increase in accounts payable
In a population of 1000 cells, 200 are in various phase of the M stage. For those in interphase, 400 have 1X amount of DNA, 200 have 2X amount of DNA, and the rest have somewhere in between 1X and 2X amount of DNA. What is the total length of the cell cycle if the S phase has a duration of 5 hours?
Answers
Answer:
The answer is 25 hours
Explanation:
Solution
Given that:
The total number of cells = 1000 cells
The M -phase = 200 cells
In interphase it becomes:
1 X DNA = 400 cells
2X DNA = 200 cells
In between 1X and 2X = 200 cells
The duration of S phase = 5 hours
Now
The first step to take is to calculate the mitotic index of cells which is given as:
Mitotic Index = The number of cells in mitosis/Total number of cells * 100
Thus
Mitotic Index =Number of cells in prophase + metaphase +anaphase + telophase (P+M+A+T)/1000 * 100
=200/1000 * 100
=20%
Now from the cell cycle 20% is 5 hours, then 100% which is the length of total cell cycle. is about 25 hours.
Which consequences can victims of identity theft face? Check all that apply.
difficulty getting a loan or credit card
O an increase in debt
the loss of a job
difficulty keeping assets
O a loss of money
difficulty landing a new job
Answers
Answer:
difficulty landing a new job
the loss of a job
loss of money
increase in debt
Answer: an increase in debt
a loss of money
difficulty landing a new job
Explanation: did it
QUESTION 2 of 10: Your company offers continuous online training. If each online lesson is 20 minutes long, and there are 90 lessons, how
many hours will each employee complete to finish all the lessons?
a) 33
b) 1.5
c) 30
d) 90
Submit
Pricing & Sales
Answers
Answer:
c) 30
Explanation:
One online lesson takes 20 mins.
There are 90 lessons.
The total time required to complete the 90 lessons will be
=20Mins x 90 lessons
=1800 mins
In hours = 1800/60
=30 hrs
A good produced in 2020 and held in inventory until it is sold in 2021 would be included in which measure of gdp?
Answers
A good produced in 2020 and held in inventory until it is sold in 2021 would be included in the 2020 measure of GDP.
What Is Gross Domestic Product (GDP)?The gross domestic product (GDP) is the total monetary or market value of all finished products and services produced within a country's borders during a specific time period (GDP).It serves as a thorough assessment of the state of the economy in a particular nation because it is a wide indicator of total domestic production.
Although it is often calculated on a yearly basis, GDP can also be computed on a quarterly basis. For instance, the US government estimates the annualized GDP for the entire year as well as each fiscal quarter. Each piece of data in this report is presented in real terms, which means that it has been adjusted for price changes and is therefore net of inflation.
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Suppose an unregulated natural monopoly becomes regulated using marginal cost pricing. As a result, the firm's profits would Group of answer choices increase substantially. decrease substantially, but remain positive. be brought down to zero. become negative.
Answers
Answer:
you queastioncove its better
Explanation: