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PAYROLL ACCT.,2019 ED.(LL)-TEXT

PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter4: Income Tax Withholding

Section: Chapter Questions

Problem 7QR

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Please given correct answer general Accounting

David, age 62, retires and receives a $1,000 per month annuity from his
employer's qualified pension plan. David made $65,000 of after-tax
contributions to the plan prior to his retirement. Under the simplified method,
David's number of anticipated payments is 260.
What is the amount includible in income in the first year of withdrawals assuming
12 monthly payments?
A. $2,600
B. $12,000
C. $9,000
D. $3,000

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Minnie owns a qualified annuity that cost 78,000. The annuity is to pay Minnie 650 per month for life after she reaches age 65. Minnie turns 65 on September 28, 2019, and receives her first payment on November 1, 2019. a. How much gross income does Minnie have from the annuity payments she receives in 2019? b. Shortly after receiving her payment on October 1, 2034, Minnie is killed in an automobile accident. How does the executor of Minnies estate account for the annuity on her return for the year 2034? c. Assume that the accident does not occur until November 1, 2043. How does the executor of Minnies estate account for the annuity on her 2043 return?
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Need answer the accounting question
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