Question 5- Estate planningBen is 29 years of age. He has total accumulated superannuation balance of $150,000. As amember of the fund, he is automatically eligible for $100,000 standard group term lifeinsurance, available to all employees. Ben owns no other assets. He has recently marriedEmma, but they do not have any children yet.a. Does Ben need a will? Explain your responseb. What total amount would be paid out from Ben's superannuation fund in the event ofhis death?c. Who are the possible beneficiaries of Ben's superannuation fund and would they likelybe classed as dependants or non-dependants for superannuation purposes?.d. What will the superannuation fund trustee do if Ben does not nominate any deathbenefit beneficiary(is) in the event of his death2e. Is the trustee bound if Ben completes a non-binding nomination?f. How would Ben's estate be distributed if he has no will in place?g. Assume it is three years on and Ben now has a two-year-old daughter, Tiffany. Explainto Ben what a testamentary trust is and the reasons why he may wish to considerestablishing one. Resident individuals - income tax rates 2020-22 to 2021-22Taxable IncomeTax on this Income$18.201- $37,00019c for each $1 over $18,200$37,001-$90,000$3,572 plus 32.5c for each $1 over $37,000$90,001 - $180,000$20,797 plus 37c for each $1 over $90,000$180,001 and over$54,097 plus 45c for each $1 over $180,000The above rates do not include the Medicare levy of 2%netNon-resident individuals - income tax rates 2020-22 to 2021-22Tax on this IncomeTaxable income$0 - 590,00032.5c$90.001 - $180.000$29.250 plus 37c for each $i over $90.000$180,000 and over$62,550 plus 45c for each $1 over $180,000Medicare levy thresholdsThe full Medicare levy is 2.0% of taxable income. A reduced Medicare levy applies where taxable income isbelow the thresholds in the table below:Income categoryNo levy payable If taxable income iss orReduced levy payable f taxable inois below:belowTaxpayers not entitled to senior and pensioners tax offset (SAPTO)Individual$22,801$28,502Married or sole pare $38,474$48.092***For each dependent child or student, add $3.533**For each dependent child or student, add $4,416Medicare levy surcharge (MLS)Individuals and families on incomes above the MLS thresholds are liable to pay the MLS for any period during2018-19 that they, or their dependents, did not have private patient hospital cover.2018-19Base tierTier 1ler 2Ther 3Singles$90.000 or less$90,001 - $105.000 105.001 - $140,0003140.001 or moreFamilies$180,000 or less$180,001 - $210.00210,001-$280,000S280,001 or more25%5%Rates1.0%If there is more than one dependent child, these thresholds are increased by $1,500 for each child after thefirst.The single threshold is indexed to average weekly ordinary times earnings and increased in $1,000increments (rounded down).The family thresholds are double the relevant singles threshold.Indexation of the income tier thresholds in the table above has been paused until 1 July 2021.Taxatlon of resident minorsIncome sourcesIncome thresboldTax payable (escledes Medicare levs0 - 5416Nil$417-S1.30766 of excess over 5416S.130845% of eutire nened incomeIncome from a bosiness, employment or decesed estateNomal adult marginal ates

Since you have posted multiple subparts question in the same request, we will solve the first three…

Does Ben need a will? Explain your response What total amount would be paid out from Ben's superannuation fund in the event of his death? Who are the possible beneficiaries of Ben's superannuation fund and would they likely be classed as dependants or non-dependants for superannuation purposes? :11

Does Ben need a will? Explain your response What total amount would be paid out from Ben's superannuation fund in the event of his death? Who are the possible beneficiaries of Ben's superannuation fund and would they likely be classed as dependants or non-dependants for superannuation purposes? :11

PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)

6th Edition

ISBN:9781337117005

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter15: Preserving Your Estate

Section: Chapter Questions

Problem 6FPE

See similar textbooks

Similar questions

dot image plas.1
Interview Notes Herb and Alice are married and file a joint return. Herb is 74 years old and Alice turns 72 in February 2023. Neither are blind. • • . Alice is confused about the Required Minimum Distribution rules, and wants to know when she should take her first distribution from her IRA. Both Herb and Alice are retired. Herb works part time as a greeter. • Herb earned $12,000 in wages and has fully taxable pension income of $4,800. The couple also received Social Security benefits of $46,000. They received no other income in 2023. Herb and Alice's grandson, Stuart, lives with them while he attends the local university. Stuart is 20, a full-time student, and is claimed as a dependent by his parents. . Herb, Alice and Stuart are U.S. citizens, lived in the United States all year, and have valid Social Security numbers. 1. What is Herb and Alice's standard deduction? a. $27,700 Ob. $29,200 c. $29,550 d. $30,700
What is the maximum IRA contribution that Josh can make under each of the following assumptions? Required: a. Josh is age 20 and single. Josh's only income item is $13,600 interest from a trust fund. b. Josh is age 40 and single. Josh's only income item is a $34,600 share of ordinary income from a partnership. c. Josh is age 60 and single. Josh's only income item is $29,000 wages. d. Josh is age 46 and files a joint return with a spouse. Josh's sole proprietorship generates a $7,390 loss, and the spouse's salary is $49,800. a. Maximum contribution b. Maximum contribution c. Maximum contribution d. Maximum contribution Amount
(a)
Interview Notes • Luther, age 54, and Lexi, age 56, are married and file a joint return. Lexi has family coverage through her High Deductible Health Plan (HDHP) at work. In 2023, Lexi contributed $2,350 to her Health Savings Account (HSA). Luther made contributions totaling $3,000 to his HSA in 2023. Luther's Form 1099-SA shows a distribution from his HSA of $3,000. They have receipts showing they paid: o $300 for new eyeglasses for Lexi, o $2,200 in copays for doctor visits and tests, o $400 for over the counter medication, and ● o $100 for Personal Protective Equipment (PPE) to prevent the spread of COVID-19 and home COVID-19 tests • In April 2023, Luther was diagnosed by his physician with a terminal illness. In May, Luther and Lexi decided to take a luxury vacation before his health deteriorated. They used a distribution from Luther's IRA to pay for it. They received a Form 1099-R showing $15,000 in Box 1, and code 1 in Box 7. Lexi sold a used handbag on an online marketplace. She…
! Required information [The following information applies to the questions displayed below.] Jackson and Ashley Turner (both 45 years old) are married and want to contribute to a Roth IRA for Ashley. In 2023, their AGI is $223,000. Jackson and Ashley each earned half of the income. Note: Leave no answers blank. Enter zero if applicable. b. How much can Ashley contribute if she files a separate return? Contribution to Roth IRA $ 0
Interview Notes • Herb and Alice are married and file a joint return. Herb is 74 years old and Alice turns 72 in February 2023. Neither are blind. • Both Herb and Alice are retired. Herb works part time as a greeter. • Alice is confused about the Required Minimum Distribution rules, and wants to know when she should take her first distribution from her IRA. • Herb earned $12,000 in wages and has fully taxable pension income of $4,800. The couple also received Social Security benefits of $46,000. They received no other income in 2023. • Herb and Alice's grandson, Stuart, lives with them while he attends the local university. Stuart is 20, a full-time student, and is claimed as a dependent by his parents. • Herb, Alice and Stuart are U.S. citizens, lived in the United States all year, and have valid Social Security numbers. 2. When does Alice need to take her first Required Minimum Distribution (RMD)? a. By April 1 of the year after the year she turned 70 ½. b. By April 1 of the…
Subject - account Please help me. Thankyou .
Required information [The following information applies to the questions displayed below.] Jackson and Ashley Turner (both 45 years old) are married and want to contribute to a Roth IRA for Ashley. In 2021, their AGI is $204,100. Jackson and Ashley each earned half of the income. (Leave no answers blank. Enter zero if applicable.) c. Assume that Ashley earned all of the couple's income and that she contributed the maximum amount she is allowed to contribute to a Roth IRA. What amount can be contributed to Jackson's Roth IRA? The couple are filing return jointly. IRA Contribution to Roth $ 0
(b)
Question 27 of 50. Mark and Carrie are married, and they will file a joint return. They both work full-time, and their 2021 income totaled $89,000, all from wages. They have one dependent child, Aubrey (5). During the year, they spent $9,000 for Aubrey's child care. Neither Mark nor Carrie received any dependent care benefits from their employer. What amount may they use to calculate the Child and Dependent Care Credit? $0 $3,000 $8,000 $9,000 Mark for follow up
Ellie purchases an insurance policy on her life and names her brother, Jason, as the beneficiary. Ellie pays 32,000 in premiums for the policy during her life. When she dies, Jason collects the insurance proceeds of 500,000. As a result, how much gross income does Jason report?