Answered: James turned 18 years on September 14.… | bartleby

SWFT Individual Income Taxes

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter19: Deferred Compensation

Section: Chapter Questions

Problem 40P

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Question

James turned 18 years on September 14. When will his Canadian Pension Plan contribution
commence? a. August 1st b. First pay of October c. September 1st d. First pay of
September

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Use the life expectancy table below to answer this question. Greg Brady, age 57, had contributed $31,000 to his employer's pension plan at the time of his retirement on June 30, Year 1. He receives a monthly pension of $800 that started on January 1, Year 2, and will continue until he dies. The amount of his pension reportable as income in Year 2 is: Age of Annuitant on Start Date / # of Payments 55 and under / 360 / 310 / 260 / 210 / 160 56-60 61-65 66-70 71 and over $8,400 O $9,600 O $1,200 O so
Lawrence received a salary advance of $50 on September 1. He plans to repay this advance from his gross wages of 450 to be paid on September 15. What is his taxable income for the September 15 paycheck? a. 500 b. 400 c. 450 d. 350
Claudia (35 years) has a taxable income of $24 000 and is unmarried. What is Claudia’s Medicare levy liability for the year ending 30 June 2020? a. $701.25 b. $360 c. $160.20 d. $480
Shoshan, age 63, retired and began receiving retirement benefits on January 1, 2021. The benefits will be paid for the joint lives of Shoshan and his wife, Aviva, age 67. Shoshan had $36,000 in after-tax contributions to his qualified plan and had received no distributions prior to retirement. How much will Shoshan and Aviva be able to exclude from each of the annuity payments? a. $100 b. $116 c. $138 d. $171 which is correct a, b, c. or d?
tes Ms. Ray is age 46 and single. This year, Mr. Ray's retirement savings included a $2,630 employer contribution to a qualified profit- sharing plan account, and a contribution by Ms. Ray to a traditional IRA. Mr. Ray contributed the maximum allowed. Required: a. Compute Ms. Ray's IRA deduction if current year income includes $46,100 salary. b. Compute Ms. Ray's IRA deduction if current year income includes $71,260 salary. c. Compute Ms. Ray's IRA deduction if current year income includes $71,260 salary and $7,290 dividend income. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute Ms. Ray's IRA deduction if current year income includes $71,260 salary. Note: Do not round phase-out percentage. Round other intermediate values to the nearest whole dollar amount. IRA deduction $ 3,000
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Aa.61. Joan was the insured under a term life insurance policy with death benefits of $250,000. Joan passes away during the effective term of the policy. The beneficiary is awarded the benefits under the policy, payable over 10 years. In the first year after Joan’s death, the beneficiary receives $27,000. What are the tax consequences of this payment to the beneficiary? Group of answer choices A. The payment is entirely taxable under § 61. C. The payment is excluded from income under § 101. D. This question cannot be answered without access to the IRS mortality tables. B. $2,000 of the payment is taxable.
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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w the summary page so Upon his retirement earlier this year, Salvatore received a $42,000 retiring allowance from the company for whom he had worked since 1980. He joined his company's registered pension plan two years after he was hired. If Salvatore accumulated $9,640 in RRSP contribution room for this year and he has an RRSP carryforward of $16.500 from previous years, what portion of his retiring allowance represents the NAXINUM amount he can rollover into his RRSP? Oa) $ 9,640 Ob) $ 26,140 can easy go Oc) $ 35,000

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