Pietr is 22 years of age. He is currently a GBC student and is working part-time whilecompleting his studies. His earnings in 2021 were $3,420. What will be Pietr'spensionable earnings amount?$0$3,420$3,500There is not enough information provided to calculate Pietr's pensionableearnings amount

The term "pensionable earnings" refers to the fraction of a person's income that is taken into…

Answered: Pietr is 22 years of age. He is…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Mr. Victor, Age 66, retired in 2022. He is single. Prior to retiring, Mr. Victor received a $5,000 bonus plus $8,400 in wages. After he retired, he received $12,000 in Social Security benefits. Does Mr. Victor have to file a 2022 income tax return? Why or why not? Yes. Victor is required to file because he made in excess of $5,000 which is the required filing threshold. O Yes, Victor must file because he received earned income. No. Victor's does not have to file because his gross income is less than the standard deduction. O No. Victor does not have to file because he is over age 65 and retired and you are not required to file.
Mabel is 45 and earned $30,000 in 2018. If she contributed $6,000 to her traditional IRA, what would be her excise penalty? . Hannah, age 56, earned $58,000 in 2018. She is also a participant in a qualified plan to which she contributed $18,500. How much can she contribute to a traditional IRA in 2018? $6,500 b. $5,500 c. $0 she is ineligible d. $7,000 In question 3 above, would her contribution to a traditional IRA be tax-deductible? Yes b. No If you own a Roth IRA, are you subject to Required Minimum Distributions? Yes b. No Bernice is age 54 and her granddaughter, age 18, will be attending UMSL in the Fall 2018. Bernice would like to withdraw $15,000 from her traditional IRA to pay for some of her granddaughter’s college expenses. She asks if this withdrawal can be made without a 10% penalty. You tell her: No way b. no 10% penalty c. tax on withdrawal and 10% penalty d. none of these answers. Gus is 72 and works part-time earning $16,000 per year. He asks you whether he…
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Required information [The following information applies to the questions displayed below.] Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2023). In 2023, her net Schedule C income was $300,000. This was her only source of income. This year, Rita is considering setting up a retirement plan. What is the maximum amount Rita may contribute to the self- employed plan in each of the following situations? Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. a. She sets up a SEP IRA. Maximum contribution $ 58,000
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Steve Grayson, is self-employed age 43. He has established a SEP-IRA for himself several years ago. In 2019, Steve had a $1,000 excess contribution to his SEP-IRA. In 2020. his net earnings from the business are $80,000. He uses the maximum contribution rate for his SEP-IRA account. What amount would Steve's contribution be for 2020. a.) $14,870 b.) $0 c.) $13,870 d.) $57,000

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