Sandra pays $5,000 to the institution in return for the chance to purchase football season tickets. What is the best way for her to handle the contribution
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Sandra pays $5,000 to the institution in return for the chance to purchase football season tickets. What is the best way for her to handle the contribution?
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- Rose is planning to adopt a charity foundation once she receives her money. She promised to donate annually to her chosen Charity Foundation to support the needs of the foster kids. The foundation will receive $l0,000 for the first six years, $12,000 for the next five years and $15,000 for each year thereafter. The donation will start one year after she receives her money allotment. If the fund earns 7.0% interest, what is the amount of the donation? Please include cashflow diagram and full formulas.Diane contributed a parcel of land to the United Way. In addition, she contributed bibles and songbooks from her proprietorship's book store inventory to First Church, a qualified charitable organization. Should Diane's charitable contribution deduction for these contributions be determined by the basis or fair market value of the contributed items?A major repair on the suspension system of Jane's 3-year old car will cost her $3.000 every 3 years henceforth (i.e., years 3, 6, and 9) because the warranty expired after 2 years of ownership. Also, she will spend $600 every 2 years (i.e., years 2. 4, 6, 8 and 10) for maintenance now that the warranty is over until she donates the car to charity in year 10. Use these costs to determine Jane's equivalent annual cost for years 1 through 10 at i = 5% per year.
- Molly and Justin are considering contributing $5,000 to their favorite, tax deductible charity. This contribution will bring their total itemized deductions to $20,000. Assuming they are in the 28% marginal tax bracket, how much will they save in taxes by contributing this $5,000 to charity?Calvin reviewed his canceled checks and receipts this year for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Donee Item Cost FMV Hobbs Medical Center IBM stock $ 9,400 $ 66,000 State Museum Antique painting 7,200 4,320 A needy family Food and clothes 840 500 United Way Cash 52,000 52,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. (Leave no answer blank. Enter zero if applicable.) Calvin’s AGI is $320,000, but the painting is worth $142,000. what is the following: Charitable contribution deduction CarryoverWhat is the Schedule A deduction for charitable contributions? On May 14 of the current year, Paul contributed clothing to the Salvation Army. The original cost of the clothing was $740. He has substantiation valuing the donation at $360. In addition, he made the following cash contributions and received a statement from each of the following organizations acknowledging his contribution: Larkin College $800 United Way 152 First Methodist Church 790 Amos House (homeless shelter) 200 Local Chamber of Commerce 100 All of the above entities are nonprofit corporations and §501( c)(3) organizations except the Chamber of Commerce which is not a §501( c)(3) organization. Clothing to the Salvation Army Larkin College United Way First Methodist Church Amos House (homeless shelter) Local Chamber of Commerce Clothing to the Salvation Army Larkin College United Way First…
- In addition to these monthly expenses, other future outlays must be accounted for. Before they had a child, Sondra worked as a real estate agent, but her knowledge and skills are now somewhat outdated. Therefore, they include $30,000 for Sondra to go back to school. Additionally, Shen and Sondra want to create a college fund of $35,000 to fund their child’s college education. They estimate that final expenses (funeral costs and estate taxes) will amount to $12,000. Finally, they have taken out a loan for home improvements of $130,000 and an automobile loan of $5,000. They own their home but still have an outstanding mortgage of $300,000. Using this information, complete the next portion of Step 1 to determine the total financial resources needed. 2. Special needs a. Spouse’s education fund b. Child’s college fund c. Other needs $0 3. Final expenses (funeral costs and estate taxes) 4. Debt liquidation a. House mortgage b. Other loans c.…i need the answer quicklyCalvin reviewed his cancelled checks and receipts this year for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Donee Item Cost FMV Hobbs Medical Center IBM stock $ 8,200 $ 54,000 State Museum Antique painting 6,600 3,960 A needy family Food and clothes 720 430 United Way Cash 40,000 40,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Calvin’s AGI is $129,000. Charitable contribution deduction? Carryover?
- Need answer with explaination please. Part- A) A senior engineer nearing retirement, which he plans to do on his 65th birthday, expects to be able to live from his retirement account by drawing $75,000 per year until his 85th birthday. He also hopes to be able to make a donation of $ 50,000 to his favorite charity on his 85th birthday. His retirement account is invested at 4.5% per year. How much money does ho need to have accumulated in his retirement account to be able to meet these goals? Part - B) Assuming that the engineer described above had worked for 35 years. how much money should he have contributed annually to his pension plan each of these years in order to accumulate the amount need for retirement ?Elton earned $120,000 working as a recording engineer last year. The total amount of his contribution into his defined contribution pension plan was $12,000. These contributions earned income of $600 during the year. Elton also owns a personal Registered Retirement Savings Plan (RRSP). Assuming he has no unused RRSP contribution room carry-forward amounts from previous years, how much money can Elton contribute to his RRSP account this year if the money purchase limit is $24,000? O $9,000 $9,600 $8,400 $21,000Benny is supported by the people listed below. 19-year-old child 15-year-old child 67-year-old mother In 2021, how many of these dependents will be eligible for the $500 nonrefundable Other Dependents Credit?
