You are finishing your third year in business with $540,000 of gross income and $274,000 in deductions. Two years ago, you had a net loss of $95,000 and last year, you had a net loss of $70,000. Calculate your taxable income for this year.
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- Assume that the prescribed rate for each quarter last year was 4%. Gerry received a loan from his employer of $60,000 at 2%, which he put towards a rental property he purchased for $120,000. He paid the balance in cash. What was his taxable benefit last year as a result of the loan that he obtained from his employer? a) $0 b) $600 c) $1,200 d) $2,400 Alan Peterson made a $2,000 RRSP contribution this year, and his marginal tax rate is 29%. Next year, Alan expects to get a significant raise, such that his marginal tax rate will increase to 43%. The Income Tax Act allows him to deduct his RRSP contribution this year, or to carry the deduction forward to future years. When should he claim the deduction to optimize the tax benefits? a) He should claim the deduction this year. b) He should claim the deduction next year. c) It does not matter when he claims the deduction because it will result in the same tax reduction in either year. d) He should split the deduction between his tax returns…Let's assume you borrowed $2000 from Wells Fargo Bank on July 1. The annual Percentage Rate is 5%. The term is 2 years. After you paid the first month's payment (i.e., August 1), you received the tax return of $300 from the IRS on the same day. You used the tax return for the loan payment on the same day. The outstanding balance after the 13th, 14th, and 15th term payments is presented in the table below. What would be the outstanding balance after the 16th term payment? 13th 625.50 14th 540.36 15th 454.87 Group of answer choices 369.03 324.54 389.05 295.63Let's assume you borrowed $2000 from Wells Fargo Bank on July 1. The annual Percentage Rate is 5%. The term is 2 years. After you paid the first month's payment (i.e., August 1), you received the tax return of $300 from the IRS on the same day. You used the tax return for the loan payment on the same day. The outstanding balance after the 4th, 5th, and 6th term payments is presented in the table below. What would be the outstanding balance after the 7th term payment? 4th 1376.01 5th 1294.00 6th 1211.65 1001.35 986.94 1003.48 1128.95
- Mr. Maillet has contributed $170.00 at the end of each month into an RRSP paying 4% per annum compounded. How much will Mr. Maillet have in the RRSP after 15 years? How much of the above amount is interest?Alexandra had a balance of $2,000 in her RRSP. In addition to this, she invested $300 at the end of every 3 months for 6 years. Her RRSP earned 4.00% compounded quarterly for the first 4 years and 7.00% compounded quarterly for the rest of the period. a. What is the accumulated value of the balance of $2,000 at the end of the time period? Round to the nearest cent b. What is the accumulated value of the annuity at the end of the first 4 years? Round to the nearest cent c. What is the future value of the accumulated value from (b) at the end of the 6 years? Round to the nearest cent d. What is the accumulated value of the $300.00 annuity for the next 2 years at 7.00% compounded quarterly? Round to the nearest cent e. How much did she have in the RRSP at the end of the time period? Round to the nearest cent f. What were her total earnings? Round to the nearest centZach depsoits a $38,000 one-time lump sum in an account with an APR of 7% that is compounded quarterly. What is the value of Zach's investment after 24 years?
- Please provide answer general accounting question3. Mr. Ramirez borrowed P150,000 to be amortized in 2 years by monthly equal payments. If Mr. Ramirez missed the payments during the first year, what amount must he pay in the following month to liquidate all his indebtedness if money worth 12%?On Juan's 26th birthday, he deposited $7,500 in a retirement account. Each year thereafter he deposited $1,000 more than the previous year. Using a gradient series factor, determine how much was in the account immediately after his 35th deposit if: a. The account earned annual compound interest of 5%. b. The account earned annual compound interest of 6%.
- Your company invested S 8,499 four years ago and this investement will become $ 16.364 after six years from now. What is the annual interest rate that the company earned on compound interest basis.Carla Vista Co. earns 7% on an investment that pays back $83,000 at the end of each of the next 6 years. Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) What is the amount Carla Vista Co. invested to earn the 7% rate of return? (Round answer to 2 decimal places, e.g. 5,275.25.) Carla Vista Co. invested $Ashton invested $8450 for five years in his savings account that was earning 3.2% compounded annually. Calculate the future value of his investment at the end of the term and the amount of interest earned during the period.
