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The taxable amount of the distribution will be subject to the marginal tax rate of the owner of the UTMA account in NJ when the 1040 federal income tax return is completed correctly.
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∙ 13y ago
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Do you have to pay taxes when you are left money as a beneficiary from an IRA account?
taxes are paid upon withdrawal at a later rate
How can you find out your account annunity withdrawls?
Have requested a withdrawal and would like to know when it is going to be paid
What is the difference between Traditional IRA and SEP IRA and ROTH IRA accounts?
Taxes are paid upon withdrawal at a later date
Do you paid taxes on checking account?
The only tax you would pay on money in a checking account is any interest the money made if it is a interest type of account.
What's the difference between Roth and a 401K?
The difference between a Roth 401k and a regular 401k is that the Roth 401K is a after-tax contribution and the regular 401K is a pre-tax contribution. You pay taxes on the Roth 401K now in order to avoid taxes at withdrawal. The regular 401 is a tax credit for the year deposited with taxes paid at the time of withdrawal.
Do you list property tax as factory overhead?
No, property taxes would not be classified as factory overhead...property taxes get paid under an expense account
If I paid taxes and didn't get a refund will I get a stimulus check?
As far as I can tell, the stimulus check is more about the taxes you paid. The amount you would get is calculated on the amount of income and taxes you paid.
Cd can you put it into a retirement account now for it to be exempt?
hard to understand you. CDs are perfectly allowable in an IRA. Most IRA trustees will handle them. If a Traditional IRA, the current value of what you put in is currently tax deductible, (within the prescribed limits). The earnings and original contribution are not taxed until withdrawal. (The taxes on principal and earnings aren't exempt..just deferred till received). If a Roth, the current value of what you put in (again within the limits) is after all taxes are paid on that value. (Hence a CD would be worth something different than you paid). Any future earnings and the withdrawal of contribution are not taxable (under current law). (The earnings are exempt..but you paid the taxes on the principle up front).
What is the journal entry for Personal expenses paid by partner?
Generally speaking the best way a partnership can deal with this type of thing is to record a withdrawal from the business funds. It's like paying yourself (or your partner) a salary, however, since taxes are paid on these funds already no taxes need be withheld from such a withdrawal. Personal accounts should remain "out" of the equation even if the partner specifically paid "X" amount for personal expenses. Instead, let's say these personal expenses amounted to $5,000, the only transaction that needs to be recorded for this is a withdrawal. Say John pays $5,000 for Bob's personal expenses out of the companies account, a simple recording of this transaction would be something like..Withdrawal for personal use (Bob) (debit) $5,000Cash (credit) $5,000Even a single owner of a business will make a recording for this type of transaction. It is merely a withdrawal of money that he (or each partner) legally own.
What statements are true of a traditional IRA?
The taxes to this type of plan are deferred and not paid until money is withdrawn from an account.
How does paid off home affect your property taxes?
Generally, property tax is not determined based on a mortgage. If you owe a mortgage on your home or if it is paid in full, the property taxes will be the same. The difference for you is that you will need to track and pay the taxes yourself, instead of letting the mortgage company pay the taxes from your escrow account.
What is the accounting journal entries for penalties and interest an taxes?
The accounting journal entries for penalties and interest on taxes will go in the debit and credit columns. You debit the expense account and credit the liability account until the penalties and interest is paid.
