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How do you use a 365 day year to compute interest on depository accounts?
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Does the government tax savings accounts?
Any interest you earn will generally be taxable in the year that it is earned.
What time of year do banks pay interest on your savings account?
Though Banks advertise interest rates of savings accounts in terms of " x% per annum (p.a)" , interest is credited to account on monthly basis, not yearly. That is, if your savings account balance is $1000 and your savings account interest rate is 10%p.a then you will get $100 as total interest for a year. ((1000$/100) x 10 = $100) But, you will be credited $8.33 monthly as interest. ($100/12 months = $8.33)Therefore, Banks do not have certain time of the year to pay interest on savings accounts, but they pay interest monthly. The day of the month where the interest will be credited is differ according to the bank and there is no standard mentioned.However, it is important to note that there are savings accounts with 0% interest rate (i.e Muslim banking systems) as well as savings accounts with multiple interest slabs and interest will be paid twice a month or more etc.
How do you compute Cost Of Funds?
You take the amount of funds you have tied up in stock, and multiply it by the base interest rate for your country. The two numbers added together are the cost of cash for that year. For the following year, take the cost of cash for the previous year and multiply it by the base interest rate for your country. Continue with the same process for subsiquent years
Compute and compare the accounts receivable turnover ratios for Coca-Cola and Wal-Mart Indicate all numbers you used to calculate the ratio?
Sorry, but no one can do your school work for you. The answer, in any case, would vary according to the year, or period under review.
Have multiple bank accounts how should you report interest received?
You can ask for an interest paid-out statement from each of the banks where you have accounts. At the end of the year when you file your taxes, you can consolidate all these statements and then sum up the total interest you received from all the accounts put together. This total sum must be considered an "Income from other sources" and should be clubbed up with your total annual income for taxation purposes. For ex: If you received Rs. 5000 from bank A, Rs. 4000 from bank B and Rs. 6000 from bank C your total interest income is Rs. 15,000/-. If your annual income was Rs. 4,50,000/-, the total income including the interest income will be Rs. 4,65,000/-
How do you compute current portion of long term loan?
calculate the principal due in one year together with the interest payable.
If you invested 15000 In two accounts paying 6% and 8% annual interest. If the total interest for the year was $1120 how much interest was earned at each rate?
You invested $15,000 in two accounts paying 6% and 8% annual interest, respectively.
Does the government tax savings accounts?
Any interest you earn will generally be taxable in the year that it is earned.
Benjamin has 6000 invested in two accounts One earns 8 percent interest per year and the other pays 7.5 percent interest per year If his total interest for the year is 472.50 how much is invested at 8?
$4,500
Is it suspicious for a tax preparer to request the account numbers and maximum value of the accounts during the tax year for all bank accounts including accounts that do not bear any interest?
Yes.
What are the interest rates for a ING savings account?
The interest rates for most ING savings accounts vary between 0.5% and 3% The higher rates are for accounts where a limited number of withdrawals are allowed in any one year.
Is there a tax every year on the money that you have in your bank account?
The interest that is earned on bank accounts is taxable yearly.
What time of year do banks pay interest on your savings account?
Though Banks advertise interest rates of savings accounts in terms of " x% per annum (p.a)" , interest is credited to account on monthly basis, not yearly. That is, if your savings account balance is $1000 and your savings account interest rate is 10%p.a then you will get $100 as total interest for a year. ((1000$/100) x 10 = $100) But, you will be credited $8.33 monthly as interest. ($100/12 months = $8.33)Therefore, Banks do not have certain time of the year to pay interest on savings accounts, but they pay interest monthly. The day of the month where the interest will be credited is differ according to the bank and there is no standard mentioned.However, it is important to note that there are savings accounts with 0% interest rate (i.e Muslim banking systems) as well as savings accounts with multiple interest slabs and interest will be paid twice a month or more etc.
Born 1953 age year by year?
You can compute it: current_year - birth_year = present_age. To compute the age by year, add 1 to the current_year before subtracting the birth_year.
How is the interest calculated on business savings accounts?
The interest on a business savings account is compounded daily using a 365-day year (366 days each leap year) and calculated on the collected balance.
Harry has 4000 invested in two savings accounts One account earns 6 percent interest per year and the other pays 7 percent per year If his total interest for the year is 264 how much is invested at?
2,400
What is good interest for a savings account?
Savings accounts are the simplest of bank accounts that one can open. They provide us with very high levels of liquidity. Any day any time (when the bank is open), you have the rights to withdraw your money. Because of this, the interest offered by such accounts is very meager. Most banks offer us a rate of interest of around 3.5% to 4% per year.
