scholarlystudenttt28
15.02.2021 •
Business
Martin retired in May 2020. His pension is $1,000 per month from a qualified retirement plan to which he contributed $42,000, and to which his employer contributed $12,000. Martin was 67 when the plan payments started. During 2020, he received 8 months of payment for a total of $8,000 from the plan. a. Using the simplified method, calculate Martin's taxable income for 2020 from the retirement plan distributions. b. If Martin's contributions to the plan had been $25,200, instead of $42,000, using the simplified method, how much taxable income would he have to report in 2020 from the plan distributions
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Ответ:
The Correct Answer is Sales tax.
Explanation:
Sales tax is the Tax forced by the government body during the sale of the goods and services at a retail level.
While payroll tax is the tax which is forced on the salary of the employees and this tax is forced by the employer. payroll taxes are directly deducted from the salaries of the employees and directly paid to the internal revenue services by the employer.