Can someone anwser and help me through these please? Thank you! %06Meet MarcelMeet StephanieMarcel is in his first job aftercollege, working at CityCenter Bank as a teller.Stephanie has been working atCity Center Bank for 5 years. Sheis now an assistant manager.0-OHe is not married, nor does hehave any dependents.He will be 23 on Jan 1 of theShe is not married, nor does shehave any dependents.She will be 28 on Jan 1 of thecurrent year.Marcel's wages (regularlytaxed income) is $35,000.current year.Stephanie's wages (regularlytaxed income) is $50,000.Neither has withheld any money towards federal or state taxes, and has no unemployment incomeNeither is being claimed as a dependent by their parents or anyone elseNeither contributes to a 401(k) or IRABoth will use the standard deduction of $12,400 (Note: This is the new standard deduction as of 2020.)1-Most people have money withheld from each paycheck to avoid paying a huge bill at the end of every year. We're assuming no withholdings toillustrate the total amount in taxes poid throughout the year.**Note - For this activity, we are only calculating Marcel and Stephonie's federal taxes. Texos does not issue a state income tax,Fill in the tables below based on the information calculated by the Nerdwallet's Federal Income Tax Calculator:1. Marcel's Taxes2. Stephanie's TaxesTaxable IncomeTaxable IncomeEffective Tax RateEffective Tax RateEstimated Federal TaxesEstimated Federal TaxesEstimated Taxes WithheldEstimated Taxes Withheld0$Estimated Amount OwedEstimated Amount OwedAdapted from a project by Kimberley Kelton and Kelly Greenwood21Why are Marcel's and Stephanie's taxable incomes less than their annual salaries?70

Federal Income taxes While calculating the federal income tax there are certain criteria and tax…

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Can someone anwser and help me through these please? Thank you!

PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)

6th Edition

ISBN:9781337117005

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter14: Planning For Retirement

Section: Chapter Questions

Problem 2FPE

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44. Clara wants to go on a cruise in 5 years. She plans on putting $25 everyweek into an account that earns 2.4% interest, compounded weekly. Howmuch will she have?A. $1,592.02B. $7,287.32C. $6,904.39D. $6,921.95
Item10 Time Remaining 25 minutes 39 seconds 00:25:39 eBook Check my workCheck My Work button is now enabled Item 10 Samuel Jenkins made two investments; the first was 14 months ago and the second was 2 months ago. He just sold both investments and has a capital gain of $9,500 on each. If Samuel is single and has taxable income of $41,200, what will be the amount of capital gains tax on each investment? Rate on Taxable Income Single Taxpayers Married Taxpayers Filing Jointly Head of Households 10% Up to $9,950 Up to $19,900 Up to $14,200 12 $9,951–$40,525 $19,901–$81,050 $14,201–$54,200 22 $40,526–$86,375 $81,051–$172,750 $54,201–$86,350
34. A client has $24,070.79 in an account that earns 15% per year, compounded monthly. The client's 35th birthday was yesterday and she will retire when the account value is $1 million. A. At what age can she retire if she puts no more money in the account? B. At what age can she retire if she puts $250 per month into the account every month, beginning one month from today on top of $24,070.79 today?
CALCULATE AMOUNT TO INEST TO MEET OBJECTIES. Use Worksheet 11.1. Mary Bender is now employed as the managing editor of a well-known business journal. Although she thoroughly enjoys her job and the people she works with, what she would really like to do is open a bookstore of her own. She would like to open her store in about eight years and figures shell need about 50,000 in capital to do so. Given that Mary thinks she can make about 10 percent on her money, use Worksheet 11.1 to answer the following questions. a. How much would Mary have to invest today, in one lump sum, to end up with 50,000 in eight years? b. If shes starting from scratch, how much would she have to put away annually to accumulate the needed capital in eight years? c. If she already has 10,000 socked away, how much would she have to put away annually to accumulate the required capital in eight years? d. Given that Mary has an idea of how much she needs to save, explain how she could use an investment plan to help reach her objective.
Use Worksheet 8.1 Sophie Lopez is a 72-year-old widow who has recently been diagnosed with Alzheimer's disease. She has limited financial assets of her own and has been living with her daughter Felicity for 2 years. Her only income is $850 a month in Social Security survivor's benefits. Felicity wants to make sure that her mother will be taken care of if Felicity should die prematurely. Felicity, 40, is single and earns $55,000 a year as a human resources manager for a small manufacturing firm. She owns a condo with a current market value of $100,000 and has a $70,000 mortgage. Other debts include a $5,000 auto loan and $500 in various credit card balances. Her 401(k) plan has a current balance of $24,500, and she keeps $7,500 in a money market account for emergencies. After talking with her mother's doctor, Felicity believes that her mother will be able to continue living independently for another 2 to 3 years. She estimates that her mother would need about $2,000 a month to cover her…
Q3 : Starting on the day Anna was born, her mother has invested $40 at the beginning of every month in a savings account that earns 3.70% compounded monthly.a. How much did Anna have in this account on her 20th birthday? Assume that there was no deposit on that day.Round to the nearest centb. What was her mother's total investment?Round to the nearest centc. How much interest did the investment earn?Round to the nearest cent
CH9HW i Help Save & Exit Submit a. A friend of yours, Grace, wants to purchase a house in five years. To save for the house, Grace decides to deposit $140,000 in a savings account on January 1 of this year. The savings account will earn 8 percent annually. Any interest earned will be added to the fund at year-end (rather than withdrawn). b. At the end of each year, a different friend, Claire, plans to deposit $10,400 in a savings account. The account will earn 11 percent annual interest, which will be added to the fund balance at year-end. Claire will make her first deposit at the end of this year. (FV of $1, PV of $1, FVA of
V5. 1.) Beau who just turned 33 works for Textile Industries and makes an annual income of $50,200. Calculate both employee and employer contributions. 2.) Harpreet’s dad had hired her to work part time for his business while she was in grade 9. He had her doing some filing and answering phones over the summer and paid her $17,500. Calculate both employee and employer contributions 3.) Hugo is self-employed and made an income of $226,855 this year. Calculate the total CPP contributions
Problem 7-46 (LO. 1, 2, 3, 4, 7) Jed is married with no children. Both he and his wife are age 55. During 2020, Jed had the following income and expense items: a. Three years ago, Jed loaned a friend $10,000 to help him purchase a new car. In June of the current year, Jed learned that his friend had been declared bankrupt and had left the country. There is no possibility that Jed will ever collect any of the $10,000. b. In April of last year, Jed purchased some stock for $5,000. In March of the current year, the company was declared bankrupt, and Jed was notified that his shares of stock were worthless. c. Several years ago, Jed purchased some § 1244 stock for $120,000. This year, he sold the stock for $30,000. d. In July of this year, Jed sold some land that he had held for two years for $60,000. He had originally paid $42,000 for the land. e. Jed received $40,000 of interest income from State of Minnesota bonds. f. In September, Jed's home was damaged by an earthquake; Jed's county…
1a. Shelly and Mark wanted to review their retirement preparation and make sure they are on track. Shelly currently has 229k in her 401k. She has an income of 132k a year. She is contributing 18% to her 401k and has an employer match of an additional 4%. Her husband Mark has been unemployed, but just stared a new job making 100k a year. He has 70k in an old 401k from a previous employer. With his new job he is planning to contribute 10% and has a company match that pays an additional 3%. They plan to retire in 22 years when Mark is 65 and Shelly will be 62. How much will they have in retirement savings if they earn 6% on their investments? 1b. If they plan to take 4% out a year what would their income be in the first year of retirement? 2a. Terry is doing some retirement planning. He is 60 years old and wanting to retire at age 65. He has about $290k in retirement savings. He just finished paying off his home and wants to now focus on saving for retirement. He has a very…
G7. CALACULATE FREDDY S LABOUR RATE PER HOUR? IF HER MONTHLY SALARY IS 10 000.SHE GE R9000 BONUS.HER EMPLOYER CONTRIBUTE R9000 ON HER PENSION.SHE WORK FOR 9 HOURS PER DAY FROM MONDY TO FRIDAY EACH WEEK.SHE IS HAVING 28 DAYS VACATION LEAE .THERE ARE 12 PUBLIC HOLIDAY IN YEARS
Hw.27. Zoya has a first mortgage and a smaller home equity loan. Zoya took out the home equity loan on January 3, 2021. It was not used to build, buy, or improve her home. The equity loan proceeds were used to purchase a new car and pay off credit cards. During the year, she paid $6,350 in interest on her first mortgage and $1,490 in interest on the home equity loan. What amount of mortgage interest can Zoya deduct on her Schedule A (Form 1040), Itemized Deductions? $1,490 $4,860 $6,350 $7,840