Jane and Bill Collins have total take-home pay of $5100 a month. Their monthly expenses total $4050. Calculate the minimum amount this couple needs to establish an emergency fund.
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Jane and Bill Collins have total take-home pay of $5100 a month. Their monthly expenses total $4050. Calculate the minimum amount this couple needs to establish an emergency fund.
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- If the Potinsky household spends $27,600 annually on all living expenses and long-term debt, calculate the amount recommend for an emergency fund. How might household circumstances, e.g., wage earners in the household, available credit, and type and stability of employment, affect this decision? The emergency fund amount would range from $? to $?. Round to the nearest dollar and enter the range from lowest to highest.If the Potinsky household spends $49,600 annually on all living expenses and long-term debt, calculate the amount recommend for an emergency fund. How might household circumstances, e.g., wage earners in the household, available credit, and type and stability of employment, affect this decision? 1. The emergency fund amount would range from $? to $?. Round to the nearest dollar and enter the range from lowest to highest. 2. The (higher/lower) the number of wage earners in the household, the (more/less) credit available, and the (higher/lower) the stability of employment; the higher the emergency funds should be.Jada has a financial goal of the minimum for a fully funded emergency fund by March 31st 2022 and it is currently October 1st 2021. She works remotely from home. She gives you the following information: Annual Salary: $48,000 Monthly Rent: $900 Monthly Utilities: $200 Monthly Internet Fiber $120 Monthly Groceries: $600 Annual Gas and Car expenses: $900 Current savings account balance: $ 2,300 @ 2% compounded monthly How much does she need to save at the end of each month in her savings account if she wants to have a full funded emergency fund by March 31st,2022? (answer with a positive number, round to the nearest penny)
- Jack paid $5,000 in daycare expenses for his five-year-old daughter so he could work. His AGI for the year was $37,500 (all earned income). What is the amount of his child and dependent care credit? Show your working!!Sheila Spinney, a recent college graduate, receives a salary of $2976 each month. She pays (3)/(8) of this amount in taxes, social security, and a retirement plan. Of the remainder, (9)/(10) goes for basic living expenses. How much money remains?.Humng Katherine set up a fund that would pay his family $3,000 at the beginning of every month, in perpetuity. What was the size of the investment in the fund if it was earning 3.00% compounded semi-annually?
- In 2020, Mary and John Williams who are both over 65, married and file a joint return earned $29,408 in AGI. During the year they incurred the following expenses: Medical insurance premiums $1,600 Hospital bills 3,800 Medical care lodging (two people, two nights) 130 Doctor’s bills 1,200 Dentist bills 500 Prescription drugs and medicines 1,000 Psychological counseling 600 Marriage counseling 350 They also drove 150 miles for medical purposes and their insurance company…In addition to these monthly expenses, other future outlays must be accounted for. Before they had a child, Yvette worked as a software engineer, but her knowledge and skills are now somewhat outdated. Therefore, they include $25,000 for Yvette to go back to school. Additionally, Tim and Yvette want to create a college fund of $30,000 to fund their child's college education. They estimate that final expenses (funeral costs and estate taxes) will amount to $12,000. Finally, they have taken out a loan for home improvements of $130,000 and an automobile loan of $5,000. They own their home but still have an outstanding mortgage of $300,000. Using this information, complete the next portion of Step 1 to determine the total financial resources needed. 2. Special needs a. Spouse's education fund b. Child's college fund c. Other needs $0 3. Final expenses (funeral costs and estate taxes) 4. Debt liquidation a. House mortgage b. Other loans c. Total debt (4a+4b) 5. Other financial needs $0…