Leroy s employer has offered him the following employment package at Providence Hospital. Salary.$300,000 Housing Allowance to live close to hospital. $25,000 Dental Insurance $2,000 Life Insurance.$10,000 Membership to EP Fitness $7,000 Tuition reimbursement for continuing education $3,000 What is Leroy s gross income from his employment?

Leroy s employer has offered him the following employment package at Providence Hospital. Salary.$300,000 Housing Allowance to live close to hospital. $25,000 Dental Insurance $2,000 Life Insurance.$10,000 Membership to EP Fitness $7,000 Tuition reimbursement for continuing education $3,000 What is Leroy s gross income from his employment?

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter2: Career Planning

Section: Chapter Questions

Problem 3DTM

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Harvey Cook, 45, is a recently divorced father of two children, ages 10 and 7. He currently earns $95,000 a year as an operations manager for a utility company. The divorce settlement requires him to pay $1,500 a month in child support and $400 a month in alimony to his ex-wife. Harvey is now renting an apartment, and the divorce settlement left him with about $100,000 in savings and retirement benefits. His employer provides a $75,000 life insurance policy. Harvey’s ex-wife is currently the beneficiary listed on the policy. What advice would you give to Harvey? What factors should he consider in deciding whether to buy additional life insurance at this point in his life? If he does need additional life insurance, what type of policy or policies should he buy? Use Worksheet 8.1 to help answer these questions for Harvey.
Lorenzo Ricci, a 38-year-old computer programmer, earns $96,000 a year. His monthly take-home pay is $4,800. His wife, Siena, works part-time at their children’s elementary school but receives no benefits. Under state law, Lorenzo’s employer contributes to a workers’ compensation insurance fund that would provide $2,250 per month for six months if he were disabled and unable to work. Use Worksheet 9.2 to calculate Lorenzo’s disability insurance needs assuming that he won’t qualify for Medicare under his Social Security benefits. Based on your answer in part a, what would you advise Lorenzo about his need for additional disability income insurance? Discuss the type and size of disability income insurance coverage that he should consider, including possible provisions that he might want to include. What other factors should he take into account if he decides to purchase a policy?
LO.2 What is the taxpayers gross income in each of the following situations? a. Darrin received a salary of 50,000 from his employer, Green Construction. b. In July, Green gave Darrin an all-expense-paid trip to Las Vegas (value of 3,000) for exceeding his sales quota. c. Megan received 10,000 from her employer to help her pay medical expenses not covered by insurance. d. Blake received 15,000 from his deceased wifes employer to help him in his time of greatest need. e. Clint collected 50,000 as the beneficiary of a group term life insurance policy when his wife died. The premiums on the policy were paid by his deceased wifes employer.
LO2 Joyce Lee earns 30,000 a year. Her employer pays a matching Social Security tax of 6.2% on the first 118,500 in earnings, a Medicare tax of 1.45% on gross earnings, and a FUTA tax of 0.6% and a SUTA tax of 5.4%, both on the first 7,000 in earnings. What is the total cost of Joyce Lee to her employer? (a) 32,295 (b) 30,000 (c) 30,420 (d) 32,715
Q1. Your employer uses a flat benefit formula to determine retirement payments to its employees. The fund pays an annual benefit of $2,500 per year of service. Calculate your annual benefit payment for 25, 28 and 30 years of service.
PART A: Ms. Sonia Nexus is a computer specialist with net employment income of $96,000 in 2019. She had a pension adjustment of $5,000. During the year ending December 31, 2019 she has: interest income of $10,250, rental losses of $6,750, and a loss from her unincorporated business of $8,000 In addition, she makes spousal support payments of $14,000. She had unused RRSP contribution room from prior years of $4,500. Required: Calculate Ms. Nexus’s earned income for RRSP purposes and her maximum contribution possible. Show all calculations.
Question A The basic needs standard for a family of four is $420.00. The total income for the Smith family of four is $180.00 per month, of which the first $30.00 plus one-third of the remainder is disregarded in determining countable income. The amount of the payment is based upon a reduced standard of 75% of the basic needs standard less the family's countable income. How much will the Smith family receive per month if they apply for assistance? A) $106.00 B) $225.00 C) $331.00 D) $346.00 E) None of the above. Full explain this question and text typing work only We should answer our question within 2 hours takes more time then we will reduce Rating Dont ignore this line
Deciding if additional life insurance is needed and, if so, appropriate type. Use Worksheet 8.1. Harvey Cook, 45, is a recently divorced father of two children, ages 10 and 7. He currently earns $95,000 a year as an operations manager for a utility company. The divorce settlement requires him to pay $1,500 a month in child support and $400 a month in alimony to his ex-wife. She currently earns $35,000 annually as a schoolteacher. Harvey is now renting an apartment, and the divorce settlement left him with about $100,000 in savings and retirement benefits. His employer provides a $75,000 life insurance policy. Harvey’s ex-wife is currently the beneficiary listed on the policy. What advice would you give to Harvey? What factors should he consider in deciding whether to buy additional life insurance at this point in his life? If he does need additional life insurance, what type of policy or policies should he buy? Use Worksheet 8.1 to help answer these questions for Harvey.
Use Exhibit 14.2 to estimate the average Social Security benefits for a retired couple. Assume that one spouse has a part-time job that pays $28,000 a year, and that this person also receives another $47,000 a year from a company pension. Assume, that the earnings limit was $17,040 per year. Also assume for Social Security benefits the recipients are aged below 67 and will lose $1 in benefits for every $2 they earn above the earnings test amount. Also assume that they would have to pay taxes of 50% on a combined income between $32,000 and $44,000, of their Social Security benefits. If their combined income is more than $44,000, up to 85% of their Social Security benefits is subject to income tax. Round your answer to the nearest dollar.$ __________ Based on current policies, would this couple be liable for any tax on their Social Security income?-Select: YES or NO
2.Allan S. Gala is a sales representative at a private pharmacy. He is given a monthly rice subsidy of P2,000.00 over his monthly salary of P24,300.00. How much is his monthly net pay
question 26 Sean is paid a semi-monthly salary in the amount of $3750. His employer also pays his life insurance premium of $20/month. His income tax withholding on the current pay is $690. Sean also contributes $5 per pay to his Canada Savings Bonds. Sean has contributed $1500 to CPP for the year and $600 to EI. What is the EI expense?
6 Marty, do you have two qualifying children for the child and dependent care credit they paid $5200 for their eligible work related expenses Marty's W-2 shows $56,720 and box. One day was a full-time student for 10 months dollar amount for the work related child care expenses is a $2500 be $3000 C50200 $ D $8000 in none of these.