Steps forAshley Warren earned $ 68, 500 last year while paying $ 22,000 in housing expenses, $ 4, 400 on utilities, $4,000 on food, $30,000 in miscellaneous expenses, and $14, 663 in taxes. What cash surplus or deficit did Ashley earn last
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Steps forAshley Warren earned $ 68, 500 last year while paying $ 22,000 in housing expenses, $ 4, 400 on utilities, $4,000 on food, $30,000 in miscellaneous expenses, and $14, 663 in taxes. What cash surplus or deficit did Ashley earn last year?
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- Cody Sebastian, of Lubbock, Texas, earns $56,000 a year. He pays 14 percent of his gross income in federal, state, and local taxes. He has fixed expenses in addition to taxes of $2,000 per month and variable expenses that average $1,300 per month. What is his net cash flow (surplus or deficit) for the year? Enter negative values with minus sign. Round your answer to the nearest dollar. $ surplus or deficitJennifer Pontesso, from Lincoln, Nebraska, wants to better understand her financial situation. Use the following balance sheet and cash flow statement information to determine her net worth and her net surplus for a recent month. Liquid assets: $9,000; home value: $230,000; monthly mortgage payment: $1,350 on $170,000 mortgage; investment assets: $70,000; personal property: $22,000; total assets: $331,000; short-term debt: $3,240 ($270 a month); total debt: $173,240; monthly gross income: $10,000; monthly disposable income: $6,500; monthly expenses: $5,500. Round your answers to the nearest dollar.Jennifer Pontesso, from Lincoln, Nebraska, wants to better understand her financial situation. Use the following balance sheet and cash flow statement information to determine her net worth and her net surplus for a recent month. Liquid assets: $10,000; home value: $210,000; monthly mortgage payment: $1,300 on $170,000 mortgage; investment assets: $90,000; personal property: $20,000; total assets: $330,000; short term debt: $5,500 ($250 a month); total debt: $175,500; monthy gross income: $9,000; monthly disposable income: $6,800; monthly expenses: $6,000.
- At the start of the year, Josh has assets worth $500,000. He has debts worth $350,000. Over the year, he earns $200,000 of which he pays $50,000 in tax. He spends $50,000 on goods and services. He pays interest on his debt at 10% of $350,000. He pays off $30,000 of his debts.His assets go up in value by $25,000. What is his net worth at the end of year.Angela's monthly disposable income is $3,188. She has monthly expenses of $2,869 (including recreational expenses of $404) and net cash flow of $319 per month. Angela makes a budget based on her personal cash flow statement. In two months, she must pay $389 for tags and taxes on her car. How much can Angela expect to save in the next 12 months?Yolanda is a cash basis taxpayer with the following transactions during the year: Cash received from sales of products $66,000 Cash paid for expenses (except rent and interest) 40,000 Rent prepaid on a leased building for 18 months 45,000 beginning December 1 Prepaid interest on a bank loan, paid on 5,000 December 31 for the next 3 months Calculate Yolanda’s income from her business for this calendar year. Sales income $_____________ Expenses: Other than rent and interest $______________ Rent $_____________________ Interest $__________________ Net income $_______________
- Personal income amounted to $17 million last year. Personal current taxes amounted to $4 million and personal outlays for consumption expenditures, non - mortgage interst, and so forth were $12 million. Required: a. What was the amount of disposable personal income last year?Ryan's day care business collected $35,000 in revenues. In addition, customers owed him $3,000 at year-end. During the year, Ryan spent $5,500 for supplies, $1,500 for utilities, $15,000 for rent, and $500 for miscellaneous expenses. One customer gave him use of their vacation home for a week (worth $2,500) in exchange for Ryan allowing their child to attend the day care center free of charge. Ryan accounts for his business activities using the cash method of accounting.Matty Kim, an accountant for Vernitron, earned $111,000 from January to June. In July, Matty earned $20,000. Assume a tax rate of 6.2% for Social Security on $118,500 and 1.45% on Medicare. How much are the July taxes for Social Security and Medicare?
- PERSONAL TAXES Mary Jarvis is a single individual who is working on filing her tax return for the previous year. She has assembled the following relevant information: She received $82,000 in salary. She received $12,000 of dividend income. She received $5,000 of interest income on Home Depot bonds. She received $22,000 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $9,000. She received $10,000 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $7,500. Mary only has allowable itemized deductions of $7,500, so she will take the standard deduction of $12,400. The standard deduction is subtracted from her gross income to determine her taxable income. Assume that her tax rates are based on the tax tables presented in the chapter. What is Mary’s federal tax liability? What is her marginal tax rate? What is her average tax rate?Last year, Marylynn opened Baron’s Appliance Sales and Service. Her tax accountant provided the year’s results. Gross income = $320,000 Business expenses = $149,000 MACRS depreciation = $95,000 Average federal tax rate = 18.5% Average state tax rate = 6% City and county flat tax rates combined = 4.5%Determine the following for Marylynn.a. Taxable income.b. Exact amount of federal income taxes.c. Estimate of percent of the GI needed to pay all income taxes—federal, state, city and county.Assume that Lito Maria has a basic monthly income of 65,980. His company provides the following benefits to their employees: educational benefit of 45,000 per child (Lito has 5 children, 1 has already graduated is working); rice allowance of 1500 per month; load allowance of 800 per month; laundry allowance given every end of the quarter 2500; uniform allowance given every March 8,000 and an anniversary bonus of 12,000 given every October. His company provides 13th month pay as mandated by the government. Compute for the problems individually unless specifically stated.1. Compute for his withholding tax for the month of March given that he had overtimes amounting to 2,980. And holiday pay of 5,275.38. Plus any benefits received this month?