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Advanced MathContemporary Mathematics for Business & ConsumersBUSINESS DECISION: INVESTING YOUR TAX SAVINGS You are a manager for Vector International. You cam $50,000 per year and are in the 28% federal income tax bracket. Each year you contribute $2,500 tax free to your individual retirement account. IRA. The account cams 8 % annual interest. In addition, the amount of tax that you save each year by making these "pre-tax” contributions is invested in a taxable aggressive growth mutual fund averaging 15% . a. How much tax do you save each year by making the retirement fund contributions? b. How much will the retirement fund be worth in 30 years? c. Although the income from this investment is taxable each year, how much will the “tax savings” fund be worth in 30 years?BuyFind*arrow_forward*

8th Edition

Robert Brechner + 1 other

Publisher: Cengage Learning

ISBN: 9781305585447

Chapter 18.III, Problem 30RE

Textbook Problem

BUSINESS DECISION: INVESTING YOUR TAX SAVINGS

You are a manager for Vector International. You cam $50,000 per year and are in the

a. How much tax do you save each year by making the retirement fund contributions?

b. How much will the retirement fund be worth in 30 years?

c. Although the income from this investment is taxable each year, how much will the “tax savings” fund be worth in 30 years?

Contemporary Mathematics for Business & Consumers

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Ch. 18.I - Use Exhibit 18-1 to determine the amount of sales...Ch. 18.I - Andy Bennett purchased a car for $38,600 at Auto...Ch. 18.I - At the end of a business day, the cash register at...Ch. 18.I - An archery set at The Sports Authority in Mason,...Ch. 18.I - Use Exhibit 18-1 to determine the sales tax and...Ch. 18.I - Use Exhibit 18-1 to determine the sales tax and...Ch. 18.I - Use Exhibit 18-1 to determine the sales tax and...Ch. 18.I - Use Exhibit 18-1 to determine the sales tax and...Ch. 18.I - Use Exhibit 18-1 to determine the sales tax and...Ch. 18.I - Use Exhibit 18-1 to determine the sales tax and...

Ch. 18.I - Calculate the missing information for the...Ch. 18.I - Calculate the missing information for the...Ch. 18.I - Calculate the missing information for the...Ch. 18.I - Calculate the missing information for the...Ch. 18.I - Calculate the missing information for the...Ch. 18.I - Calculate the missing information for the...Ch. 18.I -
Calculate the missing information for the...Ch. 18.I - 14. Gloria Carey purchased a refrigerator at Best...Ch. 18.I - 15. Sig Moline purchased supplies at Office Max...Ch. 18.I - Last month The Sweet Tooth Candy Shops had total...Ch. 18.I - Abby Duncan purchased a diamond necklace for...Ch. 18.I - 18. The federal excise tax on commercial aviation...Ch. 18.I - BUSINESS DECISION: SPLITTING THE TAX You are the...Ch. 18.II - Calculate the tax due on a condominium with an...Ch. 18.II - Calculate the tax due on a three-acre parcel of...Ch. 18.II - Calculate the tax due on a warehouse with an...Ch. 18.II - Calculate the tax due on a farm with an assessed...Ch. 18.II - The budget planners for Mountain View have...Ch. 18.II - Calculate the assessed value and the property tax...Ch. 18.II - Calculate the assessed value and the property tax...Ch. 18.II - Calculate the assessed value and the property tax...Ch. 18.II - Calculate the assessed value and the property tax...Ch. 18.II - Calculate the assessed value and the property tax...Ch. 18.II - Calculate the assessed value and the property tax...Ch. 18.II - Calculate the assessed value and the property tax...Ch. 18.II - Calculate the assessed value and the property tax...Ch. 18.II - Calculate the assessed value and the property tax...Ch. 18.II - Calculate the assessed value and the property tax...Ch. 18.II - Calculate the assessed value and the property tax...Ch. 18.II - Calculate the assessed value and the property tax...Ch. 18.II - Calculate the property tax rate required to meet...Ch. 18.II - Calculate the property tax rate required to meet...Ch. 18.II - Calculate the property tax rate required to meet...Ch. 18.II - Calculate the property tax rate required to meet...Ch. 18.II - Calculate the property tax rate required to meet...Ch. 18.II - 18. Chuck Wells purchased a condominium with a...Ch. 18.II - As the tax assessor for Indian Creek County, you...Ch. 18.II - BUSINESS DECISION: EARLY PAYMENT, LATE PAYMENT
20....Ch. 18.III - Nick Bontempo is single, claiming two exemptions....Ch. 18.III - Julie Goodwin and her husband, Doug, had taxable...Ch. 18.III - Mike Straus had taxable income of $123,545 last...Ch. 18.III - Kenya Dawson had a tax liability of $14,600 last...Ch. 18.III - The Trough Restaurant had taxable income of...Ch. 18.III - As a tax return preparer for The Fernando...Ch. 18.III - As a tax return preparer for The Fernando...Ch. 18.III - As a tax return preparer for The Fernando...Ch. 18.III - As a tax return preparer for The Fernando...Ch. 18.III - As a tax return preparer for The Fernando...Ch. 18.III - As a tax return preparer for The Fernando...Ch. 18.III - As a tax return preparer for The Fernando...Ch. 18.III - As a tax return preparer for The Fernando...Ch. 18.III - 9. Nancy Sullivan sells wholesale school supplies...Ch. 18.III - Use the Tax Table, Exhibit 18-3, to calculate the...Ch. 18.III - Use the Tax Table, Exhibit 18-3, to calculate the...Ch. 18.III - Use the Tax Table, Exhibit 18-3, to calculate the...Ch. 18.III - Use the Tax Table, Exhibit 18-3, to calculate the...Ch. 18.III - Use the Tax Table, Exhibit 18-3, to calculate the...Ch. 18.III - Use the Tax Computation Worksheet, Exhibit 18-4,...Ch. 18.III - Use the Tax Computation Worksheet, Exhibit 18-4,...Ch. 18.III - Use the Tax Computation Worksheet, Exhibit 18-4,...Ch. 18.III - Use the Tax Computation Worksheet, Exhibit 18-4,...Ch. 18.III - Use the Tax Computation Worksheet, Exhibit 18-4,...Ch. 18.III - As a newly hired IRS trainee, you have been asked...Ch. 18.III - As a newly hired IRS trainee, you have been asked...Ch. 18.III - As a newly hired IRS trainee, you have been asked...Ch. 18.III - As a newly hired IRS trainee, you have been asked...Ch. 18.III - As a newly hired IRS trainee, you have been asked...Ch. 18.III - Buck and Meghan Calder had combined income of...Ch. 18.III - Calculate the amount of corporate income tax due...Ch. 18.III - Calculate the amount of corporate income tax due...Ch. 18.III - Calculate the amount of corporate income tax due...Ch. 18.III - Calculate the amount of corporate income tax due...Ch. 18.III - BUSINESS DECISION: INVESTING YOUR TAX SAVINGS You...Ch. 18 - 1. A tax based on the retail selling or rental...Ch. 18 - Sales tax expressed in its most common form, as a...Ch. 18 - 3. Write the formula for calculating the selling...Ch. 18 - 4. A tax levied on certain luxury or nonessenlial...Ch. 18 - Another name for property tax is ____ _____ tax....Ch. 18 - The value of property for tax purposes is known as...Ch. 18 - 7. What are the four methods of expressing...Ch. 18 - 8. As the tax assessor for your city, what formula...Ch. 18 - 9. A pay-as-you-go tax based on the amount of...Ch. 18 - 10. When calculating an individual’s taxable...Ch. 18 - According to the tables and information given in...Ch. 18 - If an individuals taxable income is less than...Ch. 18 - A tax ____ is a dollar-for-dollar subtraction from...Ch. 18 - 14. According to the Corporate Tax Rate Schedule,...Ch. 18 - Use Exhibit 18-1 to determine the sales tax and...Ch. 18 - Use Exhibit 18-1 to determine the sales tax and...Ch. 18 - Calculate the missing information for the...Ch. 18 - Calculate the missing information for the...Ch. 18 - Calculate the missing information for the...Ch. 18 - Calculate the missing information for the...Ch. 18 - 7. Tim Meekma purchased a microwave oven for...Ch. 18 - 8. Yesterday Estate Jewelers had total sales,...Ch. 18 - 9. For its fleet of trucks, Overland Transport,...Ch. 18 - Calculate the assessed value and the property tax...Ch. 18 - Calculate the assessed value and the property tax...Ch. 18 -
Calculate the assessed value and the property tax...Ch. 18 - Calculate the assessed value and the property tax...Ch. 18 - Calculate the property tax rate required to meet...Ch. 18 - Calculate the property tax rate required to meet...Ch. 18 - 16. The Young family is considering the purchase...Ch. 18 - 17. As the lax assessor for Barclay County, you...Ch. 18 - Calculate the missing Information for the...Ch. 18 - Calculate the missing Information for the...Ch. 18 - Calculate the missing Information for the...Ch. 18 - As an accountant for the Give Me A Break Tax...Ch. 18 - As an accountant for the Give Me A Break Tax...Ch. 18 - As an accountant for the Give Me A Break Tax...Ch. 18 - As an accountant for the Give Me A Break Tax...Ch. 18 - As an accountant for the Give Me A Break Tax...Ch. 18 - As an accountant for the Give Me A Break Tax...Ch. 18 - Calculate the amount of tax refund or tax owed for...Ch. 18 - Calculate the amount of tax refund or tax owed for...Ch. 18 - Bob Paris is the promotions director for Power...Ch. 18 - 30. You are the lax consultant for Fidelity...

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