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Question 18

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12 Trudy is Jocelyn's friend. Trudy looks after Jocelyn's four-year-old son during the day so Jocelyn can go to work. During the year, Jocelyn paid Trudy $4,000 to care for her son. What is the amount of Jocelyn's child and dependent care credit if her AGI for the year was $30,000? (Exhibit 8-9) Multiple Choice $0 $810 $1,080 $3,000

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Nancy Jackson just learned that she received an inheritance from her grandmother. The inheritance provides for Nancy to receive $5100 per year at the end of the year for each of the next 6 years. Assuming a discount rate of 11%, what is the value of this inheritance to Nancy today? 4 Type of Cash Flow PV of $1 FV of $1 PV ordinary annuity FV ordinary annuity PV annuity due O $21576 O $40356 O $18849 O $23949 Periods 6 6 6 6 6 Interest Rate 11% 11% 11% 11% 11% Factor 0.5346 1.8704 4.2305 7.9129 4.6959

192 Q10 Reta had accumulated $119,875.67 in her Registered Retirement Savings Plan (RRSP). She turned 71, and as required by Canadian tax law, converted her RRSP into a Registered Retirement CLR 11 L12 Obj. 6 Income Fund (RRIF). The RRIF will pay her an annuity of $1,800 at the 193 end of every month for 9 years. 194 What is the nominal annual rate of interest? 195 Use Excel or your programmable calculator to solve this problem! 196 197 198 199 200 201 202

12:12 a 28% Question 5 of 17. Abigayle paid $2,750 interest on a qualified student loan during 2022. She is filing a joint return with her husband, Jon, and their MAGI is $150,000. The maximum amount of student loan interest that Abigayle and Jon can deduct on their return is $833 $2,082 $2,500 $2,750 Mark for follow up Question 6 of 17. Bernice is filing a joint return and qualifies to deduct student loan interest on her 2022 tax return. The modified adjusted gross income is $146,000, and her 1098-E shows $3,900 in box 1. For 2022, the maximum student loan interest deduction she can deduct is $33 $2,417 $2,500 $3,900 Mark for follow up >

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1. Louisa is 72 years old. She purchased an annuity in January of 2021 that will pay her $1,500 per month for the rest of her life. Louisa paid $200,000 for the annuity. What is the expected value of Louisa’s annuity?     a. $18,000     b. $21,900     c. $200,000     d. $262,800     e. Not able to be determined from this information

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If Jennifer contributes $500 every quarter into her superannuation fund for the next 45 years, how much will she accumulate assuming she can earn 8% p.a. and the first contribution is made immediately? Select one: a. $858,020.78 b. $652,810.16 c. $90,000.00 d. $875,181.20

Question #35 of 85   Question ID: 1251806 Your client, age 65, has a gross estate valued at $7,000,000, which includes life insurance on his life with a death benefit of $750,000 and payable to his wife, age 35, as the named beneficiary. His primary objectives are: To minimize estate taxes on his death To be assured that his son from a previous marriage receives part of the life insurance proceeds To minimize the income tax burden on his beneficiaries The insurance technique that is most appropriate to enable your client to achieve all of his objectives is to have the death benefit     A) left with the insurer to be paid to his wife under an interest-only option.     B) paid to a trust that gives his wife a general power of appointment over the funds.     C) paid to a QTIP trust that restricts his wife’s right to the corpus and which gives the remainder to his son.     D) paid to his wife under a fixed-income option for the duration of her life.

Allocation of assets at death to an emergency fund is intended to replace some of the financial flexibility the family enjoyed when the breadwinner was alive. If the client's monthly income is $5,000, then how large an emergency fund should the client normally plan for when doing insurance planning? ⚫a. $5,000 Ob. $10,000 Oc. $75,000 . d. $30,000