1.Cecilia and Nathan estimate their total cost for a vacation in Australia to be $14,775.a. What percentage is this cost of their combined gross monthly income of $8775?b. If 72% of their gross monthly income is already consumed by rent, taxes, car payments and otherregular living expenses, what percentage is the trip's cost of their remaining annual disposable income

SOLUTION TOTAL COST IS THE TOTAL EXPENDITURE INCURRED TO PRODUCE SOME TYPE OF OUTPUT.

Answered: 1.Cecilia and Nathan estimate their…

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter2: Gross Income And Exclusions

Section: Chapter Questions

Problem 10MCQ: Which of the following will result in the recognition of gross income? Gail's employer allows her to...

See similar textbooks

Similar questions

The average U.S. family spends about 16% of its income on housing and 12% on household expenses. If a family’s monthly income is $3,125, how much does it spend on housing and household expenses?
Catherine's monthly expenses on food, transportation, and rent are in the ratio 2 : 3 : 10, respectively. If he spends $210 on food, how much does he spend on transportation and rent? Round to the nearest cent a. What is the transportation amount? b. What is the rent amount? Your friend from Australia purchased a computer for C$3,900 while visiting you for the holidays, when the exchange rate was C$1 = A$1.0285. If the exchange rate changed to C$1 = A$1.0484, what was the change in value of the computer in Australian dollars?
Inno earns P^(180000).00 a year. If he spends (1)/(5) for food, (1)/(8) for rent, (1)/(10) for clothing, and (1)/(20) for recreation: a. How much does he spend for each? b. How much is his total expenses? c. How much does he save? d. What fractional part of his earnings is his savings?
7. The market value of Jennifer and Neil's home is $319,000. The assessed value is $280,000. The annual property tax rate is $19.70 per $1,000 of assessed value. a. What is the property tax on their home? b. How much do they pay monthly toward property taxes? Round to the nearest cent.
7. The market value of Christine and Gene's home is $275,000. The assessed value is $230,000. The annual property tax rate is $17.50 per $1,000 of assessed value. a. What is the property tax on their home? b. How much do they pay monthly toward property taxes? Round your answer to the nearest cent.
Analyze and calculate your average monthly disposable and discretionary incomes. Suppose your salary is your only source of income. You receive Php 72 000.00 gross monthly income. You pay personal income taxes of 32%. You are living with your parents so you do not pay rent. However, you settle your family's utilities such as average monthly electricity bill of Php 2 300.00, water bill of Php 550.00, and cable and Internet bill of Php 1 999.00. You spend an additional P5 000.00 for transportation expenses and allot Php 10 000.00 per month for your savings.
B. Barney and Alyson agree on the price calculated above. Ignoring tax and any other expenses, what is the effective annual return that Alyson has made on her investment? Recall that she has received 2 payments of $37 and the sale price. Give your answer as a percentage to 4 decimal places.
Anna has the following income for the quarter: a. Professional income P80,000 b. Income from her business P30,000 c. Compensation income P40,000 d. Interest income from bank deposit P10,000. 1. What amount of income will Anna report in her quarterly income tax return? a. P80,000 b. P110,000 c. P120,000 d. P150,000 2. If Anna, opted to use 8% rate, how much is her income tax due in her quarterly ITR? a. P6,400 b. P8,800 c. P9,600 d. P12,000
Suppose Alexa has a weekly paycheck with gross earnings of $1,234.00 and is single with no dependents. a. Calculate her Federal Withholding Tax for the pay period using the Wage Bracket Method. b. Find Alexa’s net pay, in addition to all mandatory deductions, she has union dues of $5.00, she has both medical and dental insurances and she has a cafeteria plan contribution of $15.00.
Would a person with the following income and expenses qualify for a home based on the front end affordability ratio? Annual gross income = $60,000 Monthly principal and interest payment = $1,000 Monthly home insurance payment = $100 Monthly property tax payment = $100 Monthly credit card payment = $50 Monthly car payment = $250 Monthly student loan payment = $200
Assuming the following information, what is the upper limit George and Sarah could pay on monthly consumer debt payments? Note: Some items may not be factors in determining take-home pay. George and Sarah's gross salary is $5,790 per month 4.5% is deducted from their salary and put in a 401K retirement savings account 12% is deducted for federal income tax 6.2% is deducted for Social Security 1.4% is deducted for federal Medicare tax 5% is deducted for state income tax withholding George and Sarah also pay 11% of their gross income to their Church.
Maddie Marlow and Jonah Font have an adjusted gross income of $174,200. They are looking for a new house. Their monthly mortgage payment would be $1,710. Their annual property taxes would be $12,350 and their annual homeowner's premium would be $1080. Calculate their front-end ratio.Front-end ratio = Monthly housing expenses / Monthly gross income

SEE MORE QUESTIONS

Recommended textbooks for you

Income Tax Fundamentals 2020

Accounting

ISBN:

9780357391129

Author:

WHITTENBURG

Publisher:

Cengage

Pfin (with Mindtap, 1 Term Printed Access Card) (…

Finance

ISBN:

9780357033609

Author:

Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:

Cengage Learning

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

Income Tax Fundamentals 2020

Accounting

ISBN:

9780357391129

Author:

WHITTENBURG

Publisher:

Cengage

Pfin (with Mindtap, 1 Term Printed Access Card) (…

Finance

ISBN:

9780357033609

Author:

Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:

Cengage Learning

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

SWFT Essntl Tax Individ/Bus Entities 2020

Accounting

ISBN:

9780357391266

Author:

Nellen

Publisher:

Cengage

SEE MORE TEXTBOOKS