Cody Sebastian, of Lubbock, Texas, earns $56,000 a year. He pays 12 percent of his gross income in federal, state, and local taxes. He has fixed expenses in addition to taxes of $1,600 per month and variable expenses that average $1,400 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.
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Cody Sebastian, of Lubbock, Texas, earns $56,000 a year. He pays 12 percent of his gross income in federal, state, and local taxes. He has fixed expenses in addition to taxes of $1,600 per month and variable expenses that average $1,400 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.
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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 deficitAssume that your starting salary will be $55,000 per year, and assume that you have no additional income sources. Also, assume that Federal income taxes are 27% of your gross income, and that there is not any state tax in Texas. What is your monthly net income?Calculate the paychecks below: 1. Bob is paid an annual salary of $50,000 and taxes are 20%. a. How much is his GROSS Monthly Pay? b. How much is withheld for taxes? c. What is his NET Monthly pay? 2 Manl
- Marc Batchelor, a self-employed sales consultant, has estimated annual earnings of $309,000 this year. His social security tax rate is 12.4% up to the wage base, Medicare is 2.9%, and his federal income tax rate is 24%. How much estimated tax (in $) must Marc send to the IRS each quarter?The expenses and income of an individual are given in table form to the right. Find the net monthly cash flow (it could be positive or negative). Assume salaries and wages are after taxes. When you need to convert between weeks and months, assume that 1 month = 4 weeks. Income Part-time job: $800/month College fund from grandparents: $350/month Scholarship: $6600/year The net monthly cash flow is $ (Round to the nearest dollar as needed.) Expenses Rent: $500/month Groceries: $50/week Tuition and fees: $3600 twice a year Incidentals: $90/weekA person works and earns $3315 dollars but on a pay stub pays 39% to tax. How much money is left over after taxes? Round your answer to the nearest cent.
- A person works and earns $4440 dollars but on a pay stub pays 41% to tax. How much money is left over after taxes? Round your answer to the nearest dollar.Zappy Inc. designs a new financial instrument that called the SafetyNet. This instrument gives the holder access to the following cashflows: For the first 4 years, the holder receives $95 per year starting one year from today (a total of 4 payments). The holder does not receive any cashflows for year 5. Starting at the end of year 6, the holder receives $60 growing at a rate of 4% per year forever. The holder has to pay a “service fee” of $7 every year starting at the end of year 2; this goes on forever. The prevailing discount rate throughout is 6%. The financial engineer would like to determine a fair market price for this financial instrument. What do you suggest this price to be? Please show your work.Bob earns $48,000 per year and his wife Susan earns $ 50,000 per year gross. They have debt as follows: a car loan with $450 per month payment, a visa which requires a minimum monthly payment of $100, and combined student loan payments totaling 350 per month. The bank allows a 32% GDS and 40% TDS. The house they wish to purchase has been appraised at $ 210,000, however the purchase price is $215,000 because it is a seller's market. Monthly property taxes and heating costs are $400 per month total. They are applying for a conventional mortgage (using 80% maximum as the bank's rule) and their selected term is at 3.5% interest lender posted rate and the amortization is 25 years. Currently, consider the Bank of Canada benchmark rate to be 5.25% for stress test purposes on conventional mortgages. Which of the following is closes to the maximum amount of a mortgage loan that Bob and Susan qualify for, based on the Total Debt Service (TDS)? a. $393,908 b. $350, 250 c. $362, 554 d. $322,252
- Maria is a graduate student; she borrows some money to buy a new car at the beginning of her graduation year. The car dealership allows her to defer payments for 12 months. Then Maria makes 48 end-of month payments thereafter. If the original note (loan) is for $30,000 and interest in 2% per month on the unpaid balance, how much will Maria’s payment be? Please Include equations used and cashflow diagramLast year Diane's annual income was $86,011. Use the following Income Tax table to calculate how much Daan paid last year in income tax. Round your answer to the nearest dollar. Only enter the number. Do not enter the dollar sign. For example: 11,526 In the kmageDerek currently has S12, 511.00 in an account that pays 6.00%. He will withdraw S5, 050.00 every other year beginning next year until he has taken 8.00 withdrawals. He will deposit $12511.0 every other year beginning two years from today until he has made 8.0 deposits. How much will be in the account 23.00 years from today?Derek currently has $12, 511.00 in an account that pays 6.00%. He will withdraw $5, 050.00 every other year beginning next year until he has taken 8.00 withdrawals. He will deposit $12511.0 every other year beginning two years from today until he has made 8.0 deposits. How much will be in the account 23.00 years from today?