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CONCEPTS IN FED.TAX.,2020-W/ACCESS

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter8: Taxation Of Individuals

Section: Chapter Questions

Problem 51P

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Am. 129.

Exercise 13-16 (Algorithmic) (LO. 4)
Samuel and Annamaria are married, file a joint return, and have three qualifying children. In 2023, they earn wages of $30,000 and have
no other income.
Round your intermediate computations and final answer to the nearest dollar. Click here to access the Earned Income Credit
and Phaseout Percentages Table.
The earned income credit is $
0 X.

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Problem 3-37 (Algorithmic) (LO. 3, 7) Taylor, age 16, is claimed as a dependent by her parents. For 2023, she has the following income: $5,400 wages from a summer job, $1,820 interest from a money market account, and $1,875 interest from City of Chicago bonds. If required, round your answers to the nearest dollar. If required, round your answers to the nearest dollar. If an amount is zero, enter "0". Click here to access the 2023 tax rate schedule. a. Taylor's standard deduction for 2023 is $ Taylor's taxable income for 2023 is $ b. Compute Taylor's "net unearned income" for the purpose of the kiddie tax. Compute Taylor's tax liability. [Her parents file a joint return and have taxable income of $135,000 (no dividends or capital gains).]
Alec, Daniel, William, and Stephen decide today to save for retirement. Each person wants to retire by age 62 and puts $9,600 into an account earning 8% compounded annually. Note: Use tables, Excel, or a financial calculator. Round your answers to 2 decimal places. (FV of $1. PV of $1. FVA of $1, and PVA of $1) Required: Calculate how much each person will have accumulated by the age of 62. Person Age Initial Investment Accumulated Investment by Retirement (age 62) Alec 52 $ 9,600 Daniel 42 9,600 William 32 9,600 Stephen 22 9,600 Determine the future value of the following single amounts. Note: Use tables, Excel, or a financial calculator. Round your final answers to nearest whole dollar amount. (FV of $1, PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) Invested Amount i= n= Future Value 1. $ 20,000 6% 15 2. $ 32,000 8% 14 3. S 44,000 9% 18 4. $ 65,000 6% 15
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Compute the value for each of the following independent situations. Note: Use Excel or a financial calculator. Round your answers to 2 decimal places. 1. To save for their new child's college education, a couple places $28,400 in an account. What amount will accumulate in the account at the end of 18 years, assuming an interest rate of 7.25% compounded annually? 2. An individual has just inherited a piece of land. The individual plans to hold the land for three years and then expects the land to sell for $208,500. What is the value today of inheriting the land, assuming an interest rate of 8.5% compounded annually? 3. To save money for the down payment on a house, an individual places $6,700 in an account at the end of each quarter. What amount will accumulate in the account at the end of four years, assuming an interest rate of 9.75% compounded quarterly? 4. To purchase a car, an individual agrees to pay $1,140 at the end of each month for the next six years. What is the cost of the…
A couple plans to save for their child's college education. What principal must be deposited by the parents when their child is born in order to have $41,000 when the child reaches the age of 18? Assume the money earns 7% interest, compounded quarterly. (Round your answer to two decimal places.)$ ??
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