Please Provide correct answer If Lucy earns a 6% after-tax rate of return, $19,000received in four years is worth how much today?a. $15,048.b. $17,884.c. $19,000.d. $20,649.e. None of the choices are correct.

We use the formula:PV =FV/(1+r)^t Step 1: Identify the given valuesFV=19,000r=0.06t=4Step 2:…

Answered: If Lucy earns a 6% after-tax rate of…

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter12: Tax Administration And Tax Planning

Section: Chapter Questions

Problem 22MCQ: Melodie's taxable income is $39,000 and she pays income tax of $4,489. If Melodie's taxable income...

See similar textbooks

Similar questions

Please correct answer and don't use hend raiting
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.
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.
How much does he need before tax on this financial accounting question?
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.
Please given answer general accounting
Russell and Charmin have current living expenses of $66,260 a year. Estimate the present value amount of income they will need to maintain their level of living in retirement. Assume an average tax rate of 11 percent and a(n) 74 percent income replacement ratio. The estimated present value amount of income they will need to maintain their level of living in retirement is?
If Nicolal earns an 9 percent after-tax rate of return, $6,500 today would be worth how much to Nicolai in five years? Use future value Note: Round discount factor(s) to four decimal places. Multiple Choice O O O $6,500 $4,233 $5,964 $7,085 None of the choices are correct.
Jim has a house payment of $2,000 per month of which $1,700 is deductible interest and real estate taxes with the remaining $300 representing a repayment of the principal balance of the note. Jim’s marginal tax rate is 30 percent. What is Jim’s after-tax cost of his house payment? a. $600 b. $540 c. $1,490 d. $1,460 e. Some other amount
A tax credit of $100 for a person in a 24 percent tax bracket would reduce a person's taxes owed by: Group of answer choices $10. $28. $76. $100. $24.
Ruth has asked for help in determining whether she should receive her $32,500 bonus check in the current year or next year. In the current year, her marginal tax rate is 24% and she anticipates she will be in the 32% marginal tax bracket next year. What advice can you give Ruth? Net revenue from bonus $ Current year Ruth should choose to receive her bonus in the ✓year. Next year
Lily earns $80,000 a year and saves 14% of her annual gross income. Assume that Lily wants to maintain her exact pre-retirement lifestyle. The current FICA payroll tax rate is 7.65%. Calculate her wage replacement ratio using the top-down approach (round to the nearest %) and using pre-tax dollars. A. 78% B. 70% C. 92% D. 86%

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 Essntl Tax Individ/Bus Entities 2020

Accounting

ISBN:

9780357391266

Author:

Nellen

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 Essntl Tax Individ/Bus Entities 2020

Accounting

ISBN:

9780357391266

Author:

Nellen

Publisher:

Cengage

PFIN (with PFIN Online, 1 term (6 months) Printed…

Finance

ISBN:

9781337117005

Author:

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

Publisher:

Cengage Learning

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

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

Accounting

ISBN:

9780357110362

Author:

Murphy

Publisher:

CENGAGE L

SEE MORE TEXTBOOKS

If Lucy earns a 6% after-tax rate of return, $19,000 received in four years is worth how much today? a. $15,048. b. $17,884. c. $19,000. d. $20,649. e. None of the choices are correct.