James needs $80,000 after tax in retirement income. His expected average tax rate will be 22%, and his marginal tax rate will be 30%. How much does he need before tax?
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- AnnssYou will need a calculator for this problem. Sanchez earns $4,000, and she wants to save it for retirement, which is 10 years away. She can either save it in a taxable account or put it into a Roth IRA. Suppose that Sanchez can receive an annual rate of return of 8 percent and her marginal tax rate is 25 percent. By the time she reaches retirement, how much money would she have in either option? [Note: Sanchez has to pay tax on the $4,000, so she cannot put the full amount either into the taxable account or the Roth IRA.]
- John is trying to decide whether to contribute to a Roth IRA or a traditional IRA. He plans on making a $5,000 contribution to whichever plan he decides to fund. He currently pays tax at a 32 percent marginal income tax rate, but he believes that his marginal tax rate in the future will be 28 percent. He intends to leave the money in the Roth IRA or traditional IRA for 30 years, and he expects to earn a 6 percent before-tax rate of return on the account. (Use Table 1.) Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar amount. Problem 13-78 Part b (Static) b. How much will John accumulate after taxes if he contributes to a traditional IRA (consider only the funds contributed to the traditional IRA)?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 Angelo has a yearly salary of $65,800. If he pays a 15% federal tax, a 6.2% social security tax, a 6% unemployment tax, and a 3.5% state tax per year, determine the following: a) Angelo’s yearly taxes. b) Angelo’s monthly take home pay. c) How much Angelo should budget for hisrent.
- Matt recently deposited $41,250 in a savings account paying a guaranteed interest rate of 2.6 percent for the next 10 years. If Matt expects his marginal tax rate to be 22.00 percent for the next 10 years, how much interest will he earn after-tax for the first year of his investment? How much interest will he earn after-tax for the second year of his investment if he withdraws enough cash every year to pay the tax on the interest he earns? How much will he have in the account after 4 years? How much will he have in the account after 7 years?Erin wants a monthly retirement income of $10,000. She will retire on her birthday at age 67 with a $3,000 per month social security monthly benefit and a $3,000 per month defined benefit pension. She expects to die on her birthday at age 90 and would like to leave $100,000 to each of her 4 children. She expects that her assets will grow at 9.9% per year. Her marginal tax rate is 24% and she expects a 2.6% annual rate of inflation. How much will she need to have saved when she retires to assure her desired monthly retirement income along with her desire to pass on some money to her kids?Ramit has contributed $10,000 to his Roth IRA during the last 5 years. The current balanceis $12,000. Ramit wants to withdraw $5,000 from his Roth IRA account so that he can travelto Europe this summer. If he does this, how much will he owe in taxes and penalties on thisdistribution if he is in the 25% tax bracket?
- Asha feels she needs $45,000 per year in retirement. If she receives $30,000 a year from Social Security , at what interest rate must Asha invest her $25,000 of savings for her total income to be at least $45,000 per yearMike just received his income tax refund of $1600, and he needs $1850 to buy a new couch. If his money can earn 3 3/8% simple interest, how long must he invest his money?Mark makes $82,420 per year and pays about 23% of his gross monthly income in federal and state taxes. He wants to find an apartment to rent. Estimate how much he can afford to pay for rent each month. Then determine how much money he will have after taxes and rent are paid