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Last year, Lien earned $1700 more than her husband. Together they earned $39,700. How much did each of them earn?
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- Sandy and John Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2022, Sandy worked as a computer technician at a local university, earning a salary of $152,000, and John worked part time as a receptionist for a law firm, earning a salary of $29,000. Sandy also does some Web design work on the side and reported revenues of $4,000 and associated expenses of $750. The Fergusons received $800 in qualified dividends and a $200 refund of their state income taxes. The Fergusons always itemize their deductions, and their itemized deductions were well over the standard deduction amount last year. Assume that in the previous year, Fergusons got the full benefit of deducting the entire amount of their state income taxes. Use Exhibit 8-10. Tax Rate Schedule. Dividends and Capital Gains Tax Rates. 2022 AMT exemption for reference. The Fergusons reported making the following payments during the year: • State income taxes of $4,400. Federal tax withholding of…At the start of the year, Josh has assets worth $500,000. He has debts worth $350,000. Over the year, he earns $200,000 of which he pays $50,000 in tax. He spends $50,000 on goods and services. He pays interest on his debt at 10% of $350,000. He pays off $30,000 of his debts.His assets go up in value by $25,000. What is his net worth at the end of year.Leon and Heidi decided to invest $2,750 annually for only the first Nine years of their marriage. The first payment was made at age 25. If the annual interest rate is 9%, how much accumulated interest and principal will they have at age 70?
- Andy, Bala, Chunli and Danny shared some money. Andy had $296. Bala had $60 less than Chunil. Danny had 1/5 of what Chunli had. Bala had 35% of the total amount of money. (a) How much money did all of the have altogether? (b) What percentage of the total amount was Andy's share of the money?Amy earns an income of 50,000 this year as an employee of rooster enterprises. She pays the following amounts during the year: Contribution to Traditional IRA : 5000 PreTax Cuts and Jobs Act Alimony she paid to her ex husband: 10,000 Medical expenses: 6000 What is Amy's Adjusted Gross Income? (AGI) a. 29000 b. 34000 c. 35000 d. 39000Lee Sutherlin is a self-employed electrical consultant. He estimates his annual net earnings at $38,200. How much Social Security and Medicare must he pay (in $) this year?
- Jenny's net worth increased from $600,000 to $750,000 this year. During the year, she inherited $50,000 in stocks and bonds. Jenny earned a salary of $80,000 and saved $10,000 of her salary in her 401(k) plan. Jenny contributed $3,000 to her IRA from her checking account. She also used $5,000 from her money market to purchase new bedroom furniture. Her investments grew by $75,000. Assuming these are all of her transactions, what was the principal reduction on her mortgage? $5,000 $10,000 $15,000 $20,000 $25,000Carol is age 65 and single. She has no earned income but does make about $10,000 a year from interest and dividends. Which of the following statements is true? She may make a $7,000 contribution to a Roth IRA this year. She may make a traditional IRA or a Roth IRA contribution this year. She may make a $7,000 contribution to a traditional IRA this year. O She may not make a traditional IRA or Roth IRA contribution this year.Twins Natalie and Kaitlyn are both age 27. They both live in Warren, Ohio. Beginning at age 27, Natalie invests $2,000 per year for ten years and then never sets aside another penny. Kaitlyn waits ten years and then invests $2,000 per year for the next 30 years. Assuming they both earn 7 percent, how much will each twin have at age 67.
- Bertha and Martha are twins, and just graduated from college. They plan to retire in 40 years. To that end, each has a 401-k tax-advantaged retirement account. Martha contributes $1,000 per month only for the first five years. Bertha does not contribute during the first 20 years but contributes $2,500 per month during the last 20 years. 14) How much would Martha’s account hold at retirement if she earned an annual rate of 11.5%? A) $3,347,918.85 B) $1,940,849.36 C) $2,999,789.12 *D) $4,425,537.6. First compute the FV of the 60-month annuity and then compound the lump-sum for the next 420 months. Use a periodic rate. 15) 15) How much would Bertha’s account hold at retirement if she also earned an annual rate of 11.5%? A) $3,350,918.25 *B) $2,312,752.65 C) $1,978,400.10 D) $2,711,542.16. Please show the work step by step through financial calculator.Barry and Mary have accumulated over $5.2 million during their 50 years of marriage. They have two children and seven grandchildren. How much money can they gift to their children in 2020 without any gift tax liability?Sandy and John Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2023, Sandy worked as a computer technician at a local university earning a salary of $153,500, and John worked part time as a receptionist for a law firm, earning a salary of $30,500. Sandy also does some Web design work on the side and reported revenues of $5,500 and associated expenses of $1,500. The Fergusons received $1,100 in qualified dividends and a $275 refund of their state income taxes. The Fergusons always itemize their deductions, get the full benefit of deducting the entire amount of state income taxes paid, and their itemized deductions were well over the standard deduction amount last year. Use Exhibit 8-10, Tax Rate Schedule, Dividends and Capital Gains Tax Rates, 2023 AMT exemption for reference. The Fergusons reported making the following payments during the year: • State income taxes of $4,775. Federal tax withholding of $21,000. • Alimony payments to Sandy's former…
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