Mark and Parveen are the parents of three young children. Mark is a store manager in a local supermarket. His gross salary is $75,000 per year. Parveen is a full-time stay-at-home mom. Use the easy method to estimate the family's life insurance needs.
Q: Kelly is a diligent mother who has just finished supporting her two children, Susan, aged 23, and…
A: The objective of the question is to calculate the annual savings Kelly needs to make to accumulate a…
Q: 3. What percentage of Mary’s income does she spend on health insurance
A: Here we have, Mary`s bi monthly income = $468Mary`s bi monthly health insurance =$26.54
Q: Jack graduated from college two years ago and has been working at his job in his degree field for…
A: Part 2:Explanation:Jack should keep his Renters Insurance because it provides coverage for his…
Q: Adrienne is a single mother with a six-year-old daughter who lived with her during the entire year.…
A: The objective of this question is to calculate the amount of child and dependent care credit that…
Q: Chris and Sarah are married with three qualifying children. Their earned income is $27,000. Using…
A: The Earned Income Tax Credit (EITC), now and again referred to as EIC, is a tax credit score for…
Q: Rudabeh, 34, and Donovan, 31, want to buy their first home. Their current combined net income is…
A: To begin realizing their home purchase goal, Rudabeh and Donovan should prepare both an income…
Q: Marthda and Louis Mitchell are a dual-career couple who just had their first child. Louis, age 30,…
A: Whole life insurance considers payment of premium amount regularly as written in the policy contract…
Q: Mary is a single mother with 2 children: Ted, age 14, and Cindy, age 10. Her adjusted gross inco…
A: The dependent and childcare credit seems to be a tax benefit available to individuals who spend on…
Q: Jacob's friend, Devan, wants to go to business school. While his father will share some of the…
A: The present value is the value of the sum received at time 0 or the current period. It is the value…
Q: Your clients Aiden, 35, and Delora, 37, have had many life changes in the past year. Aiden secured a…
A: Insurance: Insurance is an agreement or contract, presented by an insurance policy, in which a…
Q: Krista and Landor are new parents. They have a two-month-old baby girl and they are considering…
A: In the given scenario, Krista and Landor purchased life insurance with a child coverage rider for…
Q: Phoenix is the owner of Recycle Plus Inc. a successful recycling company. Phoenix earns over $1…
A: The objective of the first part of the question is to determine the best course of action for…
Q: Janine is 45 and has a good job at a biotechnology company. Janine estimates that she will need…
A:
Q: Tim and Allison are married and have two children, ages 10 and 12. Allison is a "nonworking" spouse…
A: Life insurance is a contract between an insurance policy holder and an insurance company. In this…
Q: Adrienne is a single mother with a six-year-old daughter who lived with her during the entire year.…
A: The Child and Dependent Care Credit is a tax benefit that helps eligible taxpayers offset the costs…
Q: For several years, Annie’s employer has offered a traditional indemnity plan for healthcare coverage…
A: To help the decision-making process, the following assumptions would have to be made: AB is assumed…
Q: Adrienne is a single mother with a six-year-old daughter who lived with her during the entire year.…
A: child and dependent care credit Taxpayers who cover childcare costs out of pocket are eligible for…
Q: Maria has spent over $100,000 on medical bills and a nurse aid who lives in her house. She has been…
A: D) $1,000,000Explanation:Step 1:The answer to Maria's situation involves understanding the tax…
Q: Which of the following taxpayers are liable to pay the Medicare levy surcharge? Select one: A. Ian…
A: The following persons are not required to Pay Medical Levy Surcharge Single Less than 90,000…
Q: Reba is a single taxpayer. Lawrence, Reba's 84-year-old dependent grandfather, lived with Reba until…
A: Answer are as follows.
Q: Amelia and Addison are your grandparents. Amelia and Addison asked you to help them with their tax…
A: Taxable Income: When the assessee is earned the income from different sources then it adds on all…
Q: Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer…
A: * As per the bartleby guidelines, in case of interlinked question answer first 3 only You are…
Q: Sunya established a qualified tuition program for each of his twins, Kim and Jim. He started each…
A: For tax purposes, a qualified tuition program is established by parents for funding their kid's…
Q: Johnson has a life insurance policy, a medical insurance policy, a fire insurance policy and a motor…
A: An insurance contract is an agreement between two parties where one party promises to indemnify the…
Q: Jada (age 53) and Elijah (age 60) are married, and both are self-employed. In 2023, they participate…
A: If taxpayers are enrolled in a High Deductible Health Plan (HDHP), consumers can use their Health…
Q: Lina, age 32, has a high-deductible health plan (HDHP) at her work. She is single and contributes…
A: A Health Savings Account (HSA) is a tax-advantaged financial account that is designed to help…
Q: ked outside the home since Jason was born. As Jason is getting older, Ashby thinks that Jason would…
A: Child and dependent care credits refer to a form of tax relief provided by the government to the…
Q: Ashley Panda lives at 1310 Meadow Lane, Wayne, OH 43466, and her Social Security number is…
A:
Q: Cleveland is a post
A: What's a Health Savings Account? A Health Savings Account (HSA) is a type of personal savings…
Q: Toby wishes to obtain auto insurance for his two-year-old car in model class H. He wants 50/100/50…
A: We have to find the insurance premium for an auto insurance with 50/100/50 liability coverage.
Q: The Baulding family has a basic health insurance plan that pays 80 percent of out-of-hospital…
A: The family has a fixed deductible plan, that is a plan in which each family member might be…
Q: Martha and Jean are married and have 4-year old twins. Jean is going to school full-time for 9…
A: $900. Jean gets credit for $500, a month of earned income while she attends school for nine months,…
Q: Stan and Julie Wallace have been married for over two years. They have been trying to save for a…
A: Answer:- Income and expense statement meaning:- An income and expense statement provides a timeline…
Q: Shaan and Anita are married and have two children, ages 4 and 7. Anita is a “nonworking” spouse who…
A: The answer is stated below:
Q: Suppose you have $5,000 as a gift from your parents just after they kicked you out of the house. You…
A: Assets owned : Collection of world War 1 badges Automobile 5000 cash Work in a factory where work…
Q: In 2020, Jack and Eri are married. Jack earns $150,000 from his job as a finance executive. Eri…
A: Gross Income Gross income which are included the income which are derived through salary and other…
Q: Paolo and Sharon Ferrari have completed Step 1 of their needs analysis worksheet and determined that…
A: The objective of the question is to calculate the additional life insurance needed by Paolo and…
Q: Ashley Panda lives at 1310 Meadow Lane, Wayne, OH 43466, and her Social Security number is…
A: 2022 Federal Tax Return for Ashley PandaForm 1040: U.S. Individual Income Tax ReturnPersonal…
Q: Christian and Monica are married and are both in good health with reasonably secure careers.…
A: DINK method is a way of determining how much insurance is needed based on how much is the liability.
Q: 45. Tim and Sarah Lawrence are married and file a joint retum. Tim's Social Security number is…
A: 45. Tim and Sarah are married and file a joint return They have two dependent children aged 12 and…
Q: Derek and Meagan Jacoby recently graduated from State University, and Derek accepted a job in…
A: The money you make when you dispose of an asset is a recognized gain. When referring to the sum of…
Q: Janine is 50 and has a good job at a biotechnology company. Janine estimates that she will need…
A: You can make tax-advantaged retirement savings using an individual retirement account (IRA). An…
Q: Reba is a single taxpayer. Lawrence, Reba's 84-year-old dependent grandfather, lived with Reba until…
A: Step 1: Understanding Qualifiable Medical ExpensesMedical expenses for tax purposes include payments…
Q: Susan is in an indemnity health insurance plan that has a $500 deductible and a co- insurance…
A: The procedure normally operates as follows under an indemnity health insurance plan with a…
Q: Tom and Tina are updating their financial plan and are concerned that they might not have enough…
A: please like the answer your response matters An easy method of Life Insurance works for a Simple…
Step by step
Solved in 2 steps
- Choosing among types of life insurance. Camila Rodriguez, a 38-year-old widowed mother of three children (ages 12,10, and 4), works as a product analyst for a major consumer products company. Although she’s covered by a group life insurance policy at work, she feels, based on some rough calculations, that she needs additional protection. Leon Thompson, an insurance agent from Insurance Advisers, has been trying to persuade her to buy a $150,000, 25-year, limited payment whole life policy. However, Camila favors a variable life policy. To further complicate matters, Camila’s father feels that term life insurance is more suitable to the needs of her young family. a. Explain to Camila the differences between (i) a whole life policy, (ii) a variable life policy, and (iii) a term life policy. b. What are the major advantages and disadvantages of each type of policy? c. In what way is a whole life policy superior to either a variable life or term life policy?In what way is a variable…Kelly is a diligent mother who has just finished supporting her two children, Susan, aged 23, and Randy, aged 25, through their university education. Both Susan and Randy have embarked on their careers and have moved out. Kelly wants to continue supporting them by providing financial assistance for their future endeavors, such as purchasing their first home or pursuing further education. She aims to give each of them an equal amount of money when they reach the age of 30. Currently, Kelly has $15,000 in savings, which she plans to allocate to Randy, as she will reach 30 first. She intends to provide Randy with $35,000. Kelly's investments generate a 6% return before tax, and her marginal tax rate is 35%. The inflation rate is estimated to be 3%.All savings are deposited at the end of the year.Required:(a) Calculate the annual savings Kelly needs to make to accumulate $35,000 to give to Randy when she turns 30.(b) Determine the fair amount Inaaya should give to Susan when he reaches 30,…John and Tara Smith are married and have lived in the same home for over 20 years. John's uncle Tim, who is 64 years old, has lived with the Smiths since March of this year. Tim is searching for employment but has been unable to find any-his gross income for the year is $2,000. Tim used all $2,000 toward his own support. The Smiths provided the rest of Tim's support by providing him with lodging valued at $5,000 and food valued at $2,200. Assume the original facts except that Tim earned $10,000 and used all the funds for his own support. Assume the original facts except that Tim is a friend of the family and not John's uncle
- Mr. Sweeney has a 12-year-old nephew, Todd, who is trying to save up for a $300 bike. Mr. Sweeney wishes to help Todd, but he also wants to teach him a lesson in hard work and the value of money. Mr. Sweeney and Todd strike the following bargain: each week, Todd will mow the lawn for Mr. Sweeney, and in return, Mr. Sweeney will deposit $25 in Todd's savings account, which pays an annual percentage interest rate of 5.2%. How many months will it take Todd to save up enough money to buy the bike? Assume there are 4 weeks in a month. a. 2.50 months O b. 2.15 months C. 3.02 months d. 3.53 months e. 4.08 monthsUrsula is employed by USA Corporation. USA Corporation provides medical and health, disability, and group term life insurance coverage for its employees. Premiums attributable to Ursula were as follows: (Click the icon to view the premiums attributable to Ursula.) During the year, Ursula suffered a heart attack and subsequently died. Before her death, Ursula collected $14,000 as a reimbursement for medical expenses and $5,000 of disability income. Upon her death, Ursula's husband collected the $40,000 face value of the life insurance policy. Read the requirements. Requirement a. What amount can USA Corporation deduct for premiums attributable to Ursula? (Enter a "0" if none of the premiums are deductible.) The premiums attributable to Ursula that USA Corporation can deduct is Requirement b. How much must Ursula include in income relative to the premiums paid? (Enter a "0" if none of the premiums paid should be included in income.) 0 $4,100 Ursula must report income of She must report…Jermaine Watson is a single father with a son, Jamal, who qualifies as a dependent. They live at 5678 SE Stark St., Portland, OR 97233. Jermaine works at first bank of Oregon. Jamaal attends school and at the end of the school day he goes to a dependent care facility next-door to his school, where Jermaine picks him up after work. Jermaine pays $800 per month to the care facility (Portland Day Care, 4567 SE Stark St,. Portland, OR 97233. EIN 90-654-3210). Jermaine's W-2 from the first bank of Oregon is as follows: Wages (box 1) = $71,510.00 Federal W/H (Box 2) = $3,197.00 Social Security wages (box 3) = $71,510.00 Social Security W/H (box 4) = $4,433.62 Medicare wages (Box 5) = $71,510.00 Medicare W/H (Box 6) = $1,036.90 State Income Taxes (Box 17) = 1,134.90 Jermaine takes one class a semester at Portland State University towards an MBA degree. In 2019, he paid $1300 in tuition, $300 for books and $200 for a meal card. Jermaine has some investments in a New Zealand public…
- Ursula is employed by USA Corporation. USA Corporation provides medical and health, disability, and group term life insurance coverage for its employees. Premiums attributable to Ursula were as follows: (Click the icon to view the premiums attributable to Ursula.) During the year, Ursula suffered a heart attack and subsequently died. Before her death, Ursula collected $14,000 as a reimbursement for medical expenses and $5,000 of disability income. Upon her death, Ursula's husband collected the $40,000 face value of the life insurance policy. Read the requirements. Requirement a. What amount can USA Corporation deduct for premiums attributable to Ursula? (Enter a "0" if none of the premiums are deductible.) The premiums attributable to Ursula that USA Corporation can deduct is Data table Medical and health Disability Group term life (face amount is $40,000) S 3,600 300 200 C XTim and Allison are married and have two children, ages 8 and 13. Allison is a "nonworking" spouse who devotes all of her time to household activities. Estimate how much life insurance Tim and Allison should carry to cover Allison. Life insurance needMarianne is a 43-year-old tax attorney who wants to buy life insurance. Marianne's husband Gaetan, 61, is a retired police lieutenant with a substantial pension benefit that provides him and his family with a comfortable lifestyle. The couple has two children: Penny, who is in high school, and Leonard, who is in university on a full scholarship. Marianne's mother Beatrice lives in a retirement home that Marianne pays for. Which of Marianne's family members will experience the greatest financial loss if Marianne were to die prematurely? Select one correct answer from the list 1 2. Gaetan Penny 3. Leonard 4 Beatrice » 0 0 0 0
- Donald Jefferson and his wife, Maryanne, live in a modest house located in a Los Angeles suburb. Donald has a job at Pittsford Cast Iron that pays him $50,000 annually. In addition, he and Maryanne receive $2,500 interest from bonds that they purchased 10 years ago. To supplement his annual income, Donald bought rental property a few years ago. Every month he collects $3,500 in rent from all of the property he owns. Maryanne manages the rental property, and she is paid $15,000 annually for her work. During 2015, Donald had to have the plumbing fixed in the houses that he rents as well as the house in which he and Maryanne live. The plumbing bill was $1,250 for the rented houses and $550 for the Jeffersons’ personal residence. In 2015, Donald paid $18,000 for mortgage interest and property taxes—$12,650 was for the rental houses, and the remaining $5,350 was for the house occupied by him and his wife. The couple has three children who have graduated from medical school and now are…Mr. and Mrs. Grnager are both full-time employees. Their three children are 16, 6, and 3 years old. The Grangers spent $13,750 in qualifying expenditures for their two youngest children's child care in 2021. How much of their qualifying expenditures may they consider when claiming the Child and Dependent Car Credit?Bha
