This is Ben’s budget. Use his budget to determine the answer to the following question:Calculate the amount of income tax Ben owes monthly using the tax rate of 25%. Monthly IncomeMonthly ExpensesITEM-AMOUNTITEMv Column1V AMOUNTIncome Source 1$2,000.00Rent$800.00Cell phone$100.00Groceries$200.00Car payment$273.00Auto expenses$120.00Student loans$250.00Credit cards$100.00Auto Insurance$78.00Personal care$50.00Entertainment$100.00Miscellaneous$50.00

The monthly income tax is calculated by applying the tax rate on the monthly income of the person…

Monthly Income Monthly Expenses ITEM AMOUNT ITEM |Column1 AMOUNT Income Source 1 $2,000.00 Rent $800.00 Cell phone $100.00 Groceries $200.00 Car payment $273.00 Auto expenses $120.00 Student loans $250.00 Credit cards $100.00 Auto Insurance $78.00 Personal care $50.00 Entertainment $100.00 MiscellaneoUS $50.00

Monthly Income Monthly Expenses ITEM AMOUNT ITEM |Column1 AMOUNT Income Source 1 $2,000.00 Rent $800.00 Cell phone $100.00 Groceries $200.00 Car payment $273.00 Auto expenses $120.00 Student loans $250.00 Credit cards $100.00 Auto Insurance $78.00 Personal care $50.00 Entertainment $100.00 MiscellaneoUS $50.00

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Explain how Social Security benefits are calculated and how much you need to work each quarter to be eligible for a "credited quarter" of benefits.
Self-employed persons can make contributions for their retirement into a special tax-deferred account called a Keogh account. Suppose you are able to contribute $10,000 into this account at the end of each year. How much will you have at the end of 30 years if the account pays 3% annual interest? (Round your answer to the nearest cent.)
This is Ben’s budget. Use his budget to determine the answer to the following question: Scenario: Suppose Ben wants to buy a house for $251,599. For a 30-year mortgage, Ben gets a 5% interest rate. Calculate his monthly payments for this 30-year mortgage, after the 20% down payment.
Today is 1/7/2021, John plans to deposit $500 at the beginning of each month into an investment fund. The first deposit will be deposited today. John predicts that the return rate of this fund will be j2=2.23% from 1/7/2021 to 30/9/2021 and j2=4.3% from 1/10/2021 to 31/12/2021. What will be balance amount of this account on 31/12/2021? Round your answer to three decimal places. a. 3032.601 b. 3033.695 c. 3032.335 d. 3031.814
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Answer each of the following independent questions. Ignore personal income taxes. Use Appendix A for your reference. (Use appropriate factor(s) from the tables provided.) Required: 1. Suppose you invest $4,100 in an account bearing interest at the rate of 10 percent per year. What will be the future value of your investment in five years? 2. Your best friend won the state lottery and has offered to give you $11,600 in four years, after he has made his first million dollars. You figure that if you had the money today, you could invest it at 8 percent annual interest. What is the present value of your friend’s future gift? 3. In four years, you would like to buy a small cabin in the mountains. You estimate that the property will cost you $68,500 when you are ready to buy. How much money would you need to invest each year in an account bearing interest at the rate of 4 percent per year in order to accumulate the $68,500 purchase price? 4. You have estimated that your educational expenses…
This is Ben's budget. Use his budget to determine the answer to the following question: Scenario: Suppose Ben wants to buy a house for $251,599. For a 30-year mortgage, Ben gets a 5% interest rate. Calculate his monthly payments for this 30-year mortgage, after 20% down payment. Monthly Income Monthly Expenses ITEM V AMOUNT ITEM Column1 VAMOUNT Income Source 1 $2,000.00 Rent $800.00 Cell phone $100.00 Groceries $200.00 Car payment $273.00 Auto expenses $120.00 Student loans $250.00 Credit cards $100.00 Auto Insurance $78.00 Personal care $50.00 Entertainment $100.00 Miscellaneous $50.00
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Use tabular presentation/Graph to support your answer.
Today is 1/7/2021, John plans to deposit $500 at the beginning of each month into an investment fund. The first deposit will be deposited today. John predicts that the return rate of this fund will be j2=3.59% from 1/7/2021 to 30/9/2021 and j2=3.93% from 1/10/2021 to 31/12/2021. What will be balance amount of this account on 31/12/2021? Round your answer to three decimal places. Question Answer a. 3034.806 b. 3032.925 c. 3033.446 d. 3033.714