Naomi is asked about her age. She answers as follows. "My age is 2 more than four times the age of my grandson." How old is her grandson if Naomi is 62 years old?
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Naomi is asked about her age. She answers as follows. "My age is 2 more than four times the age of my grandson." How old is her grandson if Naomi is 62 years old? years Question Help: Video Message instructor Submit Question
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- Lindsay is 25 years old and has a new job in web development. She wants to make sure that she is financially sound in 30 years, so she plans to invest the same amount into a retirement account at the end of every year for the next 30 years. Note that because Lindsay invests at the end of the year, there is no interest earned on the contribution for the year in which she contributes. (a) Construct a data table that will show Lindsay the balance of her retirement account for various levels of annual investment and return. If Lindsay invests $14,000 at a return of 9% how much will she have (in dollars) in her retirement account at the end of 30 years. (Round your answer to the nearest dollar.) $ 790582 X (b) Develop the two-way table for annual investment amounts of $5,000 to $20,000 in increments of $1,000 and for returns of 0% to 12% in increments of 1%. Using the table, what are the minimum annual investments Lindsay must contribute (in dollars) for annual rates ranging from 7% to 11%…Required information [The following information applies to the questions displayed below] In 2023, Amanda and Jaxon Stuart have a daughter who is 1 year old. The Stuarts are full-time students and are both 23 years old. Their only sources of income are gains from stock they held for three years before selling and wages from part-time jobs. What is their earned income credit in the following alternative scenarios if they file jointly? Use Exhibit 8-10. Note: Leave no answer blank. Enter zero if applicable. Check my work c. Their AGI is $30,000, consisting of $23,000 of wages and $7,000 of lottery winnings (unearned income) Note: Round your intermediate calculations to the nearest whole dollar amount. Earned income creditHugo Garcia is preparing his balance sheet and income and expense statement for the year ending December 31, 2020. He is having difficulty classifying a few items and asks for your help. Which of the transactions are assets, liabilities, income, or expense items? a. Hugo rents a house for $1,350 a month. b. Hugo bought diamond earrings for his wife and charged them using his Visa card. The earrings cost $900, but he hasn’t yet received the bill. c. Hugo borrowed $3,500 from his parents last fall, but so far, he has made no payments to them. d. Hugo makes monthly payments of $225 on an installment loan; about half of it is interest, and the balance is repayment of principal. He has 20 payments left, totaling $4,500. e. Hugo paid $3,800 in taxes during the year and is due a tax refund of $650, which he hasn’t yet received. f. Hugo invested $2,300 in a mutual fund. g. Hugo’s Aunt Lydia gave him a birthday gift of $300.
- Susan and Derick finalized an adoption in 2020. Their adoption fees totaled $10,000. They have AGI of $238,520 for 2020. What is their adoption credit? a. $4,000 b. $10,000 c. $7,263 d. $14,300Retest Basic Scenario 3: Eric and Fiona Fisher Interview Notes Eric and Fiona Fisher are married and always file Married Filing Jointly. Eric earned $32,000 in wages and Fiona earned $24,000 in wages. • The Fishers paid all the cost of keeping up a home and provided all the support for their two children, Grace and lan, who lived with them all year. Grace is 15 years old and lan turned 19 in November 2023. Eric, Fiona, Grace, and lan are all U.S. citizens with valid Social Security numbers and lived in the U.S. the entire year. • Basic Scenario 3: Retest Questions 5. The Fishers qualify for the Child Tax Credit (CTC). a. True b. False 6. The refundable Additional Child Tax Credit is limited to $1,600 per child. a. True b. False 1Ann is single and works full-time. In 2020, Ann paid child care expenses of $6,000 for someone to care for her dependent child so that she could work. If Ann's AGI is $50,000, what is the amount of her Child and Dependent Care Expense (CDC) Credit? Assume Ann's credit percentage is 20%. Enter your answer as a positive number.
- Eliza is a kindergarten teacher for Alexander Hamilton Elementary School. Eliza decorates her classroom with new artwork, posters, bulletin boards, etc. In 2018, she spends $470 on materials and supplies for her classroom. The school reimburses her $100 (the annual reimbursement limit). Eliza can deduct for AGI________and________ from AGI?Fifteen years ago Sam, a life insurance agent, sold his good friend Tanya a twenty year term life insurance policy in which she was both the policy holder and the life insured. Tanya designated her best friend Julia as beneficiary. Tanya died, and the insurance company received notice of her death from her executor. Given this scenario, what was the next step in this process? Select onet a. Julia had to contact the insurer to requesta claim form b. Sam contacted the insurer to request the notice of death c. The insurer contacted Sam to help Julia complete the claim form d. The insurer notified Julia so that she could complete the claim formVictor and Maria Hernandez Look at Future Income Throughout this book, we will present a continuing narrative about Victor and Maria Hernandez. Following is a brief description of the lives of this couple.Victor and Maria, both in their late 30s, have two children: Jacob, age 13, and Nicholas, age 15. Victor has had a long sales career with a retail appliance store in Fargo, North Dakota earning $55,000 annually. Maria works as a medical records assistant earning $31,000. Victor and Maria regularly buy and sell a number of items on eBay, Craig's List, and through the free community newspaper, from which they earn about $5,000 each year. What is the accumulated future value of those annual amounts over 22 years if the annual earnings were invested regularly and provided a 5 percent return each year? (Hint: Use Appendix A-3.) Round your answer to nearest dollar. Round Future Value of Series of Equal Amounts in intermediate calculations to four decimal places $ What would Victor and…
- Marie Lincoln is a head of household. She is 37 years old and her address is 4110 N.E. 13th Street, Miami, FL 33127. Additional information about Ms. Lincoln is as follows: Social security number: 412-34-5670 Date of birth: 1/14/1983 W-2 for Marie shows these amounts: Wages (box 1) Federal W/H (box 2) Social security wages (box 3) Social security W/H (box 4) Medicare wages (box 5) Medicare W/H (box 6) Form 1099-INT for Marie shows this amount: Box 1-$500.00 from A & D Bank, $ 43,600.00 $2,488.00 S 43.600.00 $2,703.20 $ 43,600.00 $ 632.20 Dependent: Son Steven is 10 years old. His date of birth is 5/11/2010. His social security number is 412-34-5672. Marie is an administrative assistant. Required: Prepare Form 1040 plus all the appropriate Schedules and worksheets for Ms. Lincoin for 2020 She is entitled to a $2.000 child tax credit. For now, enter the credit on the appropriate line of the form. She wants to contribute to the presidential election campaign Ms Lincoln had qualifying…Larry purchased an annuity from an insurance company that promises to pay him $9,000 per month for the rest of his life. Larry paid $946,080 for the annuity. Larry is in good health, and he is 72 years old. Larry received the first annuity payment of $9,000 this month. Use the expected number of payments in Exhibit 5-1 for this problem. a. How much of the first payment should Larry include in gross income? b. If Larry lives more than 15 years after purchasing the annuity, how much of each additional payment should he include in gross income? c. What are the tax consequences if Larry dies just after he receives the 100th payment?Jake’s grandmother paid for their lunch with a credit card. The waitperson brought him back the card, and he signed the receipt. Several charges appeared on his grandmother’s credit card bill that he had not made a month later. Identify the victim and the violator. What term describes what the waitperson did? What should Jake advise his grandmother? Please answer with more than 200 words
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