Nicholas earned 11.5% in his savings account. If he is in the 27% tax bracket, what is his after- tax savings rate of return? a. 2.88% b. 4.14% c. 8.40% d. 11.50% e. 27.00%
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- Suppose you earn $60,000 per year and pay taxes based on marginal tax rates. The first tax bracket, which taxes at 5 percent, ranges from $0 to $30,000. The second tax bracket, which taxes at 25 percent, ranges from $30,001 to $120,000. How much will you pay in total taxes? Instructions: Enter your answer as a whole number. %24Russell 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?Jim has a house payment of $2,000 per month of which $1,700 is deductible interest and real estate taxes with the remaining $300 representing a repayment of the principal balance of the note. Jim’s marginal tax rate is 30 percent. What is Jim’s after-tax cost of his house payment? a. $600 b. $540 c. $1,490 d. $1,460 e. Some other amount
- What's the rate of return you would earn if you paid $3,480 for a perpetuity that pays $70 per year? a. 2.05% b. 4.02% c. 1.01% d. 4.11% e. 2.01%Your income is $10,000 over the cutoff for the next lowest tax bracket. Your average tax rate is 10%. Your marginal tax rate is 25%. You contribute $3,000 to a traditional IRA and your contribution is fully deductible, should you decide to go that way. You decide, in fact, to make this a traditional IRA. How much did your contribution actually cost you, in after-tax dollars?7. The market value of Jennifer and Neil's home is $319,000. The assessed value is $280,000. The annual property tax rate is $19.70 per $1,000 of assessed value. a. What is the property tax on their home? b. How much do they pay monthly toward property taxes? Round to the nearest cent.