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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- Jeff earned $84 on $1,200 invested in a high-yield money market account. He is taxed at 22 percent of his earnings. What is the after-tax yield on his investment?Assume your gross pay per pay period is $4,900 and you are in the 33 percent tax bracket. Calculate your net pay and spendable income if you save $490 per pay period in a tax-sheltered annuity. (Do not round intermediate calculations. Round your answers to the nearest whole dollar.) Net Pay & Spendable Income Net pay Spendable incomeRussell 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?
- Anna has the following income for the quarter: a. Professional income P80,000 b. Income from her business P30,000 c. Compensation income P40,000 d. Interest income from bank deposit P10,000. 1. What amount of income will Anna report in her quarterly income tax return? a. P80,000 b. P110,000 c. P120,000 d. P150,000 2. If Anna, opted to use 8% rate, how much is her income tax due in her quarterly ITR? a. P6,400 b. P8,800 c. P9,600 d. P12,000Jim 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 amountAssume that Jane Adams pays income taxes at a 35 percent rate. What would be the after-tax amount on $100 of interest income she receives?
- AnnGina Mendonca has marginal tax rate of 26%. She earns $82,434 every year and contributed $6,905 to her RRSP this year. What is the amount of her tax savings?Gabriela has the following income for the quarter: a. Professional income,P80,000 b. Income from her business, P30,000 c. Compensation income,P40,000 d. Interest income from bank deposit, P10,000. What amount ofincome will Gabriela report in her quarterly income tax return? P80,000P110,000P120,000P150,000
- aa.3Mr. Borbon had the following data for his income tax return for the current year: Php 490, 000 150, 000 200, 000 120, 000 70, 000 320,000 Sales Personal Exemption Cost of Sales Administrative and Selling Expenses Personal Expenses Professional Income If he opted to be taxed by 8%, how much is the tax base?3. When a taxpayer's income increases by $2,500 and the taxes owed increase from $13,899 to $14,399, the marginal tax rate is percent. Taxpayer takes the standard deduction, and her tax return includes an Education Credit of $250.