Question 2 (.(a) Laura Smith is planning for her and her husband Luke's retirement. Luke andLaura, born on the same date, expect to retire in 30 years (when they both turn65). The life expectancy of men is 78 years and the life expectancy of women is87 years (i.e., assume that they die the day before their 78ih or 87th birthday).During retirement (while they are living), the couple wants to withdraw $25,000, foreach of them, at the beginning of each year from their savings account. Assumethat the interest rate during their retirement isannually; the interest rate after Luke dies isthe interest rate, prior to retirement, is 8 percent compounded annually. Howmuch will they have to deposit in their joint savings account (combine Luke andLaura) each month (beginning one month from now and ending on their retirementdate)?122 percentcompounded semi-13percent compounded annually; and,(b) Now assume that Luke and Laura Smith expect to inherit $25,000, 5 years fromnow. If they save the money for their retirement, how much will they have todeposit in their joint savings account (combine Luke and Laura) each month(beginning one month from now and ending on their retirement date)? --

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Answered: Question 2 (. (a) Laura Smith is…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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[Study Case] Ping and Juno decide to form a partnership on 30 June 2020. They secure the services of Timothy Legal to draw up their partnership agreement as follows. 1. Ping is to contribute:- his car, the fair value of which is $32,000- property with a book value of $120,000 but revalued to $150,000- a mortgage of $80,000; this was secured over the property and the partnership has agreed to assume this liability. 2. June is to contribute:- cash totaling $25,000- office equipment with a market value of $45,000 It is also agreed that ping will act as a manager with an annual salary of $65,000 to be allocated at the end of each year. Profits or losses will be divided between Ping and Juno in proportions 2/3 and 1/3 respectively. Gross profit for the year ended 30 June 2021 is $165,000, with operating expenses of $105,000. Ping withdrew $19,500 and Juno withdrew $4,000 during the year. Questions: a. Prepare the statement of the financial position of the partnership on its formation (30…
Question 27 of 50. Mark and Carrie are married, and they will file a joint return. They both work full-time, and their 2021 income totaled $89,000, all from wages. They have one dependent child, Aubrey (5). During the year, they spent $9,000 for Aubrey's child care. Neither Mark nor Carrie received any dependent care benefits from their employer. What amount may they use to calculate the Child and Dependent Care Credit? $0 $3,000 $8,000 $9,000 Mark for follow up
Exercise 12-16 (LO. 4) Samuel and Annamaria are married, file a joint return, and have three qualifying children. In 2022, they earn wages of $34,000 and no other income. Round your intermediate computations to the nearest dollar. Click here to access the Earned Income Credit and Phaseout Percentages Table. Determine the amount of their earned income credit for 2022. 6,935 X
Interview Notes Herb and Alice are married and file a joint return. Herb is 74 years old and Alice turns 72 in February 2023. Neither are blind. • • . Alice is confused about the Required Minimum Distribution rules, and wants to know when she should take her first distribution from her IRA. Both Herb and Alice are retired. Herb works part time as a greeter. • Herb earned $12,000 in wages and has fully taxable pension income of $4,800. The couple also received Social Security benefits of $46,000. They received no other income in 2023. Herb and Alice's grandson, Stuart, lives with them while he attends the local university. Stuart is 20, a full-time student, and is claimed as a dependent by his parents. . Herb, Alice and Stuart are U.S. citizens, lived in the United States all year, and have valid Social Security numbers. 1. What is Herb and Alice's standard deduction? a. $27,700 Ob. $29,200 c. $29,550 d. $30,700
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I just need introduction part for this question because already I have solution for this question.definetly will upvote.
b. Assume that David and Ruby get married in 2023 and file a joint return. What is their taxable income and income tax? Round your final answer to the nearest whole dollar. Gross income and AGI Standard deduction (married, filing jointly) Taxable income Income tax Married 766 Filing Jointly 75,400 27,700 47,700 5,260 c. How much income tax can David and Ruby save if they get married in 2023 and file a joint return?
Solve both if not don't attempt
Saved Kelly and Eric has been married for 40 years and have each contributed to CPP for 40 years. Kelly is entitled to a CPP retirement pension of $640/mo and Eric receives $1000/mo. What would each receive if they chose to 'assign' their pensions? Question 32 options: Kelly $820, Eric $820 Kelly $775, Eric $865 Kelly $784, Eric $856 Kelly $640, Eric $1000
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Problem 4-45 (LO. 4) Nell and Kirby are in the process of negotiating their divorce agreement, to be finalized in 2023. What should be the tax consequences to Nell and Kirby if the following, considered individually, became part of the agreement? a. In consideration for her one-half interest in their personal residence, Kirby will transfer to Nell stock with a value of $200,000 and $50,000 of cash. Kirby's cost of the stock was $150,000, and the value of the personal residence is $500,000. They purchased the residence three years ago for $300,000. The transfer of Nell's basis for the stock is $ Kirby's basis in the house is $ is a nontaxable event. b. Nell will receive $1,000 per month for 120 months. If she dies before receiving all 120 payments, the remaining payments will be made to her estate. the payments are neither included in Nell's gross income nor deductible by Kirby since they are pursuant to a divorce agreement reached after 2018. c. Nell is to have custody of their…
c. How much will the family receive (to the nearest dollar)? 647.51/1-6 1-(1.005264 .OOS 647.51.146.4 = 94795.46 150000-94795.46-55204.54₁,6 = 33122.72 4. A couple are planning for retirement. They plan to retire at age 70. At that time they wish to be able to withdraw $7500 per month from their retirement account for a period of 25 years, reducing the balance to zero. How much should they start saving now in an account that pays 7.54% compounded monthly to achieve their goal? Assume that they will be able to earn at least 7.54% interest compounded monthly from now until they are age 95. nt How much interest is earned over the 65 year period? A = P(1 + £ ) m² FV= PMT ((1+1)^-1) 7500 (1.076+25-1)

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