You are finishing your third year in business with $540,000 of gross income and $274,000 in deductions. Two years ago, you had a net loss of $95,000 and last year, you had a net loss of $70,000. Calculate your taxable income for this year.
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- Assume that the prescribed rate for each quarter last year was 4%. Gerry received a loan from his employer of $60,000 at 2%, which he put towards a rental property he purchased for $120,000. He paid the balance in cash. What was his taxable benefit last year as a result of the loan that he obtained from his employer? a) $0 b) $600 c) $1,200 d) $2,400 Alan Peterson made a $2,000 RRSP contribution this year, and his marginal tax rate is 29%. Next year, Alan expects to get a significant raise, such that his marginal tax rate will increase to 43%. The Income Tax Act allows him to deduct his RRSP contribution this year, or to carry the deduction forward to future years. When should he claim the deduction to optimize the tax benefits? a) He should claim the deduction this year. b) He should claim the deduction next year. c) It does not matter when he claims the deduction because it will result in the same tax reduction in either year. d) He should split the deduction between his tax returns…Fifteen years ago, you deposited $15,400 into an account. Eight years ago, you added an additional $6,000 to this account. You earned 10 percent, compounded annually, for the first 7 years and 6.5 percent, compounded annually, for the last 8 years. How much money do you have in your account today?Mr. Maillet has contributed $170.00 at the end of each month into an RRSP paying 4% per annum compounded. How much will Mr. Maillet have in the RRSP after 15 years? How much of the above amount is interest?
- Alexandra had a balance of $2,000 in her RRSP. In addition to this, she invested $300 at the end of every 3 months for 6 years. Her RRSP earned 4.00% compounded quarterly for the first 4 years and 7.00% compounded quarterly for the rest of the period. a. What is the accumulated value of the balance of $2,000 at the end of the time period? Round to the nearest cent b. What is the accumulated value of the annuity at the end of the first 4 years? Round to the nearest cent c. What is the future value of the accumulated value from (b) at the end of the 6 years? Round to the nearest cent d. What is the accumulated value of the $300.00 annuity for the next 2 years at 7.00% compounded quarterly? Round to the nearest cent e. How much did she have in the RRSP at the end of the time period? Round to the nearest cent f. What were her total earnings? Round to the nearest centYou inherited $300,750 and invested it at 6.25% per year. How much could you withdraw at the beginning of each of the next 22 years?You bought a 5-year property class equipment for $20,000.00 and sold it after 3 years. Assume that the selling price of the equipment decreases uniformly by 5% each year. The equipment generated following income: $5,000, $5,500, and $4,500 in years 1 through 3, respectively. 5. Fill up the table below to show the after tax cash flow. Assume that you are already in the 28% income tax bracket. Use MACRS depreciation. Assume that depreciation recapture/loss is taxed at 15%. After tax cash flow Yr. Income Depreciation Таxable Income Income Тах b) Write down the equation to determine the after tax rate of return. DO NOT compute the rate of return.
- Calculate the annual tax factor benefit or savings from an annual depreciation of $20,000 if you are in a 28% tax bracket.Calculate the paychecks below: 1. Bob is paid an annual salary of $50,000 and taxes are 20%. a. How much is his GROSS Monthly Pay? b. How much is withheld for taxes? c. What is his NET Monthly pay? 2 ManlZach depsoits a $38,000 one-time lump sum in an account with an APR of 7% that is compounded quarterly. What is the value of Zach's investment after 24 years?
- 3. Mr. Ramirez borrowed P150,000 to be amortized in 2 years by monthly equal payments. If Mr. Ramirez missed the payments during the first year, what amount must he pay in the following month to liquidate all his indebtedness if money worth 12%?2. You purchased a building five years ago for $200,000. Its annual maintenance expense has been $15,000 per year. At the end of three years, you spent $55,000 on roof repairs. At the end of five years (now), you sell the building for $250,000. During the period of ownership, you rented out the building for $60,000 per year paid at the beginning of each year. If your MARR is 8% per year. Use the PW and AW methods to evaluate this investment. show the whole solution please, not in excel pleaseFour years ago, an investor purchased a five door-apartment for P5.5M. Income from rent exceeded maintenance and insurance cost by P480,000.00 per year. If the property is sold now for P7.55M with an 8.25% income tax charged from capital gain determine the after tax-rate of return realized on the investment.Ans: 14%
