You earned last year 52,000, had interest income of 170, educator expenses of 800 dividend income of 50, paid alimony of 6000, make a contribution to your IRA of 4000, had a short-term capital gain of 3000 and had moving expenses of 700. What is your Gross Income?

Q: How did you end up with $25,520 for the large contributions?

A: Revenue refers to the aggregate amount of the income which is generated through goods and services…

Q: Suppose you are 40 years old. Your only debt is a mortgage = $450,000. The current value of your…

A: Mortgage refers to the loan taken by individual for purchasing tangible fixed asset that is…

Q: You purchase a REIT for $50. It distributes $3 consisting of $1 in income, $0.50 in long-term…

A: Short-term capital gain tax and long-term capital gain tax are two types of direct tax which is…

Q: Suppose a man took out a 30-year loan with an annual rate of 6% to put an addition on his house. His…

A: Loan year=30 years Interest=6% Computer cost =$ 1,500 Here,we need to find amount of interest paid…

Q: You just purchased a vacant lot for your future son-in-law's home for $30,000. You financed that…

A: We need to use loan amortization formula below to calculate monthly payment.  where P=Loan n=number…

Q: If you had $5k to put into your IRA for this year, what investments would you put your IRA in?…

A: Future is uncertain and income will stop after some time, but some amount will be required to meet…

Q: A man is investing $3,000 at 8 1/4% simple interest to save for a new car. In how many years will he…

A: SIMPLE INTEREST FORMULA: A=P×1+RT WHERE, P=principal A=amount R=rate  T=time

Q: Calculate the annual tax factor benefit or savings from an annual depreciation of $20,000 if you are…

A: Annual depreciation = $ 20,000 Tax rate = 28%

Q: 16. In 2011, the maximum amount that you could have contributed to your RRSP (Registered Retirement…

A: RRSP is a retirement saving plan launched by the government of Canada for the citizens of their…

Q: You bought a home 8 years ago for $410,000 and got a $380,000 mortgage loan. You spent $34,000 on…

A: Dear student, the homeowners equity will be the difference between Net worth of house and…

Q: daniels estimates that he will need $22,000 to set up  small business in 8 years. a) how much ( in…

A: Future value of annuity includes the amount being deposited and amount of interest accumulated over…

Q: Assume your uncle died one year ago and had left you the money in his saving account at that date.…

A: Amount Deposited 16 years back = PKR 550,000 Years(n) = 16 Interest Rate (r) = 13%

Q: Your grandmother gave you money to start saving for retirement. You have $7.500 to begin investing…

A: The time value of money is a financial concept that recognizes the idea that the value of money…

Q: 14. Your grandfather left you $40,000 when he died. You can invest the money to earn 9% per year. •…

A: An annuity is a financial product that provides a series of regular payments to an individual over a…

Q: An individual has monthly expenses of $1,800 for rent and $1,000 for groceries, transportation, and…

A: Total Monthly expenses= Rent + Groceries= 1800 + 1000= 2800Total Yearly expenses= Total Monthly…

Q: If a family spent $250 a week on their typical purchases in 1950, how much would those purchases…

A: Calculating the cost of purchases in 1980 using consumer price index. We have,1980 purchases = 1950…

Q: Use the information below to draft your fist year income statement and balance sheet for January 1…

A: Final accounts are the account or statements prepared to know the performance of the business during…

Q: Your savings account currently has a balance of$32,300. You opened the savings account two yearsago…

A: A theory that helps to compute the present or future value of the cash flows is term as the TVM…

Q: f you saved an average of $2,910 each year from your income tax return, $1,060 for not buying vendor…

A: The FV of an investment refers to the combined worth of the investment's cash flows at a specified…

Q: your net worth

A: The net worth refers to the total wealth of any individual or company. It is very important  to…

Q: You and your spouse are in good health and have reasonably secure careers. You make about $75,000…

A: The family need approach determines the amount of life insurance needed to cover the needs of the…

Q: An individual has monthly expenses of $1,800 for rent and $1,000 for groceries, transportation, and…

A: The objective of the question is to find out the average return rate that the individual should…

Q: Purchased a home for $110,000. Today home is worth $150,000. Remaining mortgage balance is $50,000.…

A: Market value is the value at which one person can sell the asset in the given market.

Q: 1. You purchased two condos for $100,000 cash down, with loan and insurance payments of $1,500 3…

A: The downpayment on the condos: The downpayment of $100,000 has already been paid in full and will…

Q: You are single and earns and income of $80,000 a year. Recently, you sold stocks that you had held…

A: The capital gain normally arises when there is an appreciation in the value of the capital assets.…

Q: You have just inherited $408,031. You plan to save this money and continue to live off the money…

A: Future Value: It is the tool used by companies, investors, or individuals for the computation of the…

Q: 6) You started a simple interest savings account with $6,000. In 41 years, the account grew to…

A: Principal = $6000 Future value = $17,700 Interest amount = $17700-$6000 = $11700 Year =41

Q: If you were to save and invest $1,000 a month in after-tax dollars and earn 6% before taxes…

A: Future value of the money is the amount of deposit done and amount of compounding interest…

Q: You are the wage earner in a "typical family," with $60,000 gross annual income. Use the easy method…

A: Insurance needed as per easy method is 70% of income for 7 years.

Q: ou just purchased a parcel of land for $54,000. To earn a 11% annual rate of return on your…

A: FV = PV * (1 + r)^nWhere FV = Future ValuePV = Present Value of Land = $54,000r = rate of interest =…