Your friend Alice is a full-time college student, earned $4,000 working at the campus bookstore over two semesters last calendar year, and also got a part-time job as a cashier in February, earning $9,500. Alice knows that you have been learning about taxes in your personal finance lessons and asks you, “Do I need to file taxes this year? If I do, what is the process like?”  Determine

Q: Rochelle needed to borrow $3,000 for three months in order to pay for college expenses while waiting…

A:

Q: Kim is trying to decide whether she can afford a loan she needs in order to go to chiropractic…

A: Debt Payments to income ratio (Without College Loan) = Debt/Net Income Debt Payments to income ratio…

Q: use the Tool Tab in Checkpoint to answer the following questions: a. What is the 1040 Tax Tool under…

A: 1040  Tax Tool  is the tool which helps the tax payer in calculating their tax liability, tax…

Q: urchase price of the bike. She is in the 32​% income tax bracket. She can either borrow the money at…

A: Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…

Q: Jeff is trying to decide whether to sell his baseball card collection. He has been offered a price…

A: Variables in the question:Profit from baseball card collection sale=$2500Current year tax…

Q: Mike Smith just turned 16 years old. He wishes to buy a used car in one year, and he is willing to…

A: The value of money changes with time. Therefore, the time value of money considers the money…

Q: Mary Smith earned her four-year degree and is in her first year of consulting for a law firm. Her…

A: Payroll It is important to prepare the payroll expenses of the employees and make the statutory…

Q: Marc Batchelor, a self-employed sales consultant, has estimated annual earnings of $309,000 this…

A: Given: Annual Earnings of Mr. Marc = $  309,000 Social Security Rate = 12.4 % Medicare = 2.9 %…

Q: You are a CPA and do tax returns for individuals. A woman enters your office and asks you to…

A: Expected refund=$5000 Debt fine if the debt is not paid in next month=$1000 Actual Refund claimed by…

Q: Your clients, Adam and Amy Accrual, have a 21-year-old daughter named April. April is single and is…

A: In the above question we have asked about to sign declaration form for return or not which the help…

Q: Cathy Coed is a full-time senior student at Big Research University (BRU). Cathy is considered by…

A: The scholarship amount refers to the amount received by students from a school, university,…

Q: What is the dollar amount of the tax credit

A: A tax credit refers to a dollar for dollar reduction of the income tax owed.

Q: Rate on Taxable Income 10% 12 22 24 32 35 37 Single Taxpayers Up to $9,950 $9,951-$40,525…

A: Tax liability refers to an amount on which tax is paid to the local or state government by an…

Q: Felipe and Lucia Ramirez are a newly married couple in their mid-20s. Conrad is a senior at a state…

A: Credit Application An application for credit is one that a potential borrower submits to a credit…

Q: To finance his purchase of his new car, Sean must make a 10% down payment and pay all taxes up…

A: Up-front payment: It implies to the payment that is made usually at the time when the contract is…

Q: Bobby's parents loaned him $110,000 to fund his college education. His parents are not charging…

A: The objective of this question is to find out how many years it will take for Bobby to accumulate…

Q: Boatright wants to withdraw $2000 from an account at the end of year 1, $4000 at the end of year 2,…

A: Today value required in account is the present value of the future payments based on the time and…

Q: This fall Millie finally repaid

A: MAGI is everything you earn in a tax year minus certain adjustments the IRS allows—such as how much…

Q: Seiko's current salary is $85,500. Her marginal tax rate is 32 percent, and she fancies European…

A: After-tax cost refers to the income generated from business activities after deducting the amount of…

Q: Kevin Jones, of Elon, North Carolina, is single and recently graduated from law school. He is…

A: Data given: Salary=$9,100 Federal income tax=$1,700 state income taxes=$520  Medicare and Social…

Q: Seiko’s current salary is $94,500. Her marginal tax rate is 32 percent, and she fancies European…

A: The following calculations are done in the records of Idaho Office Supply to evaluate the annual…

Q: Ruth has asked for help in determining whether she should receive her $32,500 bonus check in the…

A: In this problem, we are asked to determine the net revenue from bonus if she receives bonus in the…

Q: Marc Batchelor, a self-employed sales consultant, has estimated annual earnings of $303,000 this…

A: Federal income tax withheld: It is the amount withheld from the employees’ earnings by way of…

Q: Your good friend, Mickey, has a difficult time managing his money and often lives paycheck to…

A:

Q: Michelle, age 54, it's self-employed and has never made a lot of money. But, she is consistently…

A: Contribution made to IRA account is tax free and hence deposit made are quite useful in retirement…

Q: Alan and Samantha Brown have a mortgage with the Bank of America. The bank requires the Browns to…

A: A mortgage refers to a covered loan borrowed for the purchase or maintenance of a property with the…

Q: Seiko's current salary is $87,500. Her marginal tax rate is 32 percent, and she fancies European…

A: The following basic information as follows  under:-Seiko's current salary is $87,500Marginal tax…

Q: Kim earned $30,000 from Pfizer before she was laid off. She then collected $7,000 of unemployment…

A:

Q: Catrina recently graduated from college with a degree in political science. She started a job that…

A: Creating a budget is an essential aspect of financial planning, and it becomes even more crucial…

Q: Alicia works at a call center as a 911 operator. She works part-time earning $16.45 per hour,…

A: The total amount of money a person makes from their employment or job is referred to as employment…

Q: Review the following scenario. Use the information provided to answer questions about the taxpayers’…

A: Incomes that is included for tax interest: Wages =$82,500 Savings account=$200(exempted) Certificate…

Q: Melissa is a fourth-grade teacher who works 1,500 hours during the tax year. She spend $300 on…

A: The objective of the question is to determine the amount of qualified expenses that Melissa can…

Q: a. What is the annual after-tax cost to Idaho Office Supply if it provides Seiko with the $13,500…

A: a) After-tax cost = 13,500 - (13,500*32%)= 9,180(b. 1) Option B; Current employer's offer

Q: Your mother's employer offers a tax-deferred retirement plan (a 401-b plan, which was authorized by…

A: Future value is a sum of money invested today will become over time, at a rate of interest. FV =…

Q: Madeline Rollins is trying to decide whether she can afford a loan she needs in order to go to…

A: The Debt-to-Income (DTI) ratio is a financial metric that expresses the relationship between an…

Q: Mrs. Imperiale’s credit card has an APR of 13.2%. She does not ever pay her balance off in full, so…

A: The bank provides compounding interest on the deposit. The bank also offers credit cards to its…

Q: Since he was 24 years old, Ben has been depositing $225 at the end of each month into a tax-free…

A: To solve the problem, we can use the formula for the future value of an annuity, which is: FV = PMT…