Questions from Personal Finance

Q: Julia (from problem 1) is considering trading in her car

Julia (from problem 1) is considering trading in her car for a new one. Her new car payment will be $325 per month, and her insurance cost will increase by $60 per month. Julia determines that her oth...

Q: Brian makes $27,000 per year. How much can

Brian makes $27,000 per year. How much can he expect to contribute to FICA taxes in 2015? How much will his employer contribute?

Q: Name some factors that might affect your current financial position.

Name some factors that might affect your current financial position.

Q: Dawn’s adjusted gross income is $16,700. Dawn has

Dawn’s adjusted gross income is $16,700. Dawn has $1,800 in unreimbursed medical expenses. How much can Dawn claim as an itemized deduction?

Q: Jill has decided to save 50% of her income for retirement

Jill has decided to save 50% of her income for retirement. Her father told her she needed to set a different goal. Why do you think he gave her this advice?

Q: Jauna made $178,400 in salary during 2015. How

Jauna made $178,400 in salary during 2015. How much were her FICA withholdings for that year?

Q: Once your financial plan has been implemented, what is the next

Once your financial plan has been implemented, what is the next step? Why is it important?

Q: The IRS tax code allows for the deduction of expenses incurred in

The IRS tax code allows for the deduction of expenses incurred in traveling to a job interview. Sean, Erica, and their two children have used this deduction to fund their vacations for the last eight...

Q: Why might you need to revise your financial plan?

Why might you need to revise your financial plan?

Q: Daniel has a marginal tax rate of 25%. He suddenly realizes

Daniel has a marginal tax rate of 25%. He suddenly realizes that he neglected to include a $1,000 tax deduction. How will this oversight affect his taxes?