Questions from Personal Finance

Q: The date death for a widow was 2014. If the estate

The date death for a widow was 2014. If the estate was valued at $7.5 million and the estate was taxed at 40 percent, what was the heir's tax liability?

Q: Joe and Rachel are both retired. Married for 55 years,

Joe and Rachel are both retired. Married for 55 years, they have amassed an estate worth $4.4 million. The couple had no trusts or other type of tax-sheltered assets. If Joe or Rachel dies in 2014, h...

Q: Shelly's assets include money in the checking and saving accounts, investments

Shelly's assets include money in the checking and saving accounts, investments in stocks and mutual funds, and personal property such as furniture, appliances, an automobile, a coin collection, and je...

Q: In 2014, Joshua gave $14,000 worth of Microsoft

In 2014, Joshua gave $14,000 worth of Microsoft stock to his son. In 2015, the Microsoft shares are worth $23,000. What is the total amount removed from Joshua’s estate in 2015?

Q: In 2014, Joshua gave $14,000 worth of Microsoft

In 2014, Joshua gave $14,000 worth of Microsoft stock to his son. In 2015, the Microsoft shares are worth $23,000. What will be the gift tax in 2015?

Q: In 2014, you gave a $12,000 gift to

In 2014, you gave a $12,000 gift to a friend. What is the gift tax?

Q: Barry and his wife Mary have accumulated over $3.5

Barry and his wife Mary have accumulated over $3.5 million during their 50 years of marriage. They have three children and five grandchildren. How much money can they gift to their children in 2014...

Q: Assume your employer offers you the opportunity to participate in the company’s

Assume your employer offers you the opportunity to participate in the company’s 401(k) retirement plan. a. Would you participate in the company’s retirement plan? Justify your answer. b. Assume y...

Q: Barry and his wife Mary have accumulated over $3.5

Barry and his wife Mary have accumulated over $3.5 million during their 50 years of marriage. They have three children and five grandchildren. How much money can Barry and Mary gift to their grandch...

Q: Barry and his wife Mary have accumulated over $3.5

Barry and his wife Mary have accumulated over $3.5 million during their 50 years of marriage. They have three children and five grandchildren. What is the total of estate removed from Barry and Mary's...