Questions from Personal Finance

Q: Find the tax liabilities based on the taxable income of the

Find the tax liabilities based on the taxable income of the following people: (a) married couple, $92,225; (b) married couple, $74,170; (c) single person, $27, 880; (d) single person, $56,060. (Hint...

Q: Jared Goff, of Los Angeles, determined the following tax information

Jared Goff, of Los Angeles, determined the following tax information: gross salary, $160,000; interest earned, $2,000; IRA contribution, $5,000; personal exemption, $4,050; and itemized deductions, $8...

Q: Carson Wentz, of Philadelphia, determined the following tax information:

Carson Wentz, of Philadelphia, determined the following tax information: salary, $144,000; interest earned, $2,000; qualified retirement plan contribution, $6,000; personal exemption, $4,050; itemized...

Q: Review Figure 4-1 on page 117 and comment on the

Review Figure 4-1 on page 117 and comment on the logic of how different segments of Victoria Bassett’s income is taxed. Figure 4-1:

Q: Fast The Hernandez family is experiencing some financial pressures, even though

Fast The Hernandez family is experiencing some financial pressures, even though the couple has a combined income of $85,000. Also, their eldest son, Joseph, will start college in only three years. Mar...

Q: Julia’s six-figure salary has allowed her to build up a

Julia’s six-figure salary has allowed her to build up a considerable cash reserve of over $20,000. She initially had basic checking and savings accounts. She also has a credit card with her bank that...

Q: Asset Management Kwaku Addo, a licensed physical therapist from Topeka,

Asset Management Kwaku Addo, a licensed physical therapist from Topeka, Kansas, earns $4,200 per month take-home pay and has the funds directly deposited in his checking account. He spends only about...

Q: Throughout this book, we will present a continuing narrative about Victor

Throughout this book, we will present a continuing narrative about Victor and Maria Hernandez. Following is a brief description of the lives of this couple. Victor and Maria, both in their late 30s, h...

Q: Harry and Belinda have a substantial annual joint income—more than

Harry and Belinda have a substantial annual joint income—more than $125,000, in fact. Nevertheless, they expect to experience some cash-flow deficits during the months of November an...

Q: Victor and Maria have always enjoyed a close relationship with Maria’s niece

Victor and Maria have always enjoyed a close relationship with Maria’s niece Teresa, who graduated from college with a pharmacy degree. Teresa recently asked Maria for some assistance with her finance...