You would like to have $900,000 in 37 years by making regular deposits at the end of each month in an annuity that pays 7% compounded monthly. The table below shows the 2021 marginal tax rates, standard deduction, and exemptions for a single person. Complete parts (a) through (c).
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Assume that the annuity in part (a) is a tax-deferred IRA belonging to a man whose gross income is
Use the table on the left to calculate his taxes first with and then without the IRA. Assume the man is single with no dependents, has no tax credits, and takes the standard deduction.
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- 5. Calculate your federal income taxes for the year 2024 Your base salary for the year was $ 65,000.00 Your received a bonus of 12% of your base salary You worked two Sunday per month during 6 hours (those hours were paid 50% extra of your regular hour, and your payment was semimonthly) Your regular number of hours per week was 37 The tax for 2024 are as follows Less or equal than More than More than More than More than Taxable Income $ 53,359.00 $ 53,359.00 106,717.00 $ $ 165,430.00 $ 235,675.00 up to up to up to $ 106,717.00 $ 165,430.00 $ 235,675.00 Tax rates 15.00% 20.50% 26.00% 29.00% 33.00%You received $5,000 in interest revenue during the year. Your federal marginal tax rate was 26% and average tax rate was 20%. How much federal income taxes did you pay? Select one: a. $1,300 b. $1,650 c. $950 d. $1,450 e. $3,300The following data were provided by a Domestic Corporation for 2020: Taxes and licenses 40,000 Documentary stamp taxes 2,000 Other percentage taxes 120,000 Refund of local business taxes paid in 2019 10,000 Income tax due for 202O 300,000 Refund of income tax for 2019 25,000 Interest income: From trade notes receivable 100,000 From peso bank deposits 120,000 From bank deposits abroad 20,000
- Suppose you earn $60,000 per year and pay taxes based on marginal tax rates. The first tax bracket, which taxes at 5 percent, ranges from $0 to $30,000. The second tax bracket, which taxes at 25 percent, ranges from $30,001 to $120,000. How much will you pay in total taxes? Instructions: Enter your answer as a whole number. %241. Suppose you currently earn taxable income of $100,000 per year. You are subject to an MTR of 50 percent. Currently, your ATR is 35 percent. Calculate your annual tax. Calculate the extra tax that you would pay per year if your annual income increased to $110,000. What is your ATR when your annual income is $110,000?es Vinitpaul has the following information: AGI for 2022 Withholding for 2022 Total tax for 2021 Total tax for 2022 $ 155,000 $ 27,300 $ 31,200 $ 31,197 Required: a. How much must Vinitpaul pay in estimated taxes to avoid a penalty? Note: Round the final answer to nearest whole dollar amount. Minimum estimated tax payment b. If Vinitpaul had paid $900 per quarter, would he have avoided the estimated tax penalty?
- K Calculate the change in monthly take-home pay when the following tax-deferred contribution is made. A person is single and has a taxable income of $25,000. The person makes monthly contributions of $100 to a tax-deferred savings plan. The monthly take-home payment is reduced by $ (Simplify your answer.) CO Tax Rate 10% 15% 25% 28% 33% 35% 39.6% Standard deduction Exemption per person) Single up to $9325 up to $37,950 up to $91,900 up to $191,650 up to $416,700 up to $418,400 above $418,400 $6350 $4050Based on the following data, calculate the items requested: Rental Costs. Annual rent Insurance Security deposit $ 8,180 $ 225 $ 1,050 Rental cost Buying cost Buying Costs Annual mortgage payments Property taxes Down payment/closing costs Growth in equity Insurance/maintenance Estimated annual appreciation Assume an after-tax savings interest rate of 6 percent and a tax rate of 28 percent. Assume this individual has other tax deductions that exceed the standard deduction amount. $ 10,500 (9,975 is interest) $2,100 $ 5,200 $ 525 $ 1,850 $ 2,500 a. Calculate total rental cost and total buying cost. (Do not round intermediate calculations. Round your answers to the nearest whole dollar.) b. Would you recommend buying or renting? O Renting O BuyingFEDERAL PAYROLL TAXES Bracket ($) 0-9,700 9,701 - 39,475 39,476-84,200 84,201 - 160,725 160,726 - 204,100 204,101 - 510,300 510,301 - Marginal Tax Rate 10% 12% 22% 24% 32% 35% 37% TABLE 1: 2019 single taxpayer brackets and rates Exercise 1: Suppose your taxable income is $50,000. Compute your federal income tax. Individual Taxpayers Income Tax Bracket ($) 0-9,700 9,701 - 39,475 39,476 - 84,200 84,201 - 160,725 160,726 - 204,100 204,101 - 510,300 510,301 - Taxes Owed 10% within bracket $970 + 12% within bracket $4,543 + 22% within bracket $14,382.50 +24% within bracket $32,738.50 +32% within bracket $46,628.50 +35% within bracket $153,798.50 +37% within bracket TABLE 2: 2019 tax brackets Exercise 2: Your taxable income is $50,000. Use Table 2 to recompute your federal income tax. Exercise 3: Your taxable income is $50,000. Compute your effective tax rate
- On January 5, 2021 Mr. Pacifico obtained a 4-year business loan from a bank for P200,000 at 6% interest per annum. Both principal and interest are payable on equal installments every end of each quarter of the calendar year until the end of the 4-year term. How much interest expenses shall be deductible from gross income for the taxable year 2021? * O zero O P3,000 O P6,000 O P12,000A deferred perpetuity-due begins payments at time n with annual payments of $1,000 per year. If the present value of this perpetuity-due is equal to $6,561 and the effective rate of interest i=1/9, find n. To be computed by hand, not in excel.What should be the balance in a Registered Retirement Income Fund (RRIF) that will provide $2,000 at the beginning of each quarter for 4 years, if the RRIF earns 4.25% compounded semi-annually? S0.00 Round to the nearest cent SAVE PRO