Edgar Goloc deposited 80,00 . (present value) today at 6 compounded quarterly. Compute the quarterly withdrawal that Edgar can make each quarter for 6.5 years and empty the account. Use Tables 23-2A and 23-2B or a calculator.
Q. 2Rates for a married taxpayer filing separately are 10 of taxable income up to 8,375and 15 thereafter up to 34,000 . Harris and Donna Charles are filing separate returns. Harris earned 46,00 . this year. He took the standard deduction of 5,700 and exemptions of 3,650 each for himself and the two children. Donna earned 25,00 . this year. She took the standard deduction of 5,700 and an exemption of 3,650 for herself. Compute the amount of tax that the Charles family owed this year before credits.
Q. 3Benoit Asset Management guarantees a minimum return of 6 compounded monthly for 2 years. What is the total present value of 24 annual investment deposits of 6,600 each? Use Tables 23-2A and 23-2B or a calculator.
Q. 4Rates for a married taxpayer filing separately are 10 of taxable income up to 8,375and 15 thereafter up to 34,000 . Murry and Ann Phillips are filing separate returns. Murry earned 34,00 . this year. He took the standard deduction of 5,700 and exemptions of 3,650 each for himself and the three children. Ann earned 20,00 . this year. She took the standard deduction of 5,700 and an exemption of 3,650 for herself. Compute the amount of tax that the Phillips family owed this year before credits.
Q. 5Eliberto Ochoa needs to have 7,500 at the end of 15 months to pay for a new roof. Compute the amount that Eliberto should deposit each month into a sinking fund that pays 9 compounded monthly. Use Tables 23-1A and 23-1B or a calculator.
Q. 6Rates for a head-of-household taxpayer are 10 of taxable income up to 11,950 and 15 thereafter up to 45,550 . Earlene Brown, head of household, earned 41,700 . She itemized the following deductions: 6,600 interest on her house, 2,100 state tax, and a donation of 575 to her church. She took exemptions of 3,650 each for herself and her daughter. Compute the amount of income tax before credits.
Q. 7Susan Phillips made two 1200 deposits every year (i.e., semiannual) for 10 years. If the investment pays a return of 6 compounded semiannually, how much interest would Susan's investment earn during the 10 years? Use Tables 23-1A and 23-1B or a calculator.
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