You want to open a sushi bar 3 years from now, and you plan to save $7,000 per year, beginning immediately. You will make 3 depo

= B4 - D6 * 2 % * 0.5 " and hit enter

Answer:

A) $76500

B) $72500

C) $24750

D) tax refund of $260

Explanation:

A) Determine the gross income for Marc and Michelle

Marc has a salary of $64000

Michelle earns $12000

from bonds, they gain an interest of $500

Consequently, total gross income = 64000 + 12000 + 500 = $76500

B) Now, calculate the adjusted gross income for Marc and Michelle

Gross income totals $76500

Moving expenses allowable = $2500

Alimony paid to ex-spouse = $1500

Adjusted gross income = 76500 - 2500 - 1500 = $72500

C) Compute the total deductions from AGI for Marc and Michelle

Standard deduction = $12600

itemized deductions = $6000

Personal and dependency allowances = $12150

To derive the Deductions from AGI, one needs to sum the personal and dependency allowance with the standard deduction (selecting the greater value between standard and itemized deductions).

= 12600 + 12150 = $24750

D) Now find Marc and Michelle's taxable income

Adjusted gross income is $72500

Deductions based on itemized amount = $24750

Thus, taxable income = 72500 - 24750 = $47750

E) Finally, ascertain if Marc and Michelle are due a tax refund or owe taxes for the year

Tax rate notes:

for income between $18451 to $79000: tax rate is $1845 plus 15% on income exceeding $18450

Taxable income is $47750

Tax obligation = 1845 + (47750 - 18450) * 15% = $6240

Child tax credit totals $1000

Taxes withheld amounts to $5500

Tax refund is calculated as tax obligation minus child tax credit minus withheld taxes

6240 - 1000 - 5500 = $260

thus, a tax return amounting to $260 will be issued

To receive monthly income, adjust the interest rate and duration variables for the investment to a monthly timeframe; From the total of $12,000, calculate Jenny's personal savings after removing social security payments and her pension benefits; = 12,000 - 3,000 - 4,000 = $5,000. This recurring 5,000 will be the PMT for the annuity calculation. If the marginal tax rate is 28%, determine the nominal rate after tax; Pre-tax nominal rate = 7.9% or 0.079. The after-tax nominal rate = (1-0.28) * 0.079 = 0.05688 or 5.688%. Next, find the real interest rate using the Fisher equation applicable to the nominal and inflation rates: Real rate = [(1+Nominal) / (1+inflation)] -1 = [(1+0.05688) / (1+0.026)] -1 = 1.0301 -1 = 0.0301. Thus, the real rate is 3.01%. Now, using a financial calculator, input the following: N = 95 - 70 = 25 years, converted to months = 25*12 = 300. I/Y = 3.01% /12 = 0.2508%. PMT = 5,000, FV = 75,000*6 = 450,000. Then calculate PV = $1,265,460.78. Therefore, she should aim to save $1,265,460.78.