Finance 2
cdub06
hw2.docxQuestion 1 (2 points)
For each of the following, select items in the list (may be more than one) that are tax deductions.
Question 1 options:
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Calculate the Total Liquid Assets
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Money market account |
$ 4240 |
Medical Bills |
$ 3380 |
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Mortgage |
$ 167900 |
Checking account |
$ 1200 |
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Retirement account |
$ 222760 |
Credit card balance |
$ 1040 |
(Round your answer to the nearest whole number. Do not include the comma, period, and "$" sign in your response.)
Your Answer:
Question 2 options:
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Calculate the Total Current Liabilities
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Money market account |
$ 4140 |
Medical Bills |
$ 2600 |
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Mortgage |
$ 175700 |
Checking account |
$ 840 |
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Retirement account |
$ 250720 |
Credit card balance |
$ 1220 |
(Round your answer to the nearest whole number. Do not include the comma, period, and "$" sign in your response.)
Your Answer:
Question 3 options:
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Based on this financial data, calculate the debt ratio.
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Liabilities |
$ 8150 |
Net Worth |
$ 70400 |
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Liquid Assets |
$ 4930 |
Current Liabilities |
$ 1760 |
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Monthly Credit Payments |
$ 1040 |
Take-home Pay |
$ 3150 |
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Monthly Savings |
$ 500 |
Gross Income |
$ 3410 |
Make sure to include zeros and round your answer to 2 decimal places. i.e. 3.55, 1.89, 0.25, 0.09, etc. Do not include a comma or"$" sign in your response.
Your Answer:
Question 4 options:
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Based on this financial data, calculate the Current Ratio.
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Liabilities |
$ 8030 |
Net Worth |
$ 81300 |
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Liquid Assets |
$ 4590 |
Current Liabilities |
$ 1620 |
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Monthly Credit Payments |
$ 3140 |
Take-home Pay |
$ 2910 |
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Monthly Savings |
$ 160 |
Gross Income |
$ 3370 |
Make sure to include zeros and round your answer to 2 decimal places. i.e. 3.55, 1.89, 0.25, 0.09, etc.
Do not include a comma or"$" sign in your response.
Your Answer:
Question 5 options:
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Based on this financial data, calculate the Debt-Payments Ratio.
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Liabilities |
$ 9030 |
Net Worth |
$ 68400 |
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Liquid Assets |
$ 4730 |
Current Liabilities |
$ 1920 |
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Monthly Credit Payments |
$ 840 |
Take-home Pay |
$ 3130 |
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Monthly Savings |
$ 220 |
Gross Income |
$ 3250 |
Make sure to include zeros and round your answer to 2 decimal places. i.e. 3.55, 1.89, 1.02, 0.09, etc.
Do not include a comma or"$" sign in your response.
Your Answer:
Question 6 options:
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Based on this financial data, calculate the Savings Ratio.
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Liabilities |
$ 7610 |
Net Worth |
$ 76300 |
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Liquid Assets |
$ 4470 |
Current Liabilities |
$ 1620 |
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Monthly Credit Payments |
$ 660 |
Take-home Pay |
$ 2970 |
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Monthly Savings |
$ 560 |
Gross Income |
$ 4110 |
Make sure to include zeros and round your answer to 2 decimal places. i.e. 3.55, 1.89, 1.02, 0.09, etc.
Do not include a comma or"$" sign in your response.
Your Answer:
Question 7 options:
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Chapter 3 LO 3.2
Question 8 options:
Based on the following data, would Ann and Carl Wilton receive a refund or owe additional taxes? How much?
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Adjusted gross income |
$ |
46,750 |
Itemized deductions |
$ |
17,820 |
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Child care tax credit |
$ |
550 |
Federal income tax withheld |
$ |
3,400 |
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Amount for personal exemptions |
$ |
8,480 |
AVERAGE Tax Rate |
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15 |
percent |
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Enter "tax refund" or "payment due"
How much?
In the block below, enter refund amount or payment due. Round your answer to the nearest whole number. Input all amounts as positive values. Omit the comma and "$" sign in your response.)
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Elaine Romberg prepares her own income tax return each year. A tax preparer would charge her $130 for this service. Over a period of 11 years, how much does Elaine gain from preparing her own tax return? Assume she can earn 9 percent on her savings.
Use the appropriate Time Value of Money table [Exhibit 1-A, Exhibit 1-B, Exhibit 1-C, OR Exhibit 1-D]
(Round your answer to the nearest whole number. Do not include the comma, period, and "$" sign in your response.)
Your Answer:
Question 9 options:
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On December 30, you decide to make a $1860 charitable donation. If you are in the 20 percent tax bracket, how much will you save in taxes for the current year?
(Round your answer to the nearest whole number. Do not include the comma, period, and "$" sign in your response.)
Your Answer:
Question 10 options:
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On December 28 each year, you are planning to make a charitable donation of $2740 and are in the 20 percent tax bracket. You are planning to deposit the tax savings in a savings account for the next 9 years at 5 percent, what will be the future value of that savings account?
Use the appropriate Time Value of Money table [Exhibit 1-A, Exhibit 1-B, Exhibit 1-C, OR Exhibit 1-D]
(Round your answer to the nearest whole number. Do not include the comma, period, and "$" sign in your response.)
Your Answer:
Question 11 options:
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