1. For each of the following, select items in the list (may be more than one) that are tax deductions.
a. Charitable donations
b. Moving expenses
c. Child care cost
d. State personal income taxes paid
2. Calculate the Total Liquid Assets
|
Money market account
|
$ 4240
|
Medical Bills
|
$ 740
|
|
Mortgage
|
$ 104560
|
Checking account
|
$ 780
|
|
Retirement account
|
$ 288100
|
Credit card balance
|
$ 1120
|
(Round your answer to the nearest whole number.
3. Calculate the Total Current Liabilities
|
Money market account
|
$ 3380
|
Medical Bills
|
$ 3240
|
|
Mortgage
|
$ 113620
|
Checking account
|
$ 380
|
|
Retirement account
|
$ 220600
|
Credit card balance
|
$ 2520
|
(Round your answer to the nearest whole number.) Do not include the comma, period, and "tiny_mce_markerquot; sign in your
4. Based on this financial data, calculate the debt ratio.
|
Liabilities
|
$ 9030
|
Net Worth
|
$ 63700
|
|
Liquid Assets
|
$ 4790
|
Current Liabilities
|
$ 1720
|
|
Monthly Credit Payments
|
$ 2600
|
Take-home Pay
|
$ 3030
|
|
Monthly Savings
|
$ 440
|
Gross Income
|
$ 3450
|
5. Based on this financial data, calculate the Current Ratio.
|
Liabilities
|
$ 7670
|
Net Worth
|
$ 64400
|
|
Liquid Assets
|
$ 4410
|
Current Liabilities
|
$ 1760
|
|
Monthly Credit Payments
|
$ 2060
|
Take-home Pay
|
$ 3150
|
|
Monthly Savings
|
$ 300
|
Gross Income
|
$ 3270
|
6. Based on this financial data, calculate the Debt-Payments Ratio.
|
Liabilities
|
$ 8490
|
Net Worth
|
$ 64500
|
|
Liquid Assets
|
$ 4410
|
Current Liabilities
|
$ 1780
|
|
Monthly Credit Payments
|
$ 680
|
Take-home Pay
|
$ 3130
|
|
Monthly Savings
|
$ 220
|
Gross Income
|
$ 3390
|
7. Based on this financial data, calculate the Savings Ratio.
|
Liabilities
|
$ 7990
|
Net Worth
|
$ 66000
|
|
Liquid Assets
|
$ 4510
|
Current Liabilities
|
$ 2140
|
|
Monthly Credit Payments
|
$ 720
|
Take-home Pay
|
$ 3070
|
|
Monthly Savings
|
$ 120
|
Gross Income
|
$ 5330
|
8. Jenny prepares her own income tax return each year. A tax preparer would charge her $220 for this service. Over a period of 10 years, how much does Elaine gain from preparing her own tax return? Assume she can earn 7 percent on her savings.
9. On December 30, you decide to make a $1800 charitable donation. If you are in the 10 percent tax bracket, how much will you save in taxes for the current year?