Laura Avila is a 20-year-old female who recently graduated from CNM with her associates degree in business. She has accepted a job as an office manager with ABC Business Solutions for $35,000 gross annual salary per year. ABC Business Solutions pays its employees on a weekly basis. Use the following when calculating Laura's weekly net income: Federal Income Tax $75.00 Social Security 6.2% Medicare 1.45% State Income Tax 5% . . . CASH OUTFLOWS (Expenses): Her parents recently moved out of state, so Laura is responsible for her own living arrangements and budget. ABC Business Solutions requires employees to dress in business professional clothes. The clothes she currently wears include khaki pants, polo shirts, blouses, and button up shirts. ABC Business Solutions informed her that this is considered business casual and can only be worn on Fridays. Laura estimates that she will need to spend $200 for business professional clothing as a one-time expense. Laura plans to start her bachelor's degree in business next year. She has not yet decided which university she will attend. She received a Pell grant and a federal student loan to pay her tuition and books for her associates degree. Since she has not yet started her bachelor's degree, she is not eligible for a student loan deferment. Her monthly student loan payment will be $150 and starts next month. . Laura's car payment is $225 per month for the next 4 years. Her car insurance is $132 per month. She estimates that she will spend $50 per month for ancolino
Laura Avila is a 20-year-old female who recently graduated from CNM with her associates degree in business. She has accepted a job as an office manager with ABC Business Solutions for $35,000 gross annual salary per year. ABC Business Solutions pays its employees on a weekly basis. Use the following when calculating Laura's weekly net income: Federal Income Tax $75.00 Social Security 6.2% Medicare 1.45% State Income Tax 5% . . . CASH OUTFLOWS (Expenses): Her parents recently moved out of state, so Laura is responsible for her own living arrangements and budget. ABC Business Solutions requires employees to dress in business professional clothes. The clothes she currently wears include khaki pants, polo shirts, blouses, and button up shirts. ABC Business Solutions informed her that this is considered business casual and can only be worn on Fridays. Laura estimates that she will need to spend $200 for business professional clothing as a one-time expense. Laura plans to start her bachelor's degree in business next year. She has not yet decided which university she will attend. She received a Pell grant and a federal student loan to pay her tuition and books for her associates degree. Since she has not yet started her bachelor's degree, she is not eligible for a student loan deferment. Her monthly student loan payment will be $150 and starts next month. . Laura's car payment is $225 per month for the next 4 years. Her car insurance is $132 per month. She estimates that she will spend $50 per month for ancolino
PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
6th Edition
ISBN:9781337117005
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter3: Preparing Your Taxes
Section: Chapter Questions
Problem 2FPE: ESTIMATING TAXABLE INCOME, TAX LIABILITY, AND POTENTIAL REFUND. Hannah Owens is 24 years old and...
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