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Answer:

84,000

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Which retirement plan best meets Abdoulaye's needs based on their income and desire for flexibility?

A
SEP IRA; 30 dollars comma 000 per year
B
Roth IRA; 7 dollars comma 000 per year
C
SIMPLE IRA; 15 dollars comma 000 per year
D
traditional IRA; 7 dollars comma 000 per year
3

A single parent filing as head of household has a simple financial situation with no other deductions or credits apart from the standard deduction. Their financial details for the tax year 2023 are shown. W-2 income: $⁢55,000 Taxable interest (1099-INT): $⁢500 Federal income tax withheld: $⁢5,500 Standard deduction for 2023: $⁢19,400 What amount should the taxpayer enter on line 15 (taxable income) on the 1040 form?

A
36 dollars comma 100
B
55 dollars comma 000
C
19 dollars comma 400
D
36 dollars comma 600
4

If liquidity is not a concern and the investor is willing to take on high risk for a good return, which two investment options from the table should they consider?

A
health stock B and bond fund X
B
bond fund X and index fund Z
C
tech stock A and real estate Y
D
tech stock A and health stock B
5

How much more will the family pay in property taxes over 20 years in County Y compared to County X?

A
24 dollars comma 000
B
15 dollars comma 000
C
20 dollars comma 000
D
30 dollars comma 000
6

An individual has an AIME of $6,500 Using the 2024 bend points, what is their PIA at full retirement age?

A
5 dollars comma 904 point 0 0
B
2 dollars comma 951 point 9 0
C
4 dollars comma 002 point 4 8
D
2 dollars comma 760 point 9 2
7

An individual has an AIME of $7,200 Using the 2024 bend points, what is their PIA at full retirement age?

A
2 dollars comma 964 point 1 8
B
2 dollars comma 945 point 8 8
C
1 dollars comma 889 point 2 8
D
1 dollars comma 056 point 6 0
8

If Sierra is a single filer and claims the standard deduction of $13,850, on which line of the 1040 form should she report this deduction?

Answer:

line 12

9

A head of household has taxable income of $90,000 What is the federal income tax they owe?

A
$10,558
B
13 dollars comma 501
C
$12,758
D
$11,874
10

A taxpayer has a taxable income of $⁢44,725 and is filing as single. What is the total amount of tax the taxpayer owes, and what is their effective tax rate? The tax rates for 2023 are in the table.

A
Total tax owed: 4 dollars comma 750; Effective tax rate: 10 point 6 2 percent
B
Total tax owed: 5 dollars comma 353; Effective tax rate: 12 percent
C
Total tax owed: 5 dollars comma 153; Effective tax rate: 11 point 5 2 percent
D
Total tax owed: 5 dollars comma 147; Effective tax rate: 11 point 5 1 percent
11

Calculate Saige's net worth given the following assets and liabilities. Formula: net worth = assets - liabilities

A
167 dollars comma 000
B
71 dollars comma 000
C
96 dollars comma 000
D
90 dollars comma 000
12

What is Anisha’s current net worth? Formula: net worth = assets - liabilities

A
11 dollars comma 000
B
43 dollars comma 000
C
negative 30 dollars comma 000
D
negative 32 dollars comma 000
13

Alice is a single taxpayer. How much tax does Alice owe on her taxable income of $⁢44,150 , based on the 2023 tax brackets?

A
7 dollars comma 543 point 5 0
B
4 dollars comma 415
C
5 dollars comma 297 point 5 0
D
5 dollars comma 078
14

What is the total annual income generated from the rental property? Enter your answer in the box.

Answer:

15300

15

What is the net income for the rental property?

A
4 dollars comma 140
B
2 dollars comma 392
C
3 dollars comma 142
D
5 dollars comma 220
16

What is the correct formula for calculating net worth in cell B11 ?

A
=B6+B10
B
=B5-B8
C
=SUM(B6:B10)
D
=B6-B10
17

What is the final equation to model the total monthly expenses E⁡(q) for the printshop?

A
cap e times q is equal to 2 point 2 5 q plus 3 comma 300
B
cap e times q is equal to 2 point 2 5 q plus 3 comma 900
C
cap e times q is equal to 2 point 2 5 q plus 3 comma 700
D
cap e times q is equal to 2 point 2 5 q plus 3 comma 500
18

A hotel previously bought queen-size sheet sets wholesale for 22 point 5 0 dollars The new order shows the sets now cost 20 point 9 5 dollars What is the percent increase or decrease? Round to the nearest tenth of a percent if necessary.

A
an increase of 6 point 9 percent
B
a decrease of 7 point 4 percent
C
an increase of 7 point 4 percent
D
a decrease of 6 point 9 percent
19

A 40 -year-old freelancer contributes $⁢5,000 annually to a traditional IRA. They withdraw $⁢2,000 to cover unreimbursed medical expenses. What are the taxes and penalties on this withdrawal?

A
200 dollars penalty and no taxes
B
no penalty and no taxes
C
500 dollars penalty and taxed as regular income
D
200 dollars penalty and taxed as regular income
20

Farida has saved $600,000 in her retirement account, which earns an annual interest rate of 3% She plans to withdraw from the account each month for 25 years. Approximately how much will Farida receive monthly? Use the formula P=P⁢V⋅(r)/(1−(1+r)^−n)

A
2 dollars comma 845 point 2 7
B
1 dollars comma 018 point 4 6
C
2 dollars comma 650 point 0 0
D
1 dollars comma 500 point 2 1

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