FCS 3450 Homework 4 2023 Business Finance

2023 1 Thomas Franklin arrived at the following tax information Gross salary 46 660 Interest earnings 225 Dividend income 80


1.   Thomas Franklin arrived at the following tax information:


Gross salary, $46,660


Interest earnings, $225


Dividend income, $80


One personal exemption, $3,400


Itemized deductions, $7,820


Adjustments to income, $1,150




What amount would Thomas report as taxable income?




2.   If Lola Harper had the following itemized deductions, should she use Schedule A or the standard deduction? The standard deduction for her tax situation is $5,450.


Donations to church and other charities, $1,980


Medical and dental expenses that exceed 7.5 percent of adjusted gross income, $430


State income tax, $690


Job-related expenses that exceed 2 percent of adjusted gross income, $1,610






3.   What would be the average tax rate for a person who paid taxes of $4,864.14 on a taxable income of $39,870?




4.   Based on the following data, would Ann and Carl Wilton receive a refund or owe additional taxes?


Adjusted gross income, $46,186


Itemized deductions, $11,420


Child care tax credit, $80


Federal income tax withheld, $4,784


Amount for personal exemptions, $6,800


Average tax rate on taxable income, 15%




5.      Would you prefer a fully taxable investment earning 10.7 percent or a tax-exempt investment earning 8.1 percent?  Why? (Assume a 28 percent tax rate.)






6.      On December 30, you decide to make a $1,000 charitable donation. If you are in a 28 percent tax bracket, how much would you save in taxes for the current year? If that tax savings was deposited in a savings account for the next five years at 6 percent, what would be the future value of that account?


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