Use the 2012 marginal tax rates to compute the tax owed, math homework help

Use the 2012 marginal tax rates to compute the tax owed, math homework help

1. Use the 2012 marginal tax rates to compute the tax owed by the following person.

a single​ male, no dependents. 

Gross​ income: $97,000	​Deductions: $27,000 mortgage interest ​ 4343 property taxes ​$4343 charitable contributions $4000
​Adjustments: ​$ 2000	Tax​ credit: none

Marginal Tax​ Rates, Standard​ Deductions, and Exemptions
​Unmarried, divorced, or legally separated	Married and each partner files a separate tax return	Married and both partners file a single tax return	Unmarried and paying more than half the cost of supporting a child or parent
Tax Rate	Single	Married Filing Separately	Married Filing Jointly	Head of Household
​ 10%	up to​ $8700	up to​ $8700	up to​ $17,400	up to​ $12,400
​ 15%	​$8701 to​ $35,350	​$8701 to​ $35,350	​$17,401 to​ $70,700	​$12,401 to​ $47,350
​ 25%	​$35,351 to​ $85,650	​$35,351 to​ $71,350	​$70,701 to​ $142,700	​$47,351 to​ $122,300
​ 28%	​$85,651 to​ $178,650	​$71,351 to​ $108,725	​$142,701 to​ $217,450	​$122,301 to​ $198,050
​ 33%	​$178,651 to​ $388,350	​$108,726 to​ $194,175	​$217,451 to​ $388,350	​$198,051 to​ $388,350
​ 35%	more than​ $388,350	more than​ $194,175	more than​ $388,350	more than​ $388,350
Standard Deduction	​$5950	​$5950	​$11,900	​$8700
Exemptions ​(per person)	​$3800	​$3800	​$3800	​$3800

2.

a. In order to have 
​$
170,000 in 
15 
​years, you should deposit how much per year?

b. How much of the financial goal comes from deposits and how much comes from​ interest?

3. At the age of 24​, to save for​ retirement, you decide to deposit ​$10 at the end of each month in an IRA that pays 4​% compounded monthly.

A. how much will you have in the IRA when you retire.

B. Find the interest.

4. 

Periodic Deposit	​$ 20 at the end of each month
Rate	7.5 ​% compounded monthly
Time	20 years

A. After 
20 
​years, you will have approximately how much?

B. Find the interest.

5. The price of a small cabin is ​$40,000. The bank requires a​ 5% down payment. The buyer is offered two mortgage​options: 20-year fixed at 9.5​% or​ 30-year fixed at 9.5​%. calculate the amount of interest paid for each option. How much does the buyer save in interest with the​ 20-year option?

A. Find the monthly payment for the​ 20-year option.

B. Find the monthly payment for the​ 30-year option.

C. Calculate the total cost of interest for both mortgage options. How much does the buyer save in interest with the​20-year option?

6. The price of a home is $220,000. The bank requires a​ 15% down payment. The buyer is offered two mortgage ​options: 15-year fixed at 8​% or​ 30-year fixed at 8​%.
Calculate the amount of interest paid for each option. How much does the buyer save in interest with the​ 15-year option? 

A. Find the monthly payment for the​ 15-year option.

B. Find the monthly payment for the​ 30-year option.

C. Calculate the total cost of interest for both mortgage options. How much does the buyer save in interest with the​15-year option?

7. A city council consists of eight Democrats and six Republicans. If a committee of five
people is​ selected, find the probability of selecting two Democrats and three Republicans.

8. Six​ stand-up comics,​ A, B,​ C, D,​ E, and​ F, are to perform on a single evening at a comedy club. The order of performance is determined by random selection. Find the probability​ that:

A. Comic F will perform last.

B. Comic D will perform last and Comic B will perform fifth.

C.The comedians will perform in the following​ order F,D,B,E,A,C

D. Comic A or comic C will perform second.

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