Answer:
$21,950
Explanation:
Based on the information given Assuming both of them do not live in a community property state Eugene's taxable income will be calculated as:
Income Earned (Velma) $30,000
Less Eugene's itemized deductions ($4,000)
Less Standard deduction ($4,050)
Eugene's taxable income$21,950
Therefore Eugene's taxable income will be $21,950
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Answer:
Additional money, the firm have 4 years from now if it can earn 5 percent rather than 4 percent on its savings will be $3,423.
Explanation:
Principal Amount = P = $75,000
Number of year = n = 4 years
If rate of return is 4%
A = P ( 1 + r )^n
A = $75,000 ( 1 + 0.04 )^4
A = $75,000 x 1.16986
A = $87,740
If rate of return is 5%
A = P ( 1 + r )^n
A = $75,000 ( 1 + 0.05 )^4
A = $75,000 x 1.21551
A = $91,163
Additional Amount Earned = $91,163 - $87,740 = $3,423
It is important to keep accurate financial records so true
