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fiasKO [112]
3 years ago
3

Consider the statement "Everyone has a financial plan, but not everyone has financial goals." Explain what you think this means.

Business
2 answers:
katrin [286]3 years ago
4 0

Answer:

You may hhave a plan for whwhat you’re goigoing to do but you don't have a goal tthat youyou’re reaching for.

mestny [16]3 years ago
4 0

Explanation:

A financial plan is an individual or a company's evaluation of the current income to predict the future financial state, And a financial goal is basically the target of a person or a company that is driven by future financial needs. For example if a person has a goal to save money to buy a home, its his target, and how much he will have to save for it on monthly or yearly basis, is his plan. Similarly if a company has a goal to open a new business unit in the coming years, then the savings it has to make on yearly basis will be its financial plan.

So people may have financial plans, but they don't have financial goals. For example, people might want to save but they really don't a have a clear goal that for what they are saving.

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Sheila and Joe Wells are married with two dependent children. During 2019, they have gross income of $159,800, deductions for AG
Anna71 [15]

They have a tax due of $6,453.36

Explanation:

Gross income = $159,800

Deductions for AGI = $5,500

Itemized deductions = $25,000

Tax credits = $2,000

Federal income tax = $22,000

AGI = gross income - deductions for AGI

AGI  = 159800 - 5500

AGI  = 154300

Taxable income  = AGI  - itemized deductions

Taxable income  =  154300 - 25000

Taxable income  = $1,29,300‬

Using tax table of 2019

Gross tax = 32170 + ( 129300 - 88359 ) × 24%

Gross tax = $17,546.64‬

Tax due = gross tax  - tax credit - withholding

Tax due is = 17546.64 - 2000 - 22000 = - 6453.36

Tax due is = $6,453.36

5 0
4 years ago
The following information relates to the pension plan for the employees of Turner Co.: 1/1/20 12/31/20 12/31/21 Projected benefi
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Answer:

The amount of AOCI (net gain) amortized in 2021 is $26,250

Explanation:

In order to calculate the calculate the amount of AOCI (net gain) amortized in 2021 we would have to use the following formula:

amount of AOCI (net gain) amortized in 2021=(AOCI net gain 12/31/20-Corridor amount for 2021)/Average remaining service life

AOCI net gain 12/31/20=$1,512,000  

Corridor amount for 2021=$1,092,000=10,920,000*10%

Average remaining service life=16  

Therefore, AOCI (net gain) amortized in 2021=($1,512,000-$1,092,000)/16

AOCI (net gain) amortized in 2021=$26,250

5 0
3 years ago
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