1. Ted Riley owns a Lexus worth $40,000. He owns a home worth $275,000. He has a checking account with $800 in it and a savings account with $1,900 in it. He has a mutual fund worth $110,000. His personal assets are worth $90,000. He still owes $25,000 on his car and $150,000 on his home, and he has a balance on his credit card of $1,600. What is Ted's net worth? 2. Ruby is 25 and has a good job at a biotechnology company. She currently has $10,000 in an IRA, an important part of her retirement nest egg. She believes her IRA will grow at an annual rate of 8%, and she plans to leave it untouched until she retires at age 65 . Ruby estimates that she will nsed $875,000 in her total retirement nest egg by the time she is 65 in order to have retirement income of $20,000 a year (she expects that Social Security will pay her an additional $15,000 per year). a. How much will Ruby's IRA be worth when she needs to start withdrawing money from it when she retires? b. How much money will she have to accumulate in her company's 401(K) plan over the next 40 years in order to reach her retirement income goal? 3. In 2016, Joshua gave $14,000 worth of Microsoft stock to his son. In 2017, the shares were worth $23,000. a. What was the gift tax in 2016? b. What was the total amount removed from Joshua's estate in 2017? c. What was the gift tax in 2017 ? 4. Joe and Rachael are both retired. Married for 55 years, they have amassed an estate worth $4.4 million. The couple has no trust or other type of tax-sheltered assets. If Joe or Rachael died in 2017, how much federal estate tax would the surviving spouse have to pay, assuming that the estate is taxed at the 40% rate