Andrea is a single woman with no children who is not eligible for any tax credits. If she made $94,000 in wages in 2018, how much tax did she owe? Use the Current Tax Information below for deductions, credits, and tax rates in this section.

If you have a $15,000 student loan with a term of 10 years and an APR of 4.25% compounded monthly, then: (a). (w) (5 points) What are your monthly payments?

If you have a $15,000 student loan with a term of 10 years and an APR of 4.25% compounded monthly, then: What are your monthly payments?

How much interest do you end up paying over the term of the loan?

Current Tax Information The following information is for the 2018 tax year (that is, the taxes that were filed in April 2019). So it's technically not exactly current, but there are only slight differences between the values here and the ones for the 2019 tax year. AGI = adjusted gross income Standard Deduction: $12000 for single taxpayers and married taxpayers filing separately $18000 for heads of households (single but with dependents) $24000 for married taxpayers filing jointly and surviving spouses . O O Common Tax Credits (simplified): Child Tax Credit: $2000 per child if AGI is under $200,000 (or $400,000 if married filing jointly); can only be claimed by one parent Earned Income Tax Credit: If you have earned income through wages or self-employment: Credit of $6431 if you have 3 or more qualifying children and AGI is under $49194 (or $54884 if you're married filing jointly) Credit of $5716 if you have 2 qualifying children and AGI is under $45802 (or $51492 if you're married filing jointly) Credit of $3461 if you have 1 qualifying child and AGI is under $40320 (or $46010 if you're married filing jointly) Credit of $519 if you have no children and AGI is under $15270 (or $20950 if you're married filing jointly) NOTE: Married couples filing separately can't get this credit. American Opportunity Credit: Up to $2500 per student for tuition, etc., during the first four years of college if AGI is under $90,000 (or $180,000 if married filing jointly) o O o . FICA tax rates: 6.2% Social Security tax on first $128,700 of wages 1.45% Medicare tax on first $200,000 of wages (or $250,000 if married filing jointly or $125,000 if married filing separately) 2.35% Medicare tax on all wages in excess of $200,000 (or $250,000 if married filing jointly or $125,000 if married filing separately) Individual Taxpayers If Taxable income Is Between: The Tax Due is: 0 - $9,525 10% of taxable income $9,526 - $38,700 $952.50 +12% of the amount over $9,525 $38,701 - $82,500 $4,453.50 + 22% of the amount over $38,700 $82,501 - $157,500 $14,089.50 + 24% of the amount over $82,500 $157,501 - $200,000 $32,089.50 +32% of the amount over $157,500 $200,001 - $500,000 $45,689.50 + 35% of the amount over $200,000 $500,001+ $150,689.50 + 37% of the amount over $500,000 Married Individuals Filing Joint Returns and Surviving Spouses If Taxable income is Between: The Tax Due is: 0 - $19,050 10% of taxable income $19,051 - $77,400 $1,905 + 12% of the amount over $19,050 $77,401 - $165,000 $8,907 + 22% of the amount over $77.400 $165,001 - $315,000 $28,179 + 24% of the amount over $165,000 $315,001 - $400,000 $64,179 + 32% of the amount over $315,000 $400,001 - $600,000 $91,379 + 35% of the amount over $400,000 $600,001 + $161,379 +37% of the amount over $600,000 + Married Filing Separately If Taxable Income Is Between: The Tax Due is: $0 - $9,525 10% of taxable income $9,526 - $38,700 $952.50 + 12% of the amount over $9,525 $38,701 - $82,500 $4,453.50 + 22% of the amount over $38,700 $82,501 - $157,500 $14,089.50 + 24% of the amount over $82,500 $157,501 - $200,000 $32,089.50 + 32% of the amount over $157,500 $200,001 - $300,000 $45,689.50 + 35% of the amount over $200,000 $300,001 + $80,689.50 + 37% of the amount over $300,000 Heads of Household If Taxable income Is Between: The Tax Due is: 0 - $13,600 10% of taxable income $13,601 - $51,800 $1,360 + 12% of the amount over $13,600 $51,801 - $82,500 $5,944 + 22% of the amount over $51,800 $82,501 - $157,500 $12,698 +24% of the amount over $82,500 $157,501 - $200,000 $30,698 + 32% of the amount over $157,500 $200,001 - $500,000 $44,298 + 35% of the amount over $200,000 $500,001 + $149,298 + 37% of the amount over $500,000 Current Tax Information The following information is for the 2018 tax year (that is, the taxes that were filed in April 2019). So it's technically not exactly current, but there are only slight differences between the values here and the ones for the 2019 tax year. AGI = adjusted gross income Standard Deduction: $12000 for single taxpayers and married taxpayers filing separately $18000 for heads of households (single but with dependents) $24000 for married taxpayers filing jointly and surviving spouses . O O Common Tax Credits (simplified): Child Tax Credit: $2000 per child if AGI is under $200,000 (or $400,000 if married filing jointly); can only be claimed by one parent Earned Income Tax Credit: If you have earned income through wages or self-employment: Credit of $6431 if you have 3 or more qualifying children and AGI is under $49194 (or $54884 if you're married filing jointly) Credit of $5716 if you have 2 qualifying children and AGI is under $45802 (or $51492 if you're married filing jointly) Credit of $3461 if you have 1 qualifying child and AGI is under $40320 (or $46010 if you're married filing jointly) Credit of $519 if you have no children and AGI is under $15270 (or $20950 if you're married filing jointly) NOTE: Married couples filing separately can't get this credit. American Opportunity Credit: Up to $2500 per student for tuition, etc., during the first four years of college if AGI is under $90,000 (or $180,000 if married filing jointly) o O o . FICA tax rates: 6.2% Social Security tax on first $128,700 of wages 1.45% Medicare tax on first $200,000 of wages (or $250,000 if married filing jointly or $125,000 if married filing separately) 2.35% Medicare tax on all wages in excess of $200,000 (or $250,000 if married filing jointly or $125,000 if married filing separately) Individual Taxpayers If Taxable income Is Between: The Tax Due is: 0 - $9,525 10% of taxable income $9,526 - $38,700 $952.50 +12% of the amount over $9,525 $38,701 - $82,500 $4,453.50 + 22% of the amount over $38,700 $82,501 - $157,500 $14,089.50 + 24% of the amount over $82,500 $157,501 - $200,000 $32,089.50 +32% of the amount over $157,500 $200,001 - $500,000 $45,689.50 + 35% of the amount over $200,000 $500,001+ $150,689.50 + 37% of the amount over $500,000 Married Individuals Filing Joint Returns and Surviving Spouses If Taxable income is Between: The Tax Due is: 0 - $19,050 10% of taxable income $19,051 - $77,400 $1,905 + 12% of the amount over $19,050 $77,401 - $165,000 $8,907 + 22% of the amount over $77.400 $165,001 - $315,000 $28,179 + 24% of the amount over $165,000 $315,001 - $400,000 $64,179 + 32% of the amount over $315,000 $400,001 - $600,000 $91,379 + 35% of the amount over $400,000 $600,001 + $161,379 +37% of the amount over $600,000 + Married Filing Separately If Taxable Income Is Between: The Tax Due is: $0 - $9,525 10% of taxable income $9,526 - $38,700 $952.50 + 12% of the amount over $9,525 $38,701 - $82,500 $4,453.50 + 22% of the amount over $38,700 $82,501 - $157,500 $14,089.50 + 24% of the amount over $82,500 $157,501 - $200,000 $32,089.50 + 32% of the amount over $157,500 $200,001 - $300,000 $45,689.50 + 35% of the amount over $200,000 $300,001 + $80,689.50 + 37% of the amount over $300,000 Heads of Household If Taxable income Is Between: The Tax Due is: 0 - $13,600 10% of taxable income $13,601 - $51,800 $1,360 + 12% of the amount over $13,600 $51,801 - $82,500 $5,944 + 22% of the amount over $51,800 $82,501 - $157,500 $12,698 +24% of the amount over $82,500 $157,501 - $200,000 $30,698 + 32% of the amount over $157,500 $200,001 - $500,000 $44,298 + 35% of the amount over $200,000 $500,001 + $149,298 + 37% of the amount over $500,000