Question
Calculate the person's covered proportion of living expenses for the month based on the following information (show all work for credit): All are annual. Assets
Calculate the person's covered proportion of living expenses for the month based on the following information (show all work for credit):
All are annual.
| Assets | Valor |
| Money | $500 | ||||||
| confirmation | + | $1,200 | |||||
| Savings/CD | + | $1,300 | |||||
| money market funds | + | $500 | |||||
| Other Monetary Assets | + | $90 | |||||
| A. | Monetary Assets | A. | = | $3,590 | |||
| Investment funds | $5,600 | ||||||
| Stocks | + | $9,500 | |||||
| Captivity | + | ||||||
| Life insurance (cash value) | + | ||||||
| Cash Value of Annuities | + | ||||||
| Real Estate Investments (REITs, Partnerships) | + | ||||||
| other investments | + | ||||||
| B. | Investments | B. | = | $15,100 | |||
| 401(k) y 403(b) | $2,500 | ||||||
| company pension | + | $8,000 | |||||
| Keogh | + | ||||||
| IRA | + | $8,000 | |||||
| Other retirement plans | + | ||||||
| C. | Retirement Plans | C. | = | $18,500 | |||
| primary residence | $170,000 | ||||||
| 2nd home | + | $70,000 | |||||
| Timeshares/Condos | + | ||||||
| Other Homes | + | ||||||
| D. | Housing (market value) | D. | = | $240,000 | |||
| car 1 | $8,000 | ||||||
| car 2 | + | $4,000 | |||||
| Other Automobiles | + | ||||||
| MI. | automobiles | MI. | = | $12,000 | |||
| collectibles | |||||||
| Boats | + | ||||||
| Furniture | + | $11,000 | |||||
| Other Personal Property | + | ||||||
| F. | personal property | F. | = | $11,000 | |||
| money i owe you | |||||||
| Market value of your business | + | ||||||
| Other | + | ||||||
| GRAMS. | Other assets | GRAMS. | = | $0 | |||
| h | Total Assets (add lines A through G) | h | = | $ 300,190 |
| Liabilities or Debts | Valor |
| I. | Current bills (unpaid balance) | I. | = | $350 | |||
| Visa | $1,150 | ||||||
| master card | + | ||||||
| Other credit cards | + | ||||||
| j | credit card debt | j | = | $1,150 | |||
| First Mortgage | $105,000 | ||||||
| 2nd Home Mortgage | + | $52,000 | |||||
| Home Equity Loan | + | $9,000 | |||||
| Other home debt | + | ||||||
| k | Accommodation | k | = | $166,000 | |||
| car 1 | $3,000 | ||||||
| car 2 | + | ||||||
| Other auto loans | + | ||||||
| l | auto loans | l | = | $3,000 | |||
| college loans | $4,000 | ||||||
| Loans on Life Insurance Policies | + | ||||||
| Bank loans | + | ||||||
| installment loans | + | $1,000 | |||||
| Other | + | ||||||
| METRO. | other debts | METRO. | = | $5,000 | |||
| NORTE. | Total debt (add lines I through M) | NORTE. | = | $175,500 | |||
| Net worth |
| h | total assets | h | + | $ 300,190 | |||
| NORTE. | Less: Total Debt | NORTE. | - | $175,500 | |||
| o | Equals: net worth | o | = | $124,690 | |||
| Income | |
| Wages and salaries | |
| salaryman 1 | 57500 |
| + Salaried 2 | 12000 |
| = Total wages and salaries | 69500 |
| + Interest and Dividends | 720 |
| + Royalties, Commissions and Rents | |
| + Other Income | |
| = A. Total income | 70220 |
| Taxes | |
| Federal Income and Social Security | 11830 |
| + State Income | 1880 |
| = B. Total income taxes | 13710 |
| C. After-tax income available for living expenses | 56510 |
| or Take-Home Pay (line A minus line B) | |
| living expenses | |
| Accommodation | |
| Rent | |
| + Mortgage payments | 19656 |
| + Maintenance of Public Services, Taxes, Furniture, Others | 10820 |
| = D. Total housing expenses | 30476 |
| Food | |
| Food and Supplies | 5800 |
| + Restaurant Expenses | 1400 |
| = E. Total food expenses | 7200 |
| Clothing and Personal Care | |
| = F. Total expenses on clothing and personal care | 2590 |
| Transport | |
| car purchase | |
| + Paid | 2588 |
| + Gas, Tolls, Parking, Others | 1550 |
| = G. Total Transportation Expenses | 4138 |
| Recreation | |
| + Holidays | 2000 |
| + Other Recreation Expenses | 1700 |
| = H. Total Recreation Expenses | 3700 |
| Medical Expenses | |
| = I. Total Medical Expenses | 410 |
| insurance costs | |
| Health | |
| + life | 420 |
| + car | 1260 |
| + disability | 260 |
| = J. Total insurance expenses | 1940 |
| Other expenses | |
| Educational expenses (college loan payment) | 1600 |
| + Child care | 180 |
| + Other Expenses | |
| = K. Total other expenses | 1780 |
| L. Total living expenses (add DK lines) | 52234 |
| M. Available Income for Savings and Investment | 4276 |
Step by Step Solution
3.25 Rating (140 Votes )
There are 3 Steps involved in it
Step: 1
To calculate the persons covered proportion of living expe...
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
