help please

A cash-flow budget uses the same format as a cash-flow statement. It is prepared on a monthly basis and it reflects budgeted income and expenses. In addition to the cash-flow statement, Scott and Mary made a list of budget assumptions, listed for you here: - Scott's income will increase by 5%, effective January 1 . His bonus is generally 10% of his income in the previous year, and he receives it in January. - Mary's raise will be 3\%, effective January 1. - Interest and dividend income will conservatively be the same in 2017 as it was in 2016 and will be received on a monthly basis. - Mortgage payments will be the same in 2017 as they were in 2016. - Federal income taxes are estimated at 20%, state income taxes at 6%, and social security taxes at 7.65% of wages, including Scott's bonus. - Property insurance and property taxes are paid every six months, in June and December. The amount is expected to be the same in 2017 as it was in 2016. - Mary will contribute $60 per week for the employee portion of their medical insurance. - Auto insurance is paid at the end of each calendar quarter and should not be more than it was in 2016. - Mortgage payments will be the same in 2017 as they were in 2016. - Federal income taxes are estimated at 20%, state income taxes at 6%, and social security taxes at 7.65% of wages, including Scott's bonus. - Property insurance and property taxes are paid every six months, in June and December. The amount is expected to be the same in 2017 as it was in 2016. - Mary will contribute $60 per week for the employee portion of their medical insurance. - Auto insurance is paid at the end of each calendar quarter and should not be more than it was in 2016. - Scott and Mary would like to purchase a new car in the next few years and will put $500 a month away specifically for that purpose. - Scott and Mary don't expect the amount of variable expenses to change in 2017 except that they would like to double their charitable contributions. - Gift purchases are made mostly around the holidays, so Scott and Mary are planning to pay half of the gift expense in December and half in January when the credit card bill comes in. - Water and sewer is billed quarterly, in January, April, July, and October. The cost of heat should be spread over six months from November to April. - All other variable expenses can be spread evenly every month at 2016 amounts. Use the information from their cash-flow statement (listed in the first column of the following annual budget) and their budget assumptions to fill in 03: Assignment - Financial Statements, Tools, and Budgets 2017 as it was in 2016. - Mary will contribute $60 per week for the employee portion of their medical insurance. - Auto insurance is paid at the end of each calendar quarter and should not be more than it was in 2016. - Scott and Mary would like to purchase a new car in the next few years and will put $500 a month away specifically for that purpose. - Scott and Mary don't expect the amount of variable expenses to change in 2017 except that they would like to double their charitable contributions. - Gift purchases are made mostly around the holdays, so Scott and Mary are planning to pay half of the gift expense in December and half in January when the credit card bill comes in. - Water and sewer is billed quarterly, in January, April, July, and October. The cost of heat should be spread over six months from November to April. - All other variable expenses can be spread evenly every month at 2016 amounts. Use the information from their cash-flow statement (listed in the first column of the following annual budget) and their budget assumptions to fill in the missing amounts for the first six months of Scott and Mary's monthly budget for 2017. (Note: Be sure to fill in every blank space with a value. Round each answer to the nearest dollar.) Scott's salary Mary's salary Scott's Bonus Interest and divide Total Income EXPENDITURES Fixed Expenses Mortgage Scott's federal income taxes Scott's state income taxes Scott's social security taxes Mary's federal income taxes Mary's state income taxes 60,000 54,000 5,000 150 $119,150 5,2504,6356,000135,2504,635013$9,8985,2504,635013$9,898 Mary's federal income taxes Mary's state income taxes Mary's social security taxes Property taxes Property insurance Scott and Mary have an emergency fund of $40,000. They would like to start saving for retirement, but they have not signed up for their 401(k) plans. Neither company matches 401(k) contributions. What do you suggest for Scott and Mary based on their goals and the budget that they have put together? Scott and Mary have an emergency fund of $40,000. They would like to start saving for retirement, but they have not signed up for their com 401(k) plans. Neither company matches 401(k) contributions. What do you suggest for Scott and Mary based on their goals and the budget that they have put together? The $40,000 that the Smiths have saved for an emergency is three months of expenses. They have not, however, taken adv of the employer 401(k) plans that are available to them. If an employer does not match contributions, it is company-sponsored retirement savings plan because the contributions to the plan are invested with advantageous to contribute to invest part of their surplus in their 401(k) plans, they will save the designated amount plus another of that amount because of the savings. cott and Mary have an emergency fund of $40,000. They wo saving for retirement, but they have not signed up for their com 01(k) plans. Neither company matches 401(k) contributions. What do you suggest for Scott and Mary based on their goals that they have put together? The $40,000 that the Smiths have saved for an emergency is three months of expenses. They have not, however, taken advi of the employer 401(k) plans that are available to them. If an employer does not match contributions, it is advantageous to contribute to i company-sponsored retirement savings plan because the contributions to the plan are invested with earnings. If the Smith invest part of their surplus in their 401(k) plans, they will save the designated amount plus another of that amount because of the savings. thand Mary have an emergency fund of $40,000. They would like to start saving for retirement, but they have not signed up for their companies' (k) plans. Neither company matches 401(k) contributions. hat do you suggest for Scott and Mary based on their goals and the budget that they have put together? he $40,000 that the Smiths have saved for an emergency is three months of expenses. They have not, however, taken advantage f the employer 401(k) plans that are available to them. If an employer does not match contributions, it is advantageous to contribute to a company-sponsored retirement savings plan because the contributions to the plan are invested with earnings. If the Smiths invest part of their surplus in their 401(k) plans, they will save the designated amount plus another savings. cott and Mary have an emergency fund of $40,000. They would like to start saving for retirement, but they have not signed up for their companies 01(k) plans. Neither company matches 401(k) contributions. What do you suggest for Scott and Mary based on their goals and the budget that they have put tog The $40,000 that the Smiths have saved for an emergency is three months of ex not, however, taken advantage of the employer 401(k) plans that are available to them. If an employer does not match contribution ageous to contribute to a company-sponsored retirement savings plan because the contributions to the plan are invested with earnings. If the Smiths invest part of their surplus in their 401(k) plans, they will save the designated amount plus another of that amount because of the tax savings. Scott and Mary have an emergency fund of $40,000. They would like to start saving for retirement, but they have not signed up for their companies' 401(k) plans. Neither company matches 401(k) contributions. The $40,000 that the Smiths have saved for an emergency is three months of ex 40.00% ey have not, however, taken advantage of the employer 401(K) plans that are available to them. If an employer does not match contribution 35.00% advantageous to contribute to a earnings. If the Smiths invest part of their surplus in their 401(k) plans, they will save the designated amount plus another of that amount because of the tax savings