Ron is 25 years old and lives in Palatine, IL. He completed a Bachelors degree in Early Childhood Education in 2018 and currently works as a Kindergarten teacher, earning $56,850 per year, the median annual salary for Kindergarten teachers nation wide. Ron is single and has no children. Ron is planning to purchase a home once he has saved enough for a down payment, and also contributing to a retirement plan. His gross monthly income is $4737.50. He saves 10% of his income, $473.75 per month, toward retirement. With his current salary, he can afford to spend $1326.50 per month, 28% of his income, on mortgage payments, and $1705.50 per month, 36% of his income, on total debts. Rons retirement savings are in a tax-deferred long-term account which is expected to average 6% interest after adjustment for inflation (Option 2). Ron plans to retire early at age 62. If he continues to save $473.75 per month until he retires, he will have saved $772,832 by the time he retires. He plans to draw his retirement income at a rate which will allow him 28 years of retirement. At this rate, he will draw a monthly retirement income of $4753.88.To purchase his first home, Ron hopes to save a 10% down payment, and is eligible for a 30-year fixed-rate mortgage at 3.9% interest with two points due at signing (Option 1). Based on his income, he can afford a mortgage payment of up to $1326.50, which would be a total loan of $281,236 at the terms listed. Since this would be 90% of the total price of his home, he can afford a home whose total cost is $312,484. Viewing listings in Palatine, IL, Ron finds a 3-bedroom, 2-bathroom, 1,546 square foot home listed at $285,000. If he decides to buy this house, his down payment would be $28,500, and he would finance the remaining $256,500. Two points on the loan would be $5,130 for a total of $33,630 due at signing. Rons monthly payment on this home would be $1210, which is about 25.5% of his gross monthly income. In 2020, Rons employer withheld $5116.50 toward federal income taxes. Rons $5685 in tax-deferred retirement savings represent an adjustment to his gross income, so his adjusted gross income is $51165. He will take the standard deduction, $12,400 for a single person, and so his taxable income is $38,765. This places him in the 12% tax bracket for federal tax purposes. For 2020, he owes a total of $4454.30 in federal income tax. Comparing this to his withholding, he finds that he is entitled to a refund of $662.20.

I have to create my own example so, using the same format and calculate everything by showing income as 120,000 and age 30? if you can please calculate all the amounts for this?