Y ou are 35 years old You have a non-working spouse (same age) You have one child, age 3 Annual gross income S110,000 Your monthly expenses total S3,500 Monthly debt payments are S400 (counted in the S3,500) Tax-specific Information Adjusted gross income- S75,500 Itemized deductions = $15,500 Child care tax credit $500 Federal income tax withheld- S6,2560 Amount for personal exemptions- S12,500 Y ou and your spouse wantto start an emergency fund a) b) How much should the emergency fund contain? How much should you put in the bank RIGHT NOW, if you can earn 7% interest, so that your emergency fund is fully funded after 4 years