Question
Your Buyer's details are below: Name Buyer 22 Age 19 Income (pa) $ 37,000 Income Growth (pa) 5.20% Retirement age 65 Income Tax (pa) 20%
| Your Buyer's details are below: | |
| Name | Buyer 22 |
| Age | 19 |
| Income (pa) | $ 37,000 |
| Income Growth (pa) | 5.20% |
| Retirement age | 65 |
| Income Tax (pa) | 20% |
| Inflation (pa) | 1.20% |
| Savings @ start | $ 22,000 |
1. Complete the Income Projection for 10 years in the table below
2. Based on the income in year 1 above, how much is the monthly after tax income of the buyer?
3. If the buyer is able to save 50% of their after tax take home income in year 1, how long would it have taken them to save the "Savings @ start" if they had a savings account paying 3.00%pa compounded monthly?
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
