Tax questions
I am single college student that worked part time and earned $2,000 last year. I have $300 taxes withheld from my paycheck. I know that I am not required to file a tax return but I should file to obtain a refund.
True/False
Find the simple interest for the following. Round to the nearest cent.
$16,190 were invested at 11.2% for 134 days$674.94
Find the proceeds for the following simple discount note.
Face value $14,200, discount rate 11%, time 40 days
$14,026.44
Find the compound amount, round to the nearest cent.
Amount $29,460 with a rate 8%, compounded quarterly for 10 years$65,048.85
A business worth $575,000 is expected to grow at 6% per year compounded annually for the next 4 years.
Find the expected future value.
$725,926
Lottery winnings are not considered an income, so they can't be a subject to tax.
True/False
Find the simple interest for the following. Round to the nearest cent.
A loan of $11,000 at 6.2% made on October 15 and due December 31
$145.87
Morgan Derrick signed a simple discount note for $6450 for 120 days at a rate of 7.5%. Find the effective interest rate (APR) based on the proceeds received by Derrick.
7.7%
Find the interest earned by the following. Assume 3 and 1/2 % (3.5%) interest compounded daily (use the 3 1/2% table).
$10,050 deposited October 12 and withdrawn December 17
$63.80
If you drop a yellow hat in the red sea what does it became ?
What is the maximum amount of business expenses you can have for your business using Schedule C-EZ?
$5000
Erik Johansen signed a 70-day simple interest note for $8130 with a bank that uses exact interest. If the rate is 10% find the maturity value.
$8285.92
Find the compound amount, round to the nearest cent.
Amount $14,820, rate 6%, compounded semiannually for 13 years$31,960.66
Find the present value of the following (use a PV table or calculator)
Amount $35,000 for 10 years with a rate 8% compounded quarterly$15,851.15
What has to be broken before it can be used?
I was divorced during the year and did not remarry. I have a niece living with me. What is my filing status?
Single
Judi Quaife plans to borrow $4150. She has decided on a term of 115 days at 9% simple interest.
She has a choice of two lenders.
One calculates interest using a 360-day year and the other uses a 365-day year.
Find the amount of interest Quaife will save by using the lender with the 365-day year.
$1.63
Van Loo deposits $4125 in a certificate of deposit for 5 years. Find the compound amount if the interest is 3% compounded semiannually.
$4787.23
Peter Winn makes $38,500 per year operating vending machines.
He was notified of a 3.1% raise in a year in which the CPI index (inflation) increased by 2.6%.
Find the gain or loss in his purchasing power.
gain of $192.50
You can hold it without using your hands or your arms. What is it?
Social Security benefits is always non-taxable income. True/False
Jennifer Majors lends $12,750 at a rate of 8.7% . Find how long (in days) it will take for her investment to earn $354.34 in interest?
115 days
Hector Lopez needs $18,000 to build a garage. Find the face value (M) of a simple interest note that will provide the $18,000 in proceeds if he plans to repay the note in 270 days and the bank charges a 13.5% discount rate.
$20,027.82
John's Trains and Trucks deposited $17,201 in a savings account on January 1 and then deposited an additional $3115 in the account on February 10.
Find the balance on April 1 assuming an interest rate of 3 1/2 % ($3.5%) compounded daily.
$20,480.05
What tastes better than it smells?
Your Tongue