Exercise 5 Instructions
By going to Money Chimp, you can either enter your own information or calculate a married couple filing jointly that makes $62,000. In the textbox section of the assignment link, record what amount you used (either $62,000 or your taxable income), the tax amount, “as a percentage of income,” and the tax bracket. You must have 4 numbers in your submission.
In your reading, you discovered that everyone has the option to take the standard deduction or itemize their deductions. Assume someone (age 35) is married. Combined, they make $50,000, and own a house on which they owe $100,000. They give 10% of their income to charity, pay 6% interest on their mortgage (they have an interest-only loan and have made no principal reductions), and had $3,200 in medical expenses. Would they be better off to use the standard deduction or itemize? Read the information in your notes and look at the information at http://www.bankrate.com/finance/taxes/standard-or-itemized-tax-deduction.aspx to decide. Make sure that you show your work on each circumstance and the overall benefit of the method you determined to be best.
Use Time Value of Money (financial calculator or Excel) to answer the following prompt:
I owe $5,000 in taxes. I have to make 12 monthly payments at 18%. Calculate what the monthly payment would be.
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