a. Determine the deposit at the end of each month. In order to have $900,000 in 37 years, you should deposit $ 430 each month. (Round up to the nearest dollar.) b. Assume that the annuity in part (a) is a tax-deferred IRA belonging to a man whose gross income is $45,000. Use the table on the left to calculate his taxes first with and then without the IRA. Assume the man is single with no dependents, has no tax credits, and takes the standard deduction. The income tax with the IRA is $ (Use the answer from part (a) to find this answer. Round up to the nearest cent as needed.) The income tax without the IRA is $1.
a. Determine the deposit at the end of each month. In order to have $900,000 in 37 years, you should deposit $ 430 each month. (Round up to the nearest dollar.) b. Assume that the annuity in part (a) is a tax-deferred IRA belonging to a man whose gross income is $45,000. Use the table on the left to calculate his taxes first with and then without the IRA. Assume the man is single with no dependents, has no tax credits, and takes the standard deduction. The income tax with the IRA is $ (Use the answer from part (a) to find this answer. Round up to the nearest cent as needed.) The income tax without the IRA is $1.
Chapter26: Tax Practice And Ethics
Section: Chapter Questions
Problem 31P
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT