Lloyd is a divorce attorney who practices law in Florida. He wants to join the American Divorce Lawyers Association (ADLA), a professional organization for divorce attorneys. The membership dues for the ADLA are $600 per year and must be paid at the beginning of each year. For instance, membership dues for the first year are paid today, and dues for the second year are payable one year from today. However, the ADLA also has an option for members to buy a lifetime membership today for $5,000 and never have to pay annual membership dues.Obviously, the lifetime membership isn’t a good deal if you only remain a member for a couple of years, but if you remain a member for 40 years, it’s a great deal. Suppose that the appropriate annual interest rate is 7.4%. What is the minimum number of years that Lloyd must remain a member of the ADLA so that the lifetime membership is cheaper (on a present value basis) than paying $600 in annual membership dues? (Note: Round your answer up to the nearest year.) In 1626, Dutchman Peter Minuit purchased Manhattan Island from a local Native American tribe. Historians estimate that the price he paid for the island was about $24 worth of goods, including beads, trinkets, cloth, kettles, and axe heads. Many people find it laughable that Manhattan Island would be sold for $24, but you need to consider the future value (FV) of that price in more current times. If the $24 purchase price could have been invested at a 5% annual interest rate, what is its value as of 2018 (392 years later)?

Amount of Insurance Needed. Peter is married and has two children. He wants to be sure that he has sufficient life insurance to take care of his family if he dies.​ Peter's wife is a homemaker but attends college​ part-time pursuing a law degree. It will cost approximately ​$40,000 for her to finish her education. Because the children are​ teenagers, Peter feels he will only need to provide the family with income for the next ten years. He further calculates that the household expenses run approximately ​$61,600 per year excluding the mortgage payments. The balance on the home mortgage is $ 125,000. Peter set up a college fund for his children when they were​ babies, and it currently contains sufficient funds for them to attend college. Assuming that​ Peter's wife can invest the insurance proceeds at 9​%, calculate the amount of insurance Peter needs to purchase. The amount of life insurance Peter would need to purchase is?

Fred currently earns $10,700 per month. Fred has been offered the chance to transfer for three to five years to an overseas affiliate. His employer is willing to pay Fred $13,700 per month if he accepts the assignment. Assume that the maximum foreign-earned income exclusion for next year is $120,000. c-2. If Fred's employer also provides him free housing abroad (cost of $20,850 next year), how much of the $20,850 is excludable from Fred's income? Assume that Fred will be abroad for 305 days out of 365 days next year. Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.

Lloyd is a divorce attorney who practices law in Florida. He wants to join the American Divorce Lawyers Association (ADLA), a professional organization for divorce attorneys. The membership dues for the ADLA are $600 per year and must be paid at the beginning of each year. For instance, membership dues for the first year are paid today, and dues for the second year are payable one year from today. However, the ADLA also has an option for members to buy a lifetime membership today for $5,000 and never have to pay annual membership dues. Obviously, the lifetime membership isn’t a good deal if you only remain a member for a couple of years, but if you remain a member for 40 years, it’s a great deal. Suppose that the appropriate annual interest rate is 7.4%. What is the minimum number of years that Lloyd must remain a member of the ADLA so that the lifetime membership is cheaper (on a present value basis) than paying $600 in annual membership dues? (Note: Round your answer up to the…

A year after declaring bankruptcy and moving with her daughter back into her parents’ home, June Maffeo is about to get a degree in nursing. As she starts out in a new career, she also wants to begin a new life—one built on a solid financial base. June will be starting out as a full-time nurse at a salary of $52,000 a year, and she plans to continue working at a second (part-time) nursing job with an annual income of $10,500. She’ll be paying back $24,000 in bankruptcy debts and wants to be able to move into an apartment within a year and then buy a condo or house in five years. June won’t have to pay rent for the time that she lives with her parents. She also will have child care at no cost, which will continue after she and her daughter are able to move out on their own. While the living arrangement with her parents is great financially, the accommodations are “tight,” and June’s work hours interfere with her parents’ routines. Everyone agrees that one more year of this is about all…

Paul agreed to lend Marsha $500. Thereupon Marsha made and delivered her note for $500 payable to Paul or order “ten days after my marriage.” Shortly thereafter Marsha was married. Is the instrument negotiable? Explain.

Adrian is a salesperson who represents several wholesale companies. On January 2, 2019, she receives by mail a commission check from Ace Distributors in the amount of $10,000 and dated December 30, 2018. Adrian is concerned about the year in which the $10,000 is taxable. Although the check is dated 2018, she contends that it would have been unreasonable for her to drive the 50 miles to the Ace offices on a holiday to collect the check. Further, Adrian maintains that even if she had made the trip on a holiday to collect the check, by the time she returned home, her bank would have closed and she could not have received credit for the check until after the first of the year. Adrian would like you to determine whether she should include the $10,000 on her 2018 or 2019 tax return.

Jane Doe moved from Victoria to Vancouver for an internal transfer requested by her employer on October 1, 2020. Prior to relocation, she spent $1000 on a house hunting trip to Vancouver and ended up signing a one-year lease for an apartment in Vancouver after an unsuccessful bid for a house. The cost of sales of her old residence in Victoria, including legal fees and brokerage fees, totaled $7,200. The actual moving costs were $13,000. Jane’s employer agreed to pay $8,000 for her moving costs. Jane’s salary for 2020 was $48,000 (assume her monthly salary is the same throughout the year). Required: Calculate Jane’s maximum moving expense deduction for 2020. Please also indicate the carry forward amount, if any.

Martha and Louis Mitchell are a dual-career couple who just had their first child. Louis, age 30, already has a group life insurance policy, but Martha's employer does not offer a life insurance benefit. A financial planner is recommending that the 27- year-old Martha buy a $250,000 whole life policy with an annual premium of $1,670 (the policy has an assumed rate of earnings of 5 percent a year). Help Martha evaluate this advice and decide on an appropriate course of action .

Rhonda Brennan found her first job after graduating from college through the classifieds of the Miami Herald. She was delighted when the offer came through at $15.20 per hour. She completed her W-4 stating that she is married filing jointly. Her company will pay her biweekly for 80 hours (assume a tax rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare). Calculate her take-home pay for her first check. (Use Table 9.1) Note: Round your answer to the nearest cent. Net pay The tentative amount to withhold is: с Married Filing Jointly $ 0.00 $ 0.00 $76.60 $358.84 $1,134.78 $ 2,584.86 $3,680.22 $ 6,499.82 At least But less than- B A $0 $ 965 $ 965 $ 1,731 $1,731 $4,083 $4,083 $7,610 $7,610 $ 13,652 $ 13,652 $ 17,075 $17,075 $ 25,131 $ 25,131 Plus this percentage D 0% 10% 12% 22% 24% 32% 35% 37% of the amount that the Adjusted Wage exceeds- E - Table 9.1 A At least But less than- TABLE 2-BIWEEKLY Payroll Period $0 $0 $483 $ 965 $ 1,731 $ 865 $4,083 $2,041 $7,610 $3,805 $…