Problem 9-8 Calculating the Amount of Disability Benefits [LO7] Kennedi Stapleton, a widow, has take-home pay of $5,400 a month. Her disability insurance coverage replaces 70 percent of her earnings after a 90-day (3-month) waiting period. a. What amount would she receive in disability benefits if an illness kept Kennedi off work for 270 days (9 months)? (Omit the "$* sign in your response.) Disability benefits b. What if her disability started when she was age 20 and was severe enough that it lasted until she was 50 years old? (Omit the "$" sign in your response.) Disability benefits

Problem 9-8 Calculating the Amount of Disability Benefits [LO7] Kennedi Stapleton, a widow, has take-home pay of $5,400 a month. Her disability insurance coverage replaces 70 percent of her earnings after a 90-day (3-month) waiting period. a. What amount would she receive in disability benefits if an illness kept Kennedi off work for 270 days (9 months)? (Omit the "$* sign in your response.) Disability benefits b. What if her disability started when she was age 20 and was severe enough that it lasted until she was 50 years old? (Omit the "$" sign in your response.) Disability benefits

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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5 6 Use the most up to date rate and show your equations and calculations. Hemal Thomas is an employee in British Columbia. The net pay calculation is for the first bi-weekly pay of 2024. The employee is 32 years old and is entitled to 70 hours regular pay at $20/hour, 3 hours of over-time at time-and-a-half, and a $100 safety shoe allowance for this pay period. The employee also receives a monthly car allowance of $200 and the employer pays group life insurance of $35 a month. Vacation at 4% is accrued. The employee contributes $20 per pay to the United Way, $20 per month to the company social club, and $15 per pay for union dues. The employee's TD1 federal and provincial are code 2. 1. The gross earnings for the pay period are: (L01, 2, 3) a) $1,400.00 b) $1,490.00 c) $1,582.31 d) $1,682.31 2. CPP contributory earnings are: (LO1, 2, 3) a) $1,490.00 b) $1,698.46 c) $1,598.46 d) $1,682.31 3. Taxable benefits are: (LO1, 2, 3) a) Zero b) $16.15 c) $17.50 d) $35.00 4. Insurable earnings…
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Question 56 The probability that a 37-year-old white male will live another year is .99828. What premium would an insurance company charge to break even on a one-year $1 million term life insurance policy? Break-even $_______
Question 4 Mr Johnson has just retired at 65 with a defined contribution pension pot £125,000. He is a smoker and has chosen not to drawdown anything from the pot. Mr Johnson is not concerned with inflation. From the following available annuities, what would be Mr Johnson's annual pension? Age Level Rate Smoker Level Rate Smoker 3% Escalation 55 £4,402 £5,271 £3,502 60 f4,836 £5,770 £4,036 65 £5,506 f6,403 £4,805 70 £6,306 £7,443 £5,754 75 £7,852 £8,848 £7,185 All annuities have been calculated on a pension pot of £100,000. Answer Annual Pension A £6,003 В f6,006 £6,883 £8,004
Problem 7-21 Auntie Kitty sells her home for $200,000, which is then invested to earn 4 percent annually. If her life expectancy is ten years, what is the maximum amount she can annually spend on a nursing home, doctors, and taxes? Use Appendix D to answer the question. Round your answer to the nearest dollar.The maximum amount that can be annually spend is $ . If the return were to double to 8 percent, will the amount she may spend each year more than double? Use Appendix D to answer the question. Round your answer to the nearest dollar.If the return were to double, the amount that can be annually spend will -Select-more than doubleless than doubledoubleItem 2 and will be equal to $ .
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