Ted owns a Lexus worth $41,600. He owns a home worth $292,000. He has a checking account with $870 in it and a savings account with $1,610 in it. He has a mutual fund worth $90,290. His personal assets are worth $92,260. He still owes $28,080 on his car and $137,370 on his home, and he has a balance on his credit card of $1,320. What is Ted's net worth? Net worth

Cop

This year, Major Healy paid $35,500 of interest on a mortgage on his home (he borrowed $710,000 to buy the residence in 2015; $810,000 original purchase price and value at purchase), $5,500 of interest on a $110,000 home equity loan on his home (loan proceeds were used to buy antique cars), and $8,000 of interest on a mortgage on his vacation home (borrowed $160,000 to purchase the home in 2010; home purchased for $400,000). Major Healy's AGI is $220,000. How much interest expense can Major Healy deduct as an itemized deduction? Interest Deductible

Bao and Mary Jane Lee have a yearly income of ​$93 comma 84293,842 and own a house worth ​$127 comma 900127,900​, two cars worth a total of $ 28 comma 195$28,195 and furniture worth ​$14 comma 08514,085. The house has a mortgage of ​$85 comma 67785,677 and they have a car loan with an outstanding balance of ​$5 comma 8225,822. Utility​ bills, totaling ​$181181 for this​ month, have not been paid. Calculate their net​ worth, and explain what it means.

Mitch and Bill are both age 75. When Mitch was 25 years​ old, he began depositing ​$1400 per year into a savings account. He made deposits for the first 10​ years, at which point he was forced to stop making deposits.​ However, he left his money in the​ account, where it continued to earn interest for the next 40 years. Bill​ didn't start saving until he was 46 years​ old, but for the next 29 years he made annual deposits of ​$1400. Assume that both accounts earned an average annual return of 5​% ​(compounded once a​ year). Complete parts​ (a) through​ (d) below. a. How much money does Mitch have in his account at age​ 75?   At age​ 75, Mitch has ​$enter your response here in his account. ​(Round to the nearest cent as​ needed.)

Jack enjoys spending his vacations in Las Vegas. He’s especially fond of playing Roulette and Blackjack.  In 2022, Jack won $12,000 playing roulette, but lost $15,000 on Blackjack.  How should these events be reported on his taxes?

Sarah Mix is a single 30-year-old business owner who has $500 a month toinvest. This money is in excess of the contribution to her company pensionplan. Sarah hears that many of her friends are investing in mutual funds. Hergrandfather, Grandpa Russ, invested in the stock market and lost everything.He advises her to invest only in bonds. Her uncle, Sam, thinks thatshe should invest in stock mutual funds, but only in conservatively managedfunds that invest in U.S. blue-chip stocks. Sarah notes that her Grandpais 70 years old and her uncle is 55 years old. Her friend Jane, who is also30 years old, said she only invests in small capital growth funds.a. What should you advise Sarah to invest in?b. Why do you think these people have different investment strategies?

Donald Jefferson and his wife, Maryanne, live in a modest house located in a Los Angeles suburb. Donald has a job at Pittsford Cast Iron that pays him $50,000 annually. In addition, he and Maryanne receive $2,500 interest from bonds that they purchased 10 years ago. To supplement his annual income, Donald bought rental property a few years ago. Every month he collects $3,500 in rent from all of the property he owns. Maryanne manages the rental property, and she is paid $15,000 annually for her work. During 2015, Donald had to have the plumbing fixed in the houses that he rents as well as the house in which he and Maryanne live. The plumbing bill was $1,250 for the rented houses and $550 for the Jeffersons’ personal residence. In 2015, Donald paid $18,000 for mortgage interest and property taxes—$12,650 was for the rental houses, and the remaining $5,350 was for the house occupied by him and his wife. The couple has three children who have graduated from medical school and now are…

Bob owns a collection agency. He purchases uncollected accounts receivable from other businesses at 70% of their face value and then attempts to collect these accounts. During the current year, Bob collected $75,200 on an account with a face value of $90,240. Bob has     debt deduction. He has     of $fill in the blank 3.

Sharon and Brian are in good health and have reasonably secure careers. Each earns $45,000 annually. They own a home with a $125,000 mortgage; they owe $25,000 for their car loans and have $22,000 in student loans. If one should die, they think that funeral expenses would be $12,000. What is their total insurance need using the DINK method?