What mr heffernan net annual income is

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Reference no: EM132641013

Time Value of Money

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Mr. Donald Heffernan, a 35 years old account manager At Wells Fargo has gross annual income after all deductibles of $85,000. Mrs. Heffernan quit her job at Walmart to take care of their twin kids, Luke and Christine. So Mr. Heffernan is the only income earner at his house hold.

Mr. Heffernan is filing income using the following "Married filing jointly" tax rate schedule.

Taxable income over        Not Over            Tax rate

$0                                    18,450                 10%

18,451                                74,900               15%

74,901                                151,200              25%

151 ,201                              230,450              28%

230,451                                 411,500           33%

411,501                                 464,850            35%

464,581                               .......               39.6%

Question 1: Mr. Heffernan's net annual income is:

Question 2: Mr. Heffernan's net Monthly income is

Reference no: EM132641013

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