What the heffernan total monthly income is

Assignment Help Financial Accounting

Reference no: EM132641025

Time Value of Money

(1) word document with all answers written in the designated answer boxes (50% of the grade)

(2) an excel sheet that shows how you reached these answers (50% of the grade).

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: The Heffernan's total monthly income is:

Once Mr. Heffernan calculates his net monthly income from all sources, he decided to make a personal financial plan. Mr. Heffernan's financial targets include paying his student loan, paying the balance of credit cards, saving for retirement, and saving for his son's and daughter's college.

Reference no: EM132641025

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