Investment account output, Taxation

Assignment Help:

Suppose a resident with yearly income of $40,000.00. The Medicare Levy will be $600.00 and the taxes will be $5,550.00/year or $106.73/week. His/her net salary per year will be $33,850.00 or $650.96 per week. Suppose the user needs $628.71 per week as living expenditure. So it is possible to invest $22.25 per week. Suppose the interest is 13% per year (or 1% each 4 weeks, since we have 52 weeks per year) and the number of weeks the user will invest the money is 18. Assuming the user asks to invest $22.25 per week, then the investment account output will be:

Weeks

Money in the end of each 4 weeks

4

$89.89 = 22.25*4*1.01

8

$180.68 = (89.89+22.25*4)*1.01

12

$272.38 = (180.68+22.25*4)*1.01

16

$364.99 = (272.38+22.25*4)*1.01

18

$409.49 = (364.99 + 22.25*2) (note that is less than 4 weeks, so the interest is not applied

 


Related Discussions:- Investment account output

Tds, Dawn's new car has a FMV of $20,000 and it weighs 3,000 pounds. The co...

Dawn's new car has a FMV of $20,000 and it weighs 3,000 pounds. The county also assessed a property tax on the car. The tax was 2% of its FMV and $10 per hundred weight. The car is

Tax, Home Cable TV Company, an accrual basis taxpayer, allows its customers...

Home Cable TV Company, an accrual basis taxpayer, allows its customers to pay by the month ($25 each month), by the year ($280 per year), or two years in advance ($540). In Decemb

Income tax basis, Income Tax Basis - (1) For tax purposes, concept of basis...

Income Tax Basis - (1) For tax purposes, concept of basis determines proper amount of gain to report when an ASSET is sold. Basis is usually the cost paid for an asset plus amounts

need help for doing my homwork, I have 95 qustions and I need to get ur he...

I have 95 qustions and I need to get ur help for some of these qustions that I can not do it. the homwork will be avalble just for 2 hours on this Sanday

What is the journal entry to record income taxes, Toggle's Fishing Fleet ha...

Toggle's Fishing Fleet had 20,000 shares of 5%, $20 par value preferred stock and 15,000 shares of $25 par value common stock outstanding throughout 2012. These data apply to each

Tax rates, Taxable income Tax on this income ...

Taxable income Tax on this income $0 - $37,000 29c for each $1 $37,001 - $80,000 $10,730 plus 30c for each $1 over

ACC 547, Complete the following problems located in Taxation of Individuals...

Complete the following problems located in Taxation of Individuals and Business Entities: • Comprehensive Problem 67 (Ch. 5) using Microsoft Excel, except prepare the computations

GST, I WOULD LIKE TO KNOW ABOUT GST. FROM WHERE IT HAVE COME AND HOW IT WOR...

I WOULD LIKE TO KNOW ABOUT GST. FROM WHERE IT HAVE COME AND HOW IT WORKS. ALSO INFORM ME WEATHER IT IS APPLICABLE IN INDIA OR NOT.

1040 project, how much will it be for a 1040 project?

how much will it be for a 1040 project?

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd