A certain state uses the following progressive tax rate for calculating individual income tax:
Income
Progressive
Range ($)
Tax Rate
0 - 2000
2%
2001 - 9000
5%
9001 and up
5.4%
Calculate the state income tax owed on a $60,000
per year salary.
tax = $[?]
Round your answer to the nearest whole dollar amount.
Enter

Your father offers you a choice of $120,000 in 11 years or $48,500 today. use appendix b as an approximate answer, but calculate your final answer using the formula and financial calculator methods. a-1. if money is discounted at 11 percent, what is the present value of the $120,000?

The following pertains to smoke, inc.’s investment in debt securities: on december 31, year 3, smoke reclassified a security acquired during the year for $70,000. it had a $50,000 fair value when it was reclassified from trading to available-for-sale. an available-for-sale security costing $75,000, written down to $30,000 in year 2 because of an other-than-temporary impairment of fair value, had a $60,000 fair value on december 31, year 3. what is the net effect of the above items on smoke’s net income for the year ended december 31, year 3?

Taking commercial paper means the holder acts honestly