Use the following information Kelly's Salary $47,000 Nicks Salary $38,000 Interest on: Savings account 110 Bonds of
Question:
Use the following information
Kelly's Salary $47,000
Nicks Salary $38,000
Interest on: Savings account 110
Bonds of Beta Corporation 70
Food 10,804
Personal care 1,256
Primary residence mortgage 235,302
Home mortgage payment 14,600
Homeowner's insurance 285
Property Tax 6,056
Electricity & Water 458
Telephone 863
Cable & Internet 728
Gas and auto maintenance 650
Books and magazines 280
Clothing and other miscellaneous expenses 2,700
Medical expenses 2,250
Cost of furniture purchased with charge card on Jan. 1, 2018 2,200
Amount paid on furniture by Dec. 1, 2018 200
Toyota Corolla 14,000
Auto loan payment 4,980
Student loan balance – Beth 10,905
Student loan payments – Beth 2,530
New student loan to cover tuitions and books- Jim 4,936
Federal income taxes 9,100
State income taxes 3,720
Social security and Medicare 6,503
Health and disability insurance 2,592
Gift and donation 3,760
Family vacation 4,200
Auto insurance 850
Contribution to emergency fund savings 2200
Contribution to retirement savings 3600
Contribution to the checking account 15
What is their savings ratio?
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill