question 2 (3 points)\nyou have wages listed on your w - 2 as $174,918.44 and interest income on a 1099…

question 2 (3 points)\nyou have wages listed on your w - 2 as $174,918.44 and interest income on a 1099 - misc is $886.19. you deposited $2,277.16 in a tax - deferred ira, and you contributed $1,077.60 to a health savings account. you also chose the standard deduction of $14,600. what is your taxable income?\nenter the dollar amount rounded to the nearest cent.\nyour answer:\nanswer\n\nquestion 3 (3 points)\nyou are developing a personal mid - term financial plan for the next three to five years. you anticipate a monthly income of $7,303.40. you want to follow the 50:30:20 rule for budgeting, where 50% of your income goes to needs, 30% to wants, and 20% to savings & debt repayment. based on the 50:30:20 rule, how much should you budget for wants?\nenter the dollar amount rounded to the nearest cent.\nyour answer:\nanswer
Answer
Explanation:
Step1: Calculate total income
Total income = Wages + Interest income = $174918.44 + 886.19=$175804.63$
Step2: Calculate total deductions
Total deductions = IRA deposit + HSA contribution+ Standard deduction = $2277.16+1077.60 + 14600=$17954.76$
Step3: Calculate taxable income
Taxable income = Total income - Total deductions = $175804.63- 17954.76=$157849.87$
Answer:
$157849.87$
Explanation for Question 3:
Step1: Identify monthly income
Monthly income = $7303.40$
Step2: Calculate amount for wants
Amount for wants = Monthly income $\times30%=7303.40\times0.3=$2191.02$
Answer:
$2191.02$