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BPA113 Consumer And Personal Finance

tag 0 Download 6 Pages / 1,448 Words tag 01-06-2021

Question:

“An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018”, commonly referred to as “The Tax Cut and Jobs Act”, was recently passed by Congress and signed into law by President Trump.

  1. A) Identify at least five significant changes made by the bill (either positive or negative, in your opinion), and explain each in detail. When relevant, elaborate on the change from what previously was in place.
  2. B) Write a letter to your Congressman/woman or Senator, detailing your position on the new bill and explaining why he/she either did well to vote for/against it, or should have voted for/against it.

Longstreet died, leaving an insurance policy to his heir, Stuart. The contract provides that the beneficiary can choose any one of the following four options:

  1. A) $550,000 immediate cash
  2. B) $40,000 every three months, payable at the end of each quarter for five years
  3. C) $180,000 immediate cash and $18,000 every three months for ten years, payable at the beginning of each three-month period
  4. D) $40,000 every three months for three years and $15,000 each quarter for the following twenty-three quarters, all payments payable at the end of each quarter. Stuart has come to you to ask for assistance and your advice. If money is discounted at a rate of 8% annually, which  option would you recommend (in terms of pure value calculation)?

Earl Honeywood is a manager in a paper sales company. He is paid twice a month (or twentyfour times a year). Use the following information to calculate Earl Honeywood’s NET pay for EACH pay period, rounding – if necessary – to the nearest cent.

  • Earl has an annual salary of $110,000.
  • As an employee, Earl is subject to Social Security and Medicare tax. His employer must match that amount.
  • Based on the exemptions that Earl has provided on his W-4 and state withholding form, 20% of his gross pay is withheld each period for federal income tax and 6% is withheld for state income tax.
  • Health insurance for Earl and his family costs $18,000 per year. Earl is responsible for 15% of the premium, which is withheld from his paycheck, while his company pays the remaining amount.
  • Each pay period, Earl contributes 4% of his salary to a 401(k) retirement plan. The company matches his contribution. Furthermore, the company makes an additional contribution of 10% of his salary to a definedcontribution pension plan.
  • Earl pays $2.50 each pay period for supplemental life insurance
  • Earl contributes $50 from each paycheck to a flexible spending account (FSA)
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My Assignment Help (2021) Consumer And Personal Finance [Online]. Available from: https://myassignmenthelp.com/free-samples/bpa113-consumer-and-personal-finance/international-journal-of-consumer-studies.html
[Accessed 10 December 2022].

My Assignment Help. 'Consumer And Personal Finance' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/bpa113-consumer-and-personal-finance/international-journal-of-consumer-studies.html> accessed 10 December 2022.

My Assignment Help. Consumer And Personal Finance [Internet]. My Assignment Help. 2021 [cited 10 December 2022]. Available from: https://myassignmenthelp.com/free-samples/bpa113-consumer-and-personal-finance/international-journal-of-consumer-studies.html.


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