Before you start the assignment, I have to apologize for using the WRONG figures for tax brackets/rates during class today. The numbers I gave you were for taxes being filed for the year 2020. For tonight's assignment, you'll use the brackets and rates for taxes filed THIS YEAR, 2019. Please answer the following questions below:

1. Calculate the total federal taxes paid and effective tax rate for a single filer with an income of $35,000.

2. Calculate the total federal taxes paid and effective tax rate for you and your spouse (filing jointly) with an income of $35,000 EACH.

3. Is it better for a married couple to file their taxes separately or jointly? Why? What is the difference (in dollars) between the two?

4. Calculate the total federal taxes paid and effective tax rate for you and your spouse (filing jointly) with a TOTAL income of $500,000.

5. Calculate the total federal taxes paid and effective tax rate for you and your spouse (filing jointly) with a TOTAL income of $1,000,000.

6. For questions 4 and 5, how much money are you keeping after taxes? Is this enough money for you and your spouse to live comfortably? Why or why not?

1. Calculate the total federal taxes paid and effective tax rate for a single filer with an income of $35,000.

2. Calculate the total federal taxes paid and effective tax rate for you and your spouse (filing jointly) with an income of $35,000 EACH.

3. Is it better for a married couple to file their taxes separately or jointly? Why? What is the difference (in dollars) between the two?

4. Calculate the total federal taxes paid and effective tax rate for you and your spouse (filing jointly) with a TOTAL income of $500,000.

5. Calculate the total federal taxes paid and effective tax rate for you and your spouse (filing jointly) with a TOTAL income of $1,000,000.

6. For questions 4 and 5, how much money are you keeping after taxes? Is this enough money for you and your spouse to live comfortably? Why or why not?

1. Find your dream car on a dealership website.

a. Write down the make and model of the car

b. Write down the MSRP (manufacturer's suggested retail price)

c. Using the Car Loan Calculator, find the total cost of the car and monthly payments at a 15% interest rate paid (poor credit) over 60 months

d.Using the Car Loan Calculator, find the total cost of the car and monthly payments at a 14% interest rate paid (fair credit) over 60 months

e. Using the Car Loan Calculator, find the total cost of the car and monthly payments at a 9.75% interest rate paid (good credit) over 60 months

f. Using the Car Loan Calculator, find the total cost of the car and monthly payments at a 7% interest rate paid (very good credit) over 60 months

g. Using the Car Loan Calculator, find the total cost of the car and monthly payments at a 3.6% interest rate paid (exceptional credit) over 60 months

h. What is the total difference in the final price of the car between having poor credit and exceptional credit?

2. The median price of a home in Los Angeles County is $616,000 according to Zillow. Using the Google Mortgage Calculator after putting a 20% down payments for a home, find the**down payment**, **total cost of the mortgage/loan**, **monthly payment**, and **total interest paid** in the following scenarios:

a. 3.625% fixed interest rate, 15 yrs

b. 3.652% fixed interest rate, 15 yrs

c. 4.250% fixed interest rate, 30 yrs

d. 4.475% fixed interest rate, 30 yrs

e. 5.000% fixed interest rate 30 yrs

a. Write down the make and model of the car

b. Write down the MSRP (manufacturer's suggested retail price)

c. Using the Car Loan Calculator, find the total cost of the car and monthly payments at a 15% interest rate paid (poor credit) over 60 months

d.Using the Car Loan Calculator, find the total cost of the car and monthly payments at a 14% interest rate paid (fair credit) over 60 months

e. Using the Car Loan Calculator, find the total cost of the car and monthly payments at a 9.75% interest rate paid (good credit) over 60 months

f. Using the Car Loan Calculator, find the total cost of the car and monthly payments at a 7% interest rate paid (very good credit) over 60 months

g. Using the Car Loan Calculator, find the total cost of the car and monthly payments at a 3.6% interest rate paid (exceptional credit) over 60 months

h. What is the total difference in the final price of the car between having poor credit and exceptional credit?

2. The median price of a home in Los Angeles County is $616,000 according to Zillow. Using the Google Mortgage Calculator after putting a 20% down payments for a home, find the

a. 3.625% fixed interest rate, 15 yrs

b. 3.652% fixed interest rate, 15 yrs

c. 4.250% fixed interest rate, 30 yrs

d. 4.475% fixed interest rate, 30 yrs

e. 5.000% fixed interest rate 30 yrs

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