Midterm F 2016 V 7 with out answer

Midterm F 2016 V 7 with out answer - University of...

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University of Washington Bothell BBUS 450 A Midterm 1 Version 7 See Rules PAGE. See example sent to you for format - you will lose points if you don't use it. ONLY ONE SUBMISSON (on line and in person) per team. WHEN YOU SUBMIT, name your file name with BOTH last names and section: Example: TildenMedlar450AMidterm Answer you submit in class must be the same one you submitted on line or you receive a zero for assignment. DO NOT FORGET PHASEOUTS ADDRESS EVERY NUMBER ON THE PAGE (Have a little box for numbers you don’t use) Tran and Kai are married, and live in Bellevue in 2016. They are accrual basis because they got some bad advice, and now they are stuck with it. (Calendar year, too) They have the following tax facts. These facts are not reasonable in the every day world, and there would be other facts in their lives. However, these are the only facts we will review, given that only Chapters 2 & 3 are included on the midterm. Please accept weird numbers as given. If they have timing choices they do the best planning they can. Tran is 65 years old and Kai is 45 years old. Ignore 3.8% capital gains surtax, if any. 412000 Kai's Salary 98880 Kai's federal income tax withholding Presume Social secruity taxes were withheld correctly and ignore them. 32960 Amount Kai contributed to her 401(k) (Taken out of her salary) (ignore 401(k) limits) 24720 Amount Kai's employer contributed to her 401(k) 43200 Tran's salary as a teacher and coach (He was an Olympic gymnast and teaches PE) Tran also has a gymnastics club which he runs for high end young gymnasts.
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