2003 question help Q24 (1 Viewer)

[thebigwillie]

Hey everyone. Was wondering if anybody could help me with the question below (the ones in bold)

Question 24 (13 marks) Use a SEPARATE writing booklet.

(b) Vicki earns a taxable income of $58 624 from her job with an insurance
company. She pays $14 410.80 tax on this income.

(i) Vicki has a second job which pays $900 gross income per month.
What is Vicki’s total annual taxable income from both jobs, assuming that
she has no allowable tax deductions?

(ii) Use the tax table below to calculate the total tax payable on her income
from both jobs.

(iii) Show that Vicki’s monthly net income from her second job is $486.44.

(iv) Vicki plans to take a holiday in two years time which she estimates will
cost $12 000. At the end of each month, Vicki invests the net income
from her second job in an account which pays 4% per annum,
compounded monthly.
Will she have enough in this account, immediately after the twenty-fourth
payment, to pay for her holiday? Justify your answer with calculations.

You have to refer to the table, but I cant paste it in here..so you will have to refer to a 2003 paper. Thanx for to ne1 that can help

 

[lilmzqt]

thats a pretty tough question.....i trying to do it however if u get the answer first post here so i get it too...........im still trying

 

[Misturi]

That is one tough cookie.

 

[dark`secrets]

you get the answer from (ii) which is $19373.04
$19373.04-$14410.80
=$4962.24/12
=$416.56

$900-$416.56
=$486.44

iv) use the future value formula
M= 486.44
r= 0.04/12
n=24

i hope that helps