财务管理双语课后练习答案.docx
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1、财务管理双语部分课后练习答案2000$60,00010,0005,0001,000 = $22,000 - $21,000$76.0002-7 a. Calculation of gross income:SalaryDividend IncomeInterest Income (IBM bonds only)ST capital gainsGross Income (excluding LT capital gains)LT capital gains = $22,000 - $9,000 =13,000*LT Capital gains tax rate =20%.Not taxed: $
2、10,000 interest on Florida municipal bondsCalculation of taxable income:$76,000(2,750)(5、000)$68250Gross IncomeExemptionDeductionsTaxable Income (excluding LT capital gains)Personal tax = Tax on taxable income (excluding LT capital gains) + LT capital gains tax= $14,138.5 + ($68,250 - $62,450)(0.31)
3、 + $13,000(0.2)=$14,138.5+ $1,798J + $2,600= $18,536.50b. Marginal tax rate = 31%.Average tax rate = $18,536.50/($ 68,250+$ 13,000)= 22.8%.c. After-tax returns:IBM = (0Jl)-(0.31)(0.11) =7.59%FLA = (0.09) - 0= 9.00%The Florida bonds provide a higher after-tax return.d. 9%= 11%(1 -T). Now solve for T:
4、9%= 11%- 11%T11%T =2T =2/11 = 18.18%.At a tax rate less than 18.2 percent, Margaret would be better off holding 11 percent taxable bonds, but ata tax rate over 18.2 percent, she would be better off holding tax-exempt municipal bonds. Given ourprogressive tax rate system, it makes sense for wealthy p
5、eople to hold tax-exempt bonds, but not for thosewith lower incomes and consequently lower tax rates.2-8 a.Salary and income:Donalds salaryInterest from bondsIncome from rental propertyAdjusted incomeExpenses, exemptions, and deductions:Exemptions = 2 X $2,750Interest on mortgages5Plumbing expenses0
6、Total expenses and deductionsTaxable income$50,000.02,500.042,000.0 = $3,500 X 12 months$94.500.0$ 5,500.018,000.01,250.0$24.750.0$69,750.0Taxes = $6457.5 + ($69,750 - $43,050) x 0.28 = $13,933.50a We could have included Maryannes salary in this section, but then we would have had to recognize theam
7、ount she earned as an expense associated with the rental property. Because the two items cancel eachother, we need not include them here. Also, we ignore employment taxes in this problem.b The amount of the interest and property taxes paid on both houses is tax deductible.c Only the plumbing expense
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