Tommy and Frances Monsoon have been married for 20 years, ha…

Tommy and Frances Monsoon have been married for 20 years, have three children, and always file their taxes together (married filing joint). In 2018, Tommy made $75,000 as a publisher and printer for the local newspaper and Frances earned $15,000 babysitting their neighbors’ children. In addition, Tommy contributed $15,000 of his earnings to a Roth 401k and Frances put $5,000 towards a traditional IRA. What is the Monsoons’ adjusted gross income?

Mike and Ruth Ann have four children (all under the age of e…

Mike and Ruth Ann have four children (all under the age of eight) and have a combined income of $170,000 per year. They are saving $24,500 per year in tax-advantaged, diversified, primarily stock-based mutual funds. They are disciplined in their savings and investments. Should they purchase life insurance? If not, why not? If so, what type of life insurance?

Sylvester is the primary bread-winner for his family of one…

Sylvester is the primary bread-winner for his family of one wife and eleven children. He has a gross monthly income of $2,600. His monthly net income is 80% of his gross monthly income. He does not want credit debt payments to exceed 10% of his net income. What can be Sylvester’s maximum monthly payment on credit debt?

  Rates 2018 Rate Single Filers Married Joint Filers…

  Rates 2018 Rate Single Filers Married Joint Filers Standard Deduction $12,000 $24,000 10% $0 to $9,525 $0 to $19,050 12% $9,526 to $38,700 $19,051 to $77,400 22% $38,701 to $82,500 $77,401 to $165,000 24% $82,501 to $157,500 $165,001 to $315,000