1. By going to Money Chimp, you can either enter your own information or calculate a married couple filing jointly that makes $62,000. In the textbox section of the assignment link, record what amount you used (either $62,000 or your taxable income), the tax amount, “as a percentage of income,” and the tax bracket. You must have 4 numbers in your submission.
2.Use Time Value of Money (financial calculator or Excel) to answer the following prompt:
I owe $5,000 in taxes. I have to make 12 monthly payments at 18%. Calculate what the monthly payment would be. Please make sure that you show your inputs and round 2 decimal points.