Answer & Explanation:1. Use the 2012 marginal tax rates to compute the tax owed by the following person.a single? male, no dependents. Gross? income: $97,000?Deductions:$27,000mortgage interest?4343property taxes?$4343charitable contributions$4000?Adjustments: ?$2000Tax? credit: noneMarginal Tax? Rates, Standard? Deductions, and Exemptions?Unmarried, divorced, or legally separatedMarried and each partner files a separate tax returnMarried and both partners file a single tax returnUnmarried and paying more than half the cost of supporting a child or parentTax RateSingleMarried Filing SeparatelyMarried Filing JointlyHead of Household? 10%up to? $8700up to? $8700up to? $17,400up to? $12,400? 15%?$8701 to? $35,350?$8701 to? $35,350?$17,401 to? $70,700?$12,401 to? $47,350? 25%?$35,351 to? $85,650?$35,351 to? $71,350?$70,701 to? $142,700?$47,351 to? $122,300? 28%?$85,651 to? $178,650?$71,351 to? $108,725?$142,701 to? $217,450?$122,301 to? $198,050? 33%?$178,651 to? $388,350?$108,726 to? $194,175?$217,451 to? $388,350?$198,051 to? $388,350? 35%more than? $388,350more than? $194,175more than? $388,350more than? $388,350Standard Deduction?$5950?$5950?$11,900?$8700Exemptions ?(per person)?$3800?$3800?$3800?$38002.PeriodicDeposit?$? at the end of each year Rate6?% compounded annuallyTime15yearsFinancial Goal?$170,000a. In order to have ?$170,000 in 15 ?years, you should deposit how much per year?b. How much of the financial goal comes from deposits and how much comes from? interest?3. At the age of 24?, to save for? retirement, you decide to deposit ?$10 at the end of each month in an IRA that pays 4?% compounded monthly.A. how much will you have in the IRA when you retire.B. Find the interest.4. PeriodicDeposit?$20at the end of e
ach monthRate7.5?% compounded monthlyTime20yearsA. After 20 ?years, you will have approximately how much?B. Find the interest.5. The price of a small cabin is ?$40,000. The bank requires a? 5% down payment. The buyer is offered two mortgage?options: 20-year fixed at 9.5?% or? 30-year fixed at 9.5?%. calculate the amount of interest paid for each option. How much does the buyer save in interest with the? 20-year option?A. Find the monthly payment for the? 20-year option.B. Find the monthly payment for the? 30-year option.C. Calculate the total cost of interest for both mortgage options. How much does the buyer save in interest with the?20-year option?6. The price of a home is $220,000. The bank requires a? 15% down payment. The buyer is offered two mortgage ?options: 15-year fixed at 8?% or? 30-year fixed at 8?%.Calculate the amount of interest paid for each option. How much does the buyer save in interest with the? 15-year option? A. Find the monthly payment for the? 15-year option.B. Find the monthly payment for the? 30-year option.C. Calculate the total cost of interest for both mortgage options. How much does the buyer save in interest with the?15-year option? 7. A city council consists of eight Democrats and six Republicans. If a committee of fivepeople is? selected, find the probability of selecting two Democrats and three Republicans.8. Six? stand-up comics,? A, B,? C, D,? E, and? F, are to perform on a single evening at a comedy club. The order of performance is determined by random selection. Find the probability? that:A. Comic F will perform last.B. Comic D will perform last and Comic B will perform fifth.C.The comedians will perform in the following? order F,D,B,E,A,CD. Comic A or comic C will perform second.