Using the "nonworking" spouse method, what should be the life insurance needs for a family whose youngest child is 7 years old? Answer is complete but not entirely correct. Insurance need $ 110,000
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- You are a dual-income, no-kids family. You and your spouse have the following debts: Mortgage = $261,000; Auto loan = $10,000; Credit card balance = $2,150; and other debts = $6,200. Further, you estimate that your funeral will cost $9,000. Your spouse expects to continue to work after your death. Using the DINK method, what should be your need for life insurance? Total insurance need $ 288,3509. Social Security payments to Deceased Dependants If the deceased was entitled to $1,100/per month and the widow is 67, how much would the widow be entitled to assuming the family max has not been met? Do Not use $ dollar $ signs in your answerTom and Tina are updating their financial plan and are concerned that they might not have enough life insurance coverage for their family, which includes two children, ages 4 and 10. They have determined that their annual income is $70,000 and their net worth is now $150,000. What is the amount of life insurance they should carry using the easy method?
- 3. How much life insurance do you need? Calculating resources- Part 2 Dmitri and Frances Ivanov have completed Step 1 of their needs analysis worksheet and determined that they need $2,418,000 to maintain the projected lifestyle of Frances (age 41) and their two children (ages 7 and 11) in the event of Dmitri’s (the primary earner’s) death. The Ivanovs also have certain financial resources available after Dmitri’s death, however, so their life insurance needs are lower than this amount. If Dmitri dies, Frances will be eligible to receive Social Security survivors’ benefits—approximately $3,500 a month ($42,000 a year) until the youngest child graduates from high school in 9 years. After the children leave home, Frances will be able to work full-time and earn an estimated $52,000 a year (after taxes) until she retires at age 65. After Frances turns 65, she’ll receive approximately $3,100 a month ($37,200 a year) from her own Social Security and retirement benefits. The life…Krista and Landor are new parents. They have a two-month-old baby girl and they are considering expanding their family in the future. They have purchased life insurance with a child coverage rider in the amount of $5,000. Unfortunately, their baby girl becomes gravely ill and passes away. How will the insurer deal with their death claim relating to the child coverage rider? Select one: a. b. The insurer will pay the claim for the full amount. The insurer will pay a claim for only half of the full amount to keep the child coverage rider in force for the next child. c. The insurer will deny the claim as Krista and Landon did not purchase accidental death insurance for theirii. If a life insurance company insures 50 females age 25 for $40,000, 10- year term policies, how much would they expect to pay out? Solve
- Marie wants to provide retirement income for her dependent parents for 35 years should she die. Marie earns $67,500 and feels that her parents could live on 65% of that amount. If the insurance funds could be invested at 5%, how much life insurance does she purchase using the desired income method? Group of answer choices $1,273,499 $1,450,087 $932,743 $877,500Need help with risk managment. Rasp and his wife both have life insurance for 50,000 dollars through their employment. No long term care insurance, they are covered in Rasp employer pos plan with a 25 dollars copay.Jada (age 53) and Elijah (age 60) are married, and both are self-employed. In 2023, they participate in a health insurance plan with a $3,000 annual deductible and out-of-pocket.maximum of $9,000. The only other health plan they have is a vision insurance plan. Required: a1. Are they eligible to contribute to a health savings account? a2. If they can contribute to an HSA what is their maximum contribution and deduction? Complete this question by entering your answers in the tabs below. Required A1 Required A2 If they can contribute to an HSA what is their maximum contribution and deduction? Maximum HSA contribution and deduction
- Deciding if additional life insurance is needed and, if so, appropriate type. Use Worksheet 8.1. Harvey Cook, 45, is a recently divorced father of two children, ages 10 and 7. He currently earns $95,000 a year as an operations manager for a utility company. The divorce settlement requires him to pay $1,500 a month in child support and $400 a month in alimony to his ex-wife. She currently earns $35,000 annually as a schoolteacher. Harvey is now renting an apartment, and the divorce settlement left him with about $100,000 in savings and retirement benefits. His employer provides a $75,000 life insurance policy. Harvey’s ex-wife is currently the beneficiary listed on the policy. What advice would you give to Harvey? What factors should he consider in deciding whether to buy additional life insurance at this point in his life? If he does need additional life insurance, what type of policy or policies should he buy? Use Worksheet 8.1 to help answer these questions for Harvey.Jada (age 53) and Elijah (age 60) are married, and both are self-employed. In 2022, they participate in a health insurance plan with a $3,000 annual deductible and out-of-pocket maximum of $9,000. The only other health plan they have is a vision insurance plan. Required: a1. Are they eligible to contribute to a health savings account? a2. If they can contribute to an HSA what is their maximum contribution and deduction? Complete this question by entering your answers in the tabs below. Required A1 Required A2 Answer is not complete. If they can contribute to an HSA what is their maximum contribution and deduction? Maximum HSA contribution/deduction1. Charlene has self-only coverage in a qualifying high-deductible health insurance plan. She is 47 years old and wishes to contribute the maximum amount to her HSA. How much is she allowed to contribute and deduct in 2019? a. $4,600 b. $1,300 c. $1,000 d. $3,500 e. $3,450 2 Martha and Rob, a married couple, under 50 years of age, have adjusted gross income on their 2019 joint income tax return of $45,000, before considering any IRA deduction. Martha and Rob have no earned income. What is the amount of Martha's maximum deductible IRA contribution? a. $2,700 b. $5,500 c. $0 d. $3,500 e. $11,000 3. Donna, age 42 and a single taxpayer, has a salary of $104,500 and interest income of $20,000. What is the maximum amount Donna can contribute to a Roth IRA? In your computations, carry out any division to two decimal places. a. $5,500 b. $6,000 c. $3,850 d. $5,000 e. Some other amount 4. Marge has a Roth IRA held more than 5 years to which she has contributed…
