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1、财务管理双语部分课后练习答案2-7a.Calculationofgrossincome:2000Salary$60,000DividendIncome10,000InterestIncome(IBMbondsonly)5,000STcapitalgains1,000=$22,000-$21,000GrossIncome(excludingLTcapitalgains)$76,000LTcapitalgains=$22,000-$9,000=13,000**LTCapitalgainstaxrate=20%.Nottaxed:$10,000interestonFloridamun
2、icipalbondsCalculationoftaxableincome:GrossIncome$76,000Exemption(2,750)Deductions(5,000)TaxableIncome(excludingLTcapitalgains)$68,250Personaltax=Taxontaxableincome(excludingLTcapitalgains)+LTcapitalgainstax=[$14,138.5+($68,250-$62,450)(0.31)+$13,000(0.2)=[$14,138.5+$1,798]+$2,600=$18,536.50
3、b.Marginaltaxrate=31%.Averagetaxrate=$18,536.50/($68,250+$13,000)=22.8%.c.After-taxreturns:IBM=(0.11)-(0.31)(0.11)=7.59%FLA=(0.09)-0=9.00%TheFloridabondsprovideahigherafter-taxreturn.d.9%=11%(1-T).NowsolveforT:9%=11%-11%T11%T=2T=2/11=18.18%.Atataxratelessthan18.2percent,Margaretwouldbebetter
4、offholding11percenttaxablebonds,butatataxrateover18.2percent,shewouldbebetteroffholdingtax-exemptmunicipalbonds.Givenourprogressivetaxratesystem,itmakessenseforwealthypeopletoholdtax-exemptbonds,butnotforthosewithlowerincomesandconsequentlylowertaxrates.2-8a.Salaryandincome:aDonald’ssalary$5
5、0,000.0Interestfrombonds2,500.0Incomefromrentalproperty42,000.0=$3,500x12monthsAdjustedincome$94,500.0Expenses,exemptions,anddeductions:Exemptions=2x$2,750$5,500.0Interestonmortgagesb18,000.0Plumbingexpensesc1,250.0Totalexpensesanddeductions$24,750.0Taxableincome$69,750.0Taxes=$6457.5+($69,7
6、50-$43,050)x0.28=$13,933.50aWecouldhaveincludedMaryanne’ssalaryinthissection,butthenwewouldhavehadtorecognizetheamountsheearnedasanexpenseassociatedwiththerentalproperty.Becausethetwoitemscanceleachother,weneednotincludethemhere.Also,weignoreemploymenttaxesinthisproblem.bTheamountoftheintere
7、standpropertytaxespaidonbothhousesistaxdeductible.cOnlytheplumbingexpenseassociatedwiththerentalpropertyistaxdeductiblebecauseitwasincurredinthegenerationofbusinessrevenues.Suchpersonalexpensesarenotdeductible.b.Salaryandincome:Donald’ssalary$50,00
