WLAC Compute The Taxes from The Amount Won at California State Lottery Questions
Question Description
You just won a state lottery prize of $100,000. Out of this prize, lottery officials will withhold 20% for federal income taxes. (There are no state income taxes on California state lottery winnings). You have credit card debt equal to 50% of your individual annual earnings. (If you are unemployed, assume you earn $20,000 plus $100 for each year of your age per year-For example, if you are 25, your earnings would be $20,000 + 25 x 100 = 2,500. Total earning $22,500 ). You would like to save some money for your retirement and you would like to take a vacation costing $5,000. If your credit card interest rates averaged 18%. How much would you save in a year if you paid your credit card balance in full? How much would you have left over to save?
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