Planit:Cash Flow Management Screen Answer Key

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Canada English

Solve for the following problem: David earns approximately $75,000 a year, and another $1,500 of investment income. Debbie earns $35,000, also with $500 in investment income. David currently saves $5,000 towards his RSP, and Debbie saves $2,500 towards her RSP. Answer: On the Cash Flow Management screen you will add in all incomes, savings, and any tax deductions in order to deduce income taxes and living expenses. Enter David’s $75,000 income in the Client’s Personal Income field. Enter Debbie’s $35,000 income in the Spouse’s Personal Income field. Enter David’s $1,500 investment income in the Client’s Investment Income field. Enter Debbie’s $500 investment income in the Spouse’s Investment Income field. Enter David’s $5,000 savings into the Client’s RSP savings field Debbie’s $2,500 savings into the Spouse’s RSP Savings field Click the Calculate button to save your work and calculate the current lifestyle and income taxes.

United States of America

Solve for the following problem: David earns approximately $75 000 a year, and another $1 500 of investment income. Debbie earns $35 000, also with $500 in investment income. David currently saves $5 000 towards his Qualifying Investment Account, and Debbie saves $2 500 towards her Qualifying Investment Account. Answer: On the Cash Flow Management screen you will add in all incomes, savings, and any tax deductions in order to deduce income taxes and living expenses. Enter David’s $75 000 income in the Client’s Personal Income field. Enter Debbie’s $35 000 income in the Spouse’s Personal Income field. Enter David’s $1 500 investment income in the Client’s Investment Income field. Enter Debbie’s $500 investment income in the Spouse’s Investment Income field. Enter David’s $5 000 savings into the Client’s Qualifying Investment Account savings field Debbie’s $2 500 savings into the Spouse’s Qualifying Investment Account Savings field Click the Calculate button to save your work and calculate the current lifestyle and income taxes.

Argentina

Solve for the following problem: David earns approximately $285 000 a year, and another $5 750 of investment income. Debbie earns $135 000, also with $2 000 in investment income. David currently saves $19 000 towards his AFJP, and Debbie saves $9 500 towards her AFJP. Answer: On the Cash Flow Management screen you will add in all incomes, savings, and any tax deductions in order to deduce income taxes and living expenses. Enter David’s $285 000 income in the Client’s Personal Income field. Enter Debbie’s $135 000 income in the Spouse’s Personal Income field. Enter David’s $5 750 investment income in the Client’s Investment Income field. Enter Debbie’s $2 000 investment income in the Spouse’s Investment Income field. Enter David’s $19 000 savings into the Client’s AFJP savings field Debbie’s $9 500 savings into the Spouse’s AFJP Savings field Click the Calculate button to save your work and calculate the current lifestyle and income taxes.

Brazil

Solve for the following problem: David earns approximately R$5 400 000 a year, and another R$100 000 of investment income. Debbie earns R$2 500 000, also with R$35 000 in investment income. David currently saves R$360 000 towards his Tax Sheltered, and Debbie saves R$180 000 towards her Tax Sheltered. Answer: On the Cash Flow Management screen you will add in all incomes, savings, and any tax deductions in order to deduce income taxes and living expenses. Enter David’s R$5 400 000 income in the Client’s Personal Income field. Enter Debbie’s R$2 500 000 income in the Spouse’s Personal Income field. Enter David’s R$100 000 investment income in the Client’s Investment Income field. Enter Debbie’s R$35 000 investment income in the Spouse’s Investment Income field. Enter David’s R$360 000 savings into the Client’s Tax Sheltered savings field Debbie’s R$180 000 savings into the Spouse’s Tax Sheltered Savings field Click the Calculate button to save your work and calculate the current lifestyle and income taxes.

United Kingdom

Solve for the following problem: David earns approximately £45 000 a year, and another £10 000 of investment income. Debbie earns £20 000, also with £300 in investment income. David currently saves £3 000 towards his ISA, and Debbie saves £1 500 towards her ISA. Answer: On the Cash Flow Management screen you will add in all incomes, savings, and any tax deductions in order to deduce income taxes and living expenses. Enter David’s £45 000 income in the Client’s Personal Income field. Enter Debbie’s £20 000 income in the Spouse’s Personal Income field. Enter David’s £10 000 investment income in the Client’s Investment Income field. Enter Debbie’s £300 investment income in the Spouse’s Investment Income field. Enter David’s £3 000 savings into the Client’s ISA savings field Debbie’s £1 500 savings into the Spouse’s ISA Savings field Click the Calculate button to save your work and calculate the current lifestyle and income taxes.

Russia

Solve for the following problem: David earns approximately руб.2 250 000 a year, and another руб.45 000 of investment income. Debbie earns руб.1 100 000, also with руб.15 000 in investment income. David currently saves руб.150 000 towards his Investment Account, and Debbie saves руб.75 000 towards her Investment Account. Answer: On the Cash Flow Management screen you will add in all incomes, savings, and any tax deductions in order to deduce income taxes and living expenses. Enter David’s руб.2 250 000 income in the Client’s Personal Income field. Enter Debbie’s руб.1 100 000 income in the Spouse’s Personal Income field. Enter David’s руб.45 000 investment income in the Client’s Investment Income field. Enter Debbie’s руб.15 000 investment income in the Spouse’s Investment Income field. Enter David’s руб.150 000 savings into the Client’s Investment Account savings field Debbie’s руб.75 000 savings into the Spouse’s Investment Account Savings field Click the Calculate button to save your work and calculate the current lifestyle and income taxes.

China

Solve for the following problem: David earns approximately ¥485 000 a year, and another ¥10 000 of investment income. Debbie earns ¥225 000, also with ¥3 000 in investment income. David currently saves ¥30 000 towards his Personal Retirement Insurance Account, and Debbie saves ¥15 000 towards her Personal Retirement Insurance Account. Answer: On the Cash Flow Management screen you will add in all incomes, savings, and any tax deductions in order to deduce income taxes and living expenses. Enter David’s ¥485 000 income in the Client’s Personal Income field. Enter Debbie’s ¥225 000 income in the Spouse’s Personal Income field. Enter David’s ¥10 000 investment income in the Client’s Investment Income field. Enter Debbie’s ¥3 000 investment income in the Spouse’s Investment Income field. Enter David’s ¥30 000 savings into the Client’s Personal Retirement Insurance Account savings field Debbie’s ¥15 000 savings into the Spouse’s Personal Retirement Insurance Account Savings field Click the Calculate button to save your work and calculate the current lifestyle and income taxes.

Malaysia

Solve for the following problem: David earns approximately RM225 000 a year, and another RM4 500 of investment income. Debbie earns RM105 000, also with RM1 500 in investment income. David currently saves RM15 000 towards his EPF, and Debbie saves RM7 500 towards her EPF. Answer: On the Cash Flow Management screen you will add in all incomes, savings, and any tax deductions in order to deduce income taxes and living expenses. Enter David’s RM225 000 income in the Client’s Personal Income field. Enter Debbie’s RM105 000 income in the Spouse’s Personal Income field. Enter David’s RM4 500 investment income in the Client’s Investment Income field. Enter Debbie’s RM1 500 investment income in the Spouse’s Investment Income field. Enter David’s RM15 000 savings into the Client’s EPF savings field Debbie’s RM7 500 savings into the Spouse’s EPF Savings field Click the Calculate button to save your work and calculate the current lifestyle and income taxes.

Singapore

Solve for the following problem: David earns approximately S$95 000 a year, and another S$2 000 of investment income. Debbie earns S$45 000, also with S$650 in investment income. David currently saves S$6 500 towards his CPF, and Debbie saves S$3 000 towards her CPF. Answer: On the Cash Flow Management screen you will add in all incomes, savings, and any tax deductions in order to deduce income taxes and living expenses. Enter David’s S$95 000 income in the Client’s Personal Income field. Enter Debbie’s S$45 000 income in the Spouse’s Personal Income field. Enter David’s S$2 000 investment income in the Client’s Investment Income field. Enter Debbie’s S$650 investment income in the Spouse’s Investment Income field. Enter David’s S$6 500 savings into the Client’s CPF savings field Debbie’s S$3 000 savings into the Spouse’s CPF Savings field Click the Calculate button to save your work and calculate the current lifestyle and income taxes.

Hong Kong

Solve for the following problem: David earns approximately HK$565 000 a year, and another HK$10 000 of investment income. Debbie earns HK$265 000, also with HK$4 000 in investment income. David currently saves HK$40 000 towards his Personal Retirement Insurance, and Debbie saves HK$20 000 towards her Personal Retirement Insurance. Answer: On the Cash Flow Management screen you will add in all incomes, savings, and any tax deductions in order to deduce income taxes and living expenses. Enter David’s HK$565 000 income in the Client’s Personal Income field. Enter Debbie’s HK$265 000 income in the Spouse’s Personal Income field. Enter David’s HK$10 000 investment income in the Client’s Investment Income field. Enter Debbie’s HK$4 000 investment income in the Spouse’s Investment Income field. Enter David’s HK$40 000 savings into the Client’s Personal Retirement Insurance savings field Debbie’s HK$20 000 savings into the Spouse’s Personal Retirement Insurance Savings field Click the Calculate button to save your work and calculate the current lifestyle and income taxes.

India

Solve for the following problem: David earns approximately 3 300 000 a year, and another 65 000 of investment income. Debbie earns 1 500 000, also with 20 000 in investment income. David currently saves 220 000 towards his MPF, and Debbie saves 110 000 towards her MPF. Answer: On the Cash Flow Management screen you will add in all incomes, savings, and any tax deductions in order to deduce income taxes and living expenses. Enter David’s 3 300 000 income in the Client’s Personal Income field. Enter Debbie’s 1 500 000 income in the Spouse’s Personal Income field. Enter David’s 65 000 investment income in the Client’s Investment Income field. Enter Debbie’s 20 000 investment income in the Spouse’s Investment Income field. Enter David’s 220 000 savings into the Client’s MPF savings field Debbie’s 110 000 savings into the Spouse’s MPF Savings field Click the Calculate button to save your work and calculate the current lifestyle and income taxes.

Caribbean

Jamaica   Solve for the following problem: David earns approximately J$6 200 000 a year, and another J$125 000 of investment income. Debbie earns J$2 900 000, also with J$40 000 in investment income. David currently saves J$415 000 towards his Retirement Investments, and Debbie saves J$210 000 towards her Retirement Investments. Answer: On the Cash Flow Management screen you will add in all incomes, savings, and any tax deductions in order to deduce income taxes and living expenses. Enter David’s J$6 200 000 income in the Client’s Personal Income field. Enter Debbie’s J$2 900 000 income in the Spouse’s Personal Income field. Enter David’s J$125 000 investment income in the Client’s Investment Income field. Enter Debbie’s J$40 000 investment income in the Spouse’s Investment Income field. Enter David’s J$415 000 savings into the Client’s Retirement Investments savings field Debbie’s J$210 000 savings into the Spouse’s Retirement Investments Savings field Click the Calculate button to save your work and calculate the current lifestyle and income taxes. Trinidad and Tobago   Solve for the following problem: David earns approximately TT$460 000 a year, and another TT$9 000 of investment income. Debbie earns TT$215 000, also with TT$3 000 in investment income. David currently saves TT$30 000 towards his Long Term Investment, and Debbie saves TT$15 000 towards her Long Term Investment. Answer: On the Cash Flow Management screen you will add in all incomes, savings, and any tax deductions in order to deduce income taxes and living expenses. Enter David’s TT$460 000 income in the Client’s Personal Income field. Enter Debbie’s TT$215 000 income in the Spouse’s Personal Income field. Enter David’s TT$9 000 investment income in the Client’s Investment Income field. Enter Debbie’s TT$3 000 investment income in the Spouse’s Investment Income field. Enter David’s TT$30 000 savings into the Client’s Long Term Investment savings field Debbie’s TT$15 000 savings into the Spouse’s Long Term Investment Savings field Click the Calculate button to save your work and calculate the current lifestyle and income taxes. Barbados   Solve for the following problem: David earns approximately Bds$145 000 a year, and another Bds$3 000 of investment income. Debbie earns Bds$70 000, also with Bds$10 000 in investment income. David currently saves Bds$9 500 towards his Tax Sheltered Account, and Debbie saves Bds$5 000 towards her Tax Sheltered Account. Answer: On the Cash Flow Management screen you will add in all incomes, savings, and any tax deductions in order to deduce income taxes and living expenses. Enter David’s Bds$145 000 income in the Client’s Personal Income field. Enter Debbie’s Bds$70 000 income in the Spouse’s Personal Income field. Enter David’s Bds$3 000 investment income in the Client’s Investment Income field. Enter Debbie’s Bds$10 000 investment income in the Spouse’s Investment Income field. Enter David’s Bds$9 500 savings into the Client’s Tax Sheltered Account savings field Debbie’s Bds$5 000 savings into the Spouse’s Tax Sheltered Account Savings field Click the Calculate button to save your work and calculate the current lifestyle and income taxes. Bermuda   Solve for the following problem: David earns approximately BD$75 000 a year, and another BD$1 500 of investment income. Debbie earns BD$35 000, also with BD$500 in investment income. David currently saves BD$5 000 towards his Tax Sheltered Investments, and Debbie saves BD$2 500 towards her Tax Sheltered Investments. Answer: On the Cash Flow Management screen you will add in all incomes, savings, and any tax deductions in order to deduce income taxes and living expenses. Enter David’s BD$75 000 income in the Client’s Personal Income field. Enter Debbie’s BD$35 000 income in the Spouse’s Personal Income field. Enter David’s BD$1 500 investment income in the Client’s Investment Income field. Enter Debbie’s BD$500 investment income in the Spouse’s Investment Income field. Enter David’s BD$5 000 savings into the Client’s Tax Sheltered Investments savings field Debbie’s BD$2 500 savings into the Spouse’s Tax Sheltered Investments Savings field Click the Calculate button to save your work and calculate the current lifestyle and income taxes. Bahamas   Solve for the following problem: David earns approximately B$75 000 a year, and another B$1 500 of investment income. Debbie earns B$35 000, also with B$500 in investment income. David currently saves B$5 000 towards his Tax Sheltered Investments, and Debbie saves B$2 500 towards her Tax Sheltered Investments. Answer: On the Cash Flow Management screen you will add in all incomes, savings, and any tax deductions in order to deduce income taxes and living expenses. Enter David’s B$75 000 income in the Client’s Personal Income field. Enter Debbie’s B$35 000 income in the Spouse’s Personal Income field. Enter David’s B$1 500 investment income in the Client’s Investment Income field. Enter Debbie’s B$500 investment income in the Spouse’s Investment Income field. Enter David’s B$5 000 savings into the Client’s Tax Sheltered Investments savings field Debbie’s B$2 500 savings into the Spouse’s Tax Sheltered Investments Savings field Click the Calculate button to save your work and calculate the current lifestyle and income taxes. Puerto Rico   Solve for the following problem: David earns approximately $75,000 a year, and another $1,500 of investment income. Debbie earns $35,000, also with $500 in investment income. David currently saves $5,000 towards his Retirement Investment, and Debbie saves $2,500 towards her Retirement Investment. Answer: On the Cash Flow Management screen you will add in all incomes, savings, and any tax deductions in order to deduce income taxes and living expenses. Enter David’s $75,000 income in the Client’s Personal Income field. Enter Debbie’s $35,000 income in the Spouse’s Personal Income field. Enter David’s $1,500 investment income in the Client’s Investment Income field. Enter Debbie’s $500 investment income in the Spouse’s Investment Income field. Enter David’s $5,000 savings into the Client’s Retirement Investment savings field Debbie’s $2,500 savings into the Spouse’s Retirement Investment Savings field Click the Calculate button to save your work and calculate the current lifestyle and income taxes.

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