question archive Family Facts: All events are in 2021
Family Facts: All events are in 2021
Subject:BusinessPrice: Bought3
Family Facts: All events are in 2021. Jorge (66) and his wife Jospehine (53) live in Dallas. Jorge is a teacher at UT-Austin and runs his firm as a single member LLC. Josephine is a part time docent, working in the waterworks musuem. They have 3 kids, Mark, Matthew, and Paul. They pay all their kids living expenses except as noted. Mark is 22 and is a full-time student at UT-Austin. Matthew is 20, taking a gap year in Paris. Paul is 16 and has a portfolio fund. Rob (89) and jane (85), Jospehine’s parents live nearby. jane is legally blind. Their assisted living expenses cost $75,000 a year. Josephine gives her parents $10,000 a year for other living expenses and her other 2 siblings contribute $15,000 each for other living expenses. Rob and jane pay all of the assisted living expenses. Jorge has another child, Angela (43), from his first wife, Paola (68). Angela is considered permanently and totally disabled, and lives with Robl only during the Summer. Paola pays for all of Angela’s support. Paola is a high-level contractor for the US Military. All eligible couples will file Married Filing Joint. Rob and Jane • Rob works as a high school drama teacher. He makes $30,000 per year teaching. • He spends $750 on school supplies for his class. • jane has withdrawn $10,000 from her traditional 401(k). • jane also received income of $10,000 from Municipal Bonds • jane received $20,000 from Social Security Benefits. • Rob and jane contribute the maximum to a IRA, but only jane will contribute to a Roth IRA. • Rob and jane also inherited $500,000 from Alfonso Soriano. They keep the money in a non-interest-bearing account at the moment. • According to the assisted living group, 30% of their annual fee is considered a medical expense for tax purposes. • They made a $1,000 donation to St. Grace • They paid $750 in state income tax and $550 in state sales tax. Paola and Angela • Paola makes $175,000 year in wages and contributes the maximum to her traditional 401(k). • She received from Jorge following amounts from a divorce decree 25 years ago. • He pays her $15,000 a month in cash. • The divorce decree states that $8,000 for the care for Angela. • Paola worked in Portland and moved to Washington DC in 2021 when she was transferred to the Navy Research Lab to permanent position working alongside active military personnel. • Her moving expenses are as follow
