Louise Mclntyre's monthly gross income is $3,100. Her employer withholds $780 in federal, state, and local income taxes and $330 in Social Security taxes per month. Louise contributes $180 each month for her IRA. Her monthly credit payments for VISA and MasterCard are $105 and $100, respectively. Her monthly payment on an automobile loan is $335. a. What is Louise's debt payments-to-income ratio?

CONCEPTS IN FED.TAX.,2020-W/ACCESS
20th Edition
ISBN:9780357110362
Author:Murphy
Publisher:Murphy
Chapter3: Income Sources
Section: Chapter Questions
Problem 58P
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Louise Mclntyre's monthly gross income is $3,100. Her employer withholds $780 in federal, state, and local income taxes and $330 in Social Security taxes per month. Louise contributes $180 each month for her IRA. Her monthly credit payments for VISA and MasterCard are $105 and $100, respectively. Her monthly payment on an automobile loan is $335. a. What is Louise's debt payments-to-income ratio?

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