Based on the following data, would Ann and Carl Wilton receive a refund or owe additional taxes? Tax Information
Adjusted gross income $ 47,370
Standard deduction $ 24,000
Child care tax credit $ 100
Federal income tax withheld $ 2,110
Tax rate on taxable income 10 percent

After graduation, you plan to work for dynamo corporation for 12 years and then start your own business. you expect to save and deposit $7,500 a year for the first 6 years (t = 1 through t = 6) and $15,000 annually for the following 6 years (t = 7 through t = 12). the first deposit will be made a year from today. in addition, your grandfather just gave you a $32,500 graduation gift which you will deposit immediately (t = 0). if the account earns 9% compounded annually, how much will you have when you start your business 12 years from now?