Janice Davidson, single mother of two in her late 20s, manages an in-store boutique at Lacy's Department Store. She earns $60,000 a year before taxes (her gross income) and pays 20% in taxes. Janice's fixed monthly living expenses are $2,400 with another $1,600 in variable/discretionary living expenses. Janice has $13,000 in emergency savings. Janice has an employer-paid disability benefit through the department store where she works. Lacy's provides its employees a long-term disability insurance benefit that pays 60% of an employee's gross salary up to a maximum of $5,000 a month. Would a policy that pays 40% of her gross salary provide enough income to cover Janice's fixed monthly expenses if she became disabled and couldn't work? If yes, how much could she set aside each month after fixed expenses are paid? If no, how much of a shortfall would she have and how could she cover it?​

Answer:

No, her savings

Step-by-step explanation:

Her monthly income is 5000 (60000/12). She pays $1000 per month (5000x.2) in taxes and has another 2400 in fixed expenses. So her monthly fixed expenses (don’t include 1600 variable) are 3400 (1000+2400). A disability benefit of 40% would pay $2000 per month (5000 x .4). S0 she would be short 1400 per month (2000-3400). She would have to use her $13,000 in savings to make up the difference.

hopefully I interpreted the questions correctly!

a) 40% policy will not cover Janice's fixed monthly expenses.

b) Janice's shortfall is $400.

c) For the shortfall, Janice may resort to emergency funds.

A fixed monthly living expense is an expense that does not change from period to period.

Examples of fixed monthly living expenses include:

Annual gross income = $60,000

Annual tax liability = 20% or $12,000 ($60,000 x 20%)

Fixed monthly living expenses = $2,400

Annual fixed living expenses = $28,800 ($2,400 x 12)

Variable discretionary living expenses = $19,200 ($1,600 x 12)

Emergency savings = $13,000

A policy that pays 40% as the disability allowance of gross salary will pay $2,000 ($5,000 x 40%).

Learn more about fixed and variable monthly expenses at https://brainly.com/question/8225307

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