loud music and is willing to pay $9 for the first song and $1 less for each succeeding song ($8 first, $7 second, etc). Suppose Maria could soundproof her room and eliminate the responsibility to pay the tax. If the cost of soundproofing is $30, is it worth
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Maria loves loud music and is willing to pay $9 for the first song and $1 less for each succeeding song ($8 first, $7 second, etc).
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Suppose Maria could soundproof her room and eliminate the responsibility to pay the tax. If the cost of soundproofing is $30, is it worthwhile?
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- Fatima is about to get a raise at her job and she will go from being paid $37,000 a year to being paid $38891 a year. Since she is single, this will change her tax bracket, and she has heard rumors that it is financially inadvisable to take a raise that will barely change your tax bracket. Does Fatima make more money if she takes the raise? If so, how much more will Fatima make a year if she takes the raise, once federal taxes have been deducted from both incomes? If she will make the same amount or lose money, enter 0.Fatima is about to get a raise at her job and she will go from being paid $37,000 a year to being paid $38891 a year. Since she is single, this will change her tax bracket, and she has heard rumors that it is financially inadvisable to take a raise that will barely change your tax bracket. Does Fatima make more money if she takes the raise? If so, how much more will Fatima make a year if she takes the raise, once federal taxes have been deducted from both incomes?Nitai, who is single and has no dependents, was planning on spending the weekend repairing his car. On Friday, Nitai's employer called and offered him $500 in overtime pay if he would agree to work over the weekend. Nitai could get his car repaired over the weekend at Autofix for $400. If Nitai works over the weekend, he will have to pay the $400 to have his car repaired, but he will earn $500. Assume Nitai's marginal tax rate is 12 percent rate. Required: a-1. Strictly considering tax factors, should Nitai work or repair his car if the $400 he must pay to have his car fixed is not deductible? a-2. Given the answer in a-1 above, by how much is Nitai better or worse off? b-1. Strictly considering tax factors, should Nitai work or repair his car if the $400 he must pay to have his car fixed is deductible for AGI? b-2. Given the answer in b-1 above, by how much is Nitai better or worse off?
- Like 99% of other sane taxpayers, you, a self-employed CPA, elect the standard mileage rate ($0.58 per mile for 2019, $0.575 per mile for 2020) for deducting the cost of your business-related excursions from your home office, not that crazy “actual cost method” that would have you keeping every single receipt for every single car-related expense. But, in addition to gas, you incur the following costs on your trips to see clients (etc.) – tolls, parking, interest on car loan, repairs, insurance, and speeding tickets. Which, if any, of these expenses can you deduct in addition to the standard mileage rate, and why?Richere is a new client. She tells you that during the past year for fun she made quilts and sometimes sold them at local craft fairs. She said she earned about $1,750 doing this. Her tax preparer should: (a) Report this income on Schedule C and assist Richere to reconstruct her expenses for any items related to the production of the quilts, booth costs, and travel to the craft fairs. (b) Tell Richere that because she has no profit motive, the income is not taxable and the expenses are not deductible. (c) Explain the hobby loss rules to Richere and explain that the income should be reported on Schedule 1, line 8 but as this is a hobby, any expenses she has are not deductible. (d) Advise Richere that the income is reportable and that you will assist her to reconstruct her expenses which may be deducted on Schedule A, line 16.To finance his purchase of his new car, Sean must make a 10% down payment and pay all taxes up front. If the car has a sales price of $25,000 and state sales tax rate of 7%, how much money must Sean pay for the car up front?
- Michiko and Saul are planning to attend the same university next year. The university estimates tuition, books, fees, and living costs to be 12,000 per year. Michikos father has agreed to give her the 12,000 she needs to attend the university. Saul has obtained a job at the university that will pay him 14,000 per year. After discussing their respective arrangements, Michiko figures that Saul will be better off than she will. What, if anything, is wrong with Michikos thinking?Wade paid 7,000 for an automobile that needed substantial repairs. He worked nights and weekends to restore the car and spent 2,400 on parts for it. He knows that he can sell the car for 13,000, but he is very wealthy and does not need the money. On the other hand, his daughter, who has very little income, needs money to make the down payment on a house. a. Would it matter, after taxes, whether Wade sells the car and gives the money to his daughter or whether he gives the car to his daughter and she sells it for 13,000? Explain. b. Assume that Wade gave the car to his daughter after he had arranged for another person to buy it from his daughter. The daughter then transferred the car to the buyer and received 13,000. Who is taxed on the gain?