Jim has a house payment of $2,000 per month of which $1,700 is deductible interest and real
Question:
Jim has a house payment of $2,000 per month of which $1,700 is deductible interest and real estate taxes with the remaining $300 representing a repayment of the principal balance of the note. Jim’s marginal tax rate is 30 percent. What is Jim’s after-tax cost of his house payment?
a. $600
b. $540
c. $1,490
d. $1,460
e. Some other amount
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Related Book For
Income Tax Fundamentals 2019
ISBN: 9781337703062
37th Edition
Authors: Gerald E. Whittenburg, Steven Gill
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