Caroline Karimaghaya purchased the residence on March 23, 1997, for $129,400 and improve- ments totaling $5,700...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Caroline Karimaghaya purchased the residence on March 23, 1997, for $129,400 and improve- ments totaling $5,700 since. The original loan has a balance as of January 1, 2020 of $95,200 (principal payments for 2020 are $750) and bears interest at 4 percent. Property taxes for 2020 are $3,400. Caroline's other income and expenses for 2020 are these: Salaries and wages State income taxes State car tax State sales tax Other itemized deductions $140,800 6,400 225 4,220 3,100 Calculate Caroline's after-tax cost of owning the residence for 2020. Assume that Caroline's marginal tx bracket is 229%. Caroline Karimaghaya purchased the residence on March 23, 1997, for $129,400 and improve- ments totaling $5,700 since. The original loan has a balance as of January 1, 2020 of $95,200 (principal payments for 2020 are $750) and bears interest at 4 percent. Property taxes for 2020 are $3,400. Caroline's other income and expenses for 2020 are these: Salaries and wages State income taxes State car tax State sales tax Other itemized deductions $140,800 6,400 225 4,220 3,100 Calculate Caroline's after-tax cost of owning the residence for 2020. Assume that Caroline's marginal tx bracket is 229%.
Expert Answer:
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Littleton Electronics'' ending cash balance as of January 31, 2008 (the end of its fiscal year 2007) was $25,000. Its expected cash collections and payments for the next six months are given in the...
-
Lakewood Laser SkinCare's ending cash balance as of January 31, 2015 (the end of its fiscal year 2014) was $ 15,000. Its expected cash collections and payments for the next six months are given in...
-
Lakewood Laser SkinCare's ending cash balance as of January 31, 2012 (the end of its fiscal year 2011) was $10,000. Its expected cash collections and payments for the next six months are given in the...
-
Describe what is meant by the term balanced in the term balanced scorecard method.
-
How do the courts deal with ambiguities in the contract?
-
Sweet Candy will pay a dividend of $0.72 next year. The CEO of the company declared that the company will maintain a constant growth rate of 7% per year every year from now on. a. How much will you...
-
Refer to the stockholders' equity of Sterling Trust in Short Exercise 13-9. Sterling has not declared preferred dividends for 5 years (including the current year). Compute the book value per share of...
-
Consider the liquid storage system shown in figure. Only volumetric flow rates, q and q, can be manipulated. Determine the model degrees of freedom, NF, and the control degrees of freedom,NFC. 96 42...
-
The country's three mobile phone operators, Celcom, Maxis and Digi have all applied for 5G licence. The government has made it clear that only two licences will be awarded. Winning a 5G licence is...
-
Assuming the data are normal, what is the probability the blade weights from this process will exceed 5.20? What is the probability that weights will be less than 4.80? What is the actual percent of...
-
You build a water delivery system as shown to provide water to your large cage full of fluffy pet rabbits. The 115 cm shown is the difference in height between the top of the water in the water...
-
Explore BIS international banking statistics, the World Bank's Bank Regulation and Supervision Survey, as well as other national/ international data resources to better understand the implication of...
-
Calculate the slope of the relationship in Problem 4 between 4,071 and 3,143 theaters. Use the following news clip to work Problems. Kong Tops the Box Office Theaters Revenue (dollars Movie (number)...
-
In an economy there is a large number of risk-neutral entrepreneurs who are protected by limited liability, and have no initial wealth. The entrepreneurs undertake projects at a cost \(I=1\). The...
-
Exploring the data resources listed in Exercise 1, Chapter 1, depending on data availability, try to answer the following questions regarding bank competition in your country/region: (a) Plot the...
-
Derive Pats supply curve. Use the following table to work Problems 2 to 4. Pats Pizza Kitchen is a price taker and the table shows its costs of production. Output (pizzas per hour) 0 12345 Total cost...
-
On the formation of GHI Corporation, A receives 70 shares (70%) of GHI common stock by transferring ordinary income property with a basis of $10,000 and a FMV of $70,000, and B receives 30 shares...
-
What are bounds and what do companies do with them?
-
The following financial statement information for Tronics Inc. is available: The following information relates to the firm's common stock for the same period: Instructions: 1. For each year compute...
-
U.S. Multi Company established a foreign subsidiary, called For Sub Company, on January 1, 2013. The local currency is the crown; on the date the subsidiary was established, the exchange rate was 2...
-
Both Seco Inc. and Hillsborough Corp. have 100,000 shares of no-par common stock outstanding. World Inc. acquired 10,000 shares of Seco stock for $6 per share and 30,000 shares of Hillsborough stock...
-
An air-conditioning chiller unit weighing \(10 \mathrm{kN}\) is to be supported by four air springs (Fig. 2.50). Design the air springs such that the natural frequency of vibration of the unit lies...
-
The maximum velocity attained by the mass of a simple harmonic oscillator is \(10 \mathrm{~cm} / \mathrm{s}\), and the period of oscillation is \(2 \mathrm{~s}\). If the mass is released with an...
-
A helical spring, when fixed at one end and loaded at the other, requires a force of \(100 \mathrm{~N}\) to produce an elongation of \(10 \mathrm{~mm}\). The ends of the spring are now rigidly fixed,...
Study smarter with the SolutionInn App