Aniana withcirew $400,000 out of her personal savings account and used it to start her new Internet café, The savings account pays 3 percent interest per year. During the first year of her business, Ariana sold 2,000 cups of coffee for $2.50 per cup and 4,000 hours of Internet time, also at $2.50 per hour. During the first year, the business made monetary outlays of $12,000. You may assume that there is no opportunity cost to Ariana's time, Ariana's accounting profit and economic profit for the year were: O$3.000 and $3.000, respectively $3,000 and -$9,000, respectively O$6,000 and -$6,000, respectively $6.000 and $6,000, respectively . Explain income  tax of Aniana withcirew ?

Answer rating: 100% (QA)

Aniana Withcirews income tax would depend on several factors including her taxable income filing sta... View the full answer