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Jeff is trying to decide whether to sell his baseball card collection. He has been offered $4000 by a dealer who has agreed to pay
Jeff is trying to decide whether to sell his baseball card collection. He has been offered $4000 by a dealer who has agreed to pay Jeff this price now or in January of next year. This year Jeff is in the 28 percent marginal tax bracket, but next year Jeff expects to be in the 15 percent marginal tax bracket. Therefore, the estimated income tax liability on this $4000 income would be _____ this year and _____ next year.
A $1120; $1120 |
B | $600; $600 |
C | $1120; $600 |
D | $600; $1120 |
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