taxpayer. She uses the cash-basis method of accounting for her sole proprietorship. Maria is a CPA and in late December, she performed $40,000 of consulting services for a client. Maria typically requires her clients to pay her bills immediately upon receipt (assume this happens). Maria's marginal tax rate is 32 percent this year and 37 percent next year and she can earn an after-tax rate of return of 12 percent on her investments. Use Exhibit 3.1 below. (Round discount factor(s) to three decimal places and use the following format for number answers: $1,234) 1. What is Maria's tax liability if she receives the service income in December? 11430.4 2. What is Maria's tax liability if she receives the service income in January (before considering the PV of the liability)? 14800 3. What wilaria's net tax savings be by choosing one month over the other (e.g comparing receipt of the payment in December versus January and considering PV)? 4. When should Maria bill and collect from her client in order to maximize her after tax return (December or January)? january MacBook Pro