Sasha owns eight profitable rent properties and would like to shift some of this income to her children, Darius age 17, and Delilah age 11. Darius would be responsible for yard maintenance, snow removal, and other various jobs. Delilah would help her mom clean and maintain the apartment units. What factors should Sasha consider in setting an appropriate income for Darius and Delilah?
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- Anthony and Amy expect to settle down and purchase a home now that Anthony has a stable job with a solid long- term growth company. They are meeting with their loan officer to determine which mortgage would best suit their needs. Amy is a stay-at-home mom raising their two school-age children. She sometimes provides child care services for her immediate family members. Neither Anthony nor Amy have served in the military, Anthony and Amy want to secure a mortgage that offers the lowest monthly payment with a fixed interest rate. Based on this information, which mortgage would be the most appropriate choice?\\n\\nA)\\nAdjustable-rate mortgage\\nB)\\n30-year conventional mortgage\\nC)\\n15-year conventional mortgage\\nD)\\nVA mortgageMichiko and Saul are planning to attend the same university next year. The university estimates tuition, books, fees, and living costs to be 12,000 per year. Michikos father has agreed to give her the 12,000 she needs to attend the university. Saul has obtained a job at the university that will pay him 14,000 per year. After discussing their respective arrangements, Michiko figures that Saul will be better off than she will. What, if anything, is wrong with Michikos thinking?Ashby and Curtis, married professionals, have a two-year-old son, Jason. Curtis works full-time as an electrical engineer, but Ashby has not worked outside the home since Jason was born. As Jason is getting older, Ashby thinks that Jason would benefit from attending nursey school several times a week, which would give her an opportunity to reinvigorate her love of painting at a nearby art studio. Ashby thinks that if she is lucky, the proceeds from the sale of her paintings will pay for the nursery school tuition. Ashby also is planning to claim the credit for child and dependent care expenses, because the care provided Jason at the nursery school is required for her to pursue her art career. Can Ashby and Curtis claim the credit for child and dependent car expenses for the nursery school expenditures? Why or why not?
- Leslie graduated with her bachelor's degree in Accounting. She works for a CPA firm that pays her tuition ($8,150 per year) for her so that she can receive her MBA. How much of the $8,150 tuition benefit does Leslie need to include in her income?Derek and Meagan Jacoby recently graduated from State University, and Derek accepted a job in business consulting while Meagan accepted a job in computer programming. Meagan inherited $74,000 from her grandfather, who recently passed away. The couple is debating whether they should buy or rent a home. They located a rental home that meets their needs. The monthly rent is $3,400. They also found a three-bedroom home that would cost $364,000 to purchase. The Jacobys-could use Meagan's inheritance for a down payment on the home. Thus, they would need to borrow $290,000 to acquire the home. They have the option of paying two discount points to receive a fixed interest rate of 4.50 percent on the loan or paying no points and receiving a fixed interest rate of 5.70 percent for a 30-year fixed loan. Though anything could happen, the couple expects to live in the home for no more than five years before relocating to a different region of the country. Derek and Meagan don't have any…Kaelyn's mother, Judy, looks after Kaelyn's four-year-old twins so Kaelyn can go to work (she drops off and picks up the twins from Judy's home every day). Since Judy is a relative, Kaelyn made sure, for tax purposes, to pay her mother the going rate for child care ($16,490 for the year). What is the amount of Kaelyn's child and dependent care credit in 2022 if her AGI for the year was $131,900?
- Kareem owns 100% of an apartment building in California but hasn't been there since he signed the purchase agreement. His son Shaquille lives nearby and manages the property day to day taking care of all of the tenant's needs. Larry works in the management office and collects all of the rent checks and takes them to the bank. Which of the following statements is TRUE? a.Group of answer choices Shaquille recognizes the rental income if Larry deposits the money in Shaquille's bank account. b.Kareem recognizes the rental income because he owns the building. c. Shaquille recognizes the rental income because he manages the apartment building and is responsible to the tenants. d.Larry recognizes the rental income because he has constructive receiptVeronica mows lawns during the summer. In 2021 she was paid directly by homeowners for her work, in some case on the basis of the completed job, in other cases at an hourly rate. Her friend Jonathan does the same work. However, he is paid at an hourly rate by a lawn maintenance company. Which of the following statements is correct? Veronica earns business income and Jonathan earns employment income. Veronica will be able to deduct more expenses than Jonathan Veronica and Jonathan both earn employment income Veronica earns business income and Jonathan earns employment income. Their deductible expenses will be the same Veronica and Jonathan both earn business incomeMartha and Jean are married and have 4-year old twins. Jean is going to school full-time for 9 months of the year, and Martha earns $45,000. The twins are in day care so Jean can go to school while Martha is at work. The cost of daycare is $10,000. What is their child and dependent care credit? Please explian calculations.
- Kelly is a diligent mother who has just finished supporting her two children, Susan, aged 23, and Randy, aged 25, through their university education. Both Susan and Randy have embarked on their careers and have moved out. Kelly wants to continue supporting them by providing financial assistance for their future endeavors, such as purchasing their first home or pursuing further education. She aims to give each of them an equal amount of money when they reach the age of 30. Currently, Kelly has $15,000 in savings, which she plans to allocate to Randy, as she will reach 30 first. She intends to provide Randy with $35,000. Kelly's investments generate a 6% return before tax, and her marginal tax rate is 35%. The inflation rate is estimated to be 3%.All savings are deposited at the end of the year.Required:(a) Calculate the annual savings Kelly needs to make to accumulate $35,000 to give to Randy when she turns 30.(b) Determine the fair amount Kelly should give to Susan when she reaches 30,…Mickey and Minnie live in Orlando. Mickey’s net present value of lifetime earnings in Orlando is $125,000, while Minnie’s is $500,000. The cost of moving to Atlanta is $25,000 per person. In Atlanta, Mickey’s net present value of lifetime earnings would be $155,000, while Minnie’s would be $510,000. If Mickey and Minnie choose where to live based on their joint well-being, will they move to Atlanta? Is Mickey a tied mover or a tied stayer or neither? Is Minnie a tied mover or a tied stayer or neither?Kelly is a diligent mother who has just finished supporting her two children, Susan, aged 23, and Randy, aged 25, through their university education. Both Susan and Randy have embarked on their careers and have moved out. Kelly wants to continue supporting them by providing financial assistance for their future endeavors, such as purchasing their first home or pursuing further education. She aims to give each of them an equal amount of money when they reach the age of 30. Currently, Kelly has $15,000 in savings, which she plans to allocate to Randy, as she will reach 30 first. She intends to provide Randy with $35,000. Kelly's investments generate a 6% return before tax, and her marginal tax rate is 35%. The inflation rate is estimated to be 3%.All savings are deposited at the end of the year.Required:(a) Calculate the annual savings Kelly needs to make to accumulate $35,000 to give to Randy when she turns 30.(b) Determine the fair amount Inaaya should give to Susan when he reaches 30,…