Determine how much less will neville pay in taxes

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Reference no: EM13335740

Neville Longbottom has been asked to serve as a consultant on a building project and can get paid his fee up-front or at the end of the long project. He has agreed to do the consulting work for a fee of $10,000. This year Neville's taxable income is expected to be around $35,000, but next year Neville is will be dropping to part-time and expects his taxable income to be around $12,500. Using Table 4.1 on page 107, how much less will Neville pay in taxes if he receives the money next year instead of this year?

Reference no: EM13335740

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