Evaluate the total tax liability

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Reference no: EM134966

Susan rents an apartment. In 2012, she worked full-time as a nurse and earned W-2 wages of $50,000. Each year she claims the standard deduction. In one of the rooms of her apartment, as a hobby, Susan sometimes makes cute little farm animals out of used socks. In 2012, Susan decided to sell the animals at a crafts fair. In 2012, Susan earned revenue of $2,000. She had Category I, II, & II expenses of $0, 1,600, and $0, respectively.

Susan "Income" on page 1 of IRS form 1040 will be$_________________________.

Assuming that Susan has a marginal tax rate of 30%, the net effect of her having this hobby will be to increase her total tax liability by:___________________.

Reference no: EM134966

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