1. feb
  2. oneil_ex4

oneil_ex4


Related
TOPICS
    Uncategorized Article
Exhibit 4: Lease or Buy–Input Range
Instructions: You may find information about leasing or purchasing an auto from one of these sites.
www.carpoint.msn.com

www.autogiant.com

www.carsdirect.com

www.driveoff.com

www.leaseguide.com

www.carinfo.com

www.leasespy.com

Input variables  
General information:  
Employee or self-employed (1 or 2)
Monthly payments in year 1
Marginal tax rate
Sales/Use tax
Qualified business use %
Discount rate

2
12
39%
7.05%
80%
8%

Purchase information:  
Purchase price, before sales/use taxes
Downpayment
Interest rate, if financed
Number of monthly loan payments

$37,730
$250
8.15%
60

Lease information:  
Number of monthly payments
Fair market value
Monthly payment, before sales/use tax
Downpayment
Residual value/Trade-in allowance
Lease termination fee

60
$37,730
$ 609.67
$250
$10,326.25
$350

NEWS

IRS sets start date for tax season

The IRS announced that tax season will start in late January and that it will issue refunds to taxpayers despite the partial shutdown of the federal government.

PODCAST

Why CPAs can’t wait on automation tools

What do accounting firms waiting on others to develop AI, automation, and data analytics tools have in common with a baseball fan sitting in a stadium filling with water at an exponential rate? The answer could determine your firm’s fate.