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solution

Blake works during the semester breaks for the family business and has earned $14,000 this past year. Any investment income above $800 is taxed at the same rate as his parents, who are in the top bracket. His parents have advised him to invest in a Roth IRA for retirement savings.

A summary of the housemates’ goals can be found in the first Continuing Case problem in Chapter 1.

1. What are the benefits to following this strategy?

2. What strategies would you suggest to Blake to reduce his tax liability?

Continuing Case problem in Chapter 1

Throughout the text, the continuing case scenario at the end of each chapter will involve situations encountered by the housemates of 906 East College Street. All of the residents are either current students or recent graduates. Leigh, Blake, and Nicole are siblings. Their parents bought the home, which is close to campus, as an investment when Leigh started at the university her freshman year. The following profiles describe each of the housemates and their intermediate goals. 

1. For each housemate, identify a SMART short-term goal that supports his or her success in achieving an intermediate goal.

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