Based on the above information, what is the value of Billy’s TOTAL DEDUCTION ENTITLEMENT for his work-related expenses in the current income year?
Based on the above information, what is the value of Billy’s TOTAL DEDUCTION ENTITLEMENT for his work-related expenses in the current income year?
Chapter10: Deductions And Losses: Certain Itemized Deductions
Section: Chapter Questions
Problem 24P
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Question
Billy is employed a construction worker. During the current income year, he incurs the following work-related expenses:
6 plain cotton shirts @ $50 each
$300
5 pairs of plain cotton trousers @$80 each
$400
2 Hi-vis safety vests @ $40 each
$80
1 Hard hat
$60
1 pair of steel-capped safety boots
$160
10 pairs of thick woollen socks @ $15 each
$150
Based on the above information, what is the value of Billy’s TOTAL DEDUCTION ENTITLEMENT for his work-related expenses in the current income year?
[A] $160
[B] $220
[C] $240
[D] $300
[E] $1,000
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