filling the blanksa. amount of(0,250,500 OR 1400) (for or from) AGI and (0,250,500,650,1400)is an employee business expense which is (deductible or nondeductible)b. decuction in the amount of (0,250,500,650 or 1400) (for or from) Problem 9-31 (LO. 5)Christine is a full-time fourth-grade teacher at Vireo Academy. During the current year, she spends $1,400 for classroom supplies. On thesubmission of adequate substantiation, Vireo reimburses her for $500 of these expenses-the maximum reimbursement allowed forsupplies under school policy. [The reimbursement is not shown as income (Box 1) of Form W-2 given to Christine by Vireo.]a. What are the income tax consequence of the $1,400, if Christine chooses to itemize her deductions from AGI?She can claim the educator's deduction in the amount of $250- for-AGI and $650- is an employee business expensewhich is nondeductibleb. What are the income tax consequences of the $1,400, if Christine claims the standard deduction?She can claim the educator's deduction in the amount of $250for- AGI.

Solution:-a The following are the income tax consequence of the $1,400 if Christine choose the…

filling the blanks a. amount of(0,250,500 OR 1400) (for or from) AGI and (0,250,500,650,1400) is an employee business expense which is (deductible or nondeductible) b. decuction in the amount of (0,250,500,650 or 1400) (for or from)

filling the blanks a. amount of(0,250,500 OR 1400) (for or from) AGI and (0,250,500,650,1400) is an employee business expense which is (deductible or nondeductible) b. decuction in the amount of (0,250,500,650 or 1400) (for or from)

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter9: Deduct Ions: Employee And Self-employed - Related Expenses

Section: Chapter Questions

Problem 35P

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