In 2020, Britt drove her automobile 16,200 miles for business. She incurred $900 in gas expenses and $235 in tolls associated with the business mileage. Assuming Britt uses the standard mileage method, her deduction is $

Q: Faisal has insured his vehicle with AXA insurance company. Throughout the year he experiences a loss…

A: First loss = 2011 Second loss = 1404 Third loss = 2812 Straight deductible = 384, which is the…

Q: Faisal has insured his vehicle with AXA insurance company. Throughout the year he experiences a loss…

A: Loss in January = 1154 Loss in May = 1255 Loss in December = 1292 Straight Deductible = 824

Q: During 2020, Ms. Black’s employer provides her with a company-owned automobile for 11 months of the…

A: During 2020, Ms. Black's employer provides company owned automobile for 11 months of year. Cost =…

Q: On July 1, 2017, Brent purchases a new automobile for $49,000. He uses the car 88% for business and…

A: As per our protocol we provide solution to the one question only or the first three sub-parts only…

Q: In 2020, David, age 66, had adjusted gross income of $32,000. During the year he paid the following…

A: Medical expense deduction: It includes all the allowable medical expenses that are allowed to be…

Q: If Fred also had savings that were not in an ISA, how would interest on this be taxed?  What rate of…

A: ISA is an acronym and stands for individual savings account, it is a that type of savings account on…

Q: Calculate for Fred the correct amount of employment remuneration that he should include on his tax…

A: Employment remuneration is the amount of money which has been received by the employee for the work…

Q: In 2021, Ben purchases and places in service a new auto for his business. The auto costs $57,000 and…

A: Introduction Section 179 allows tax payers to expense the acquisition cost of certain properties,…

Q: In May 2020 Jack purchased a car for $30,000 and drove it 11,000 miles during the year, all for…

A: The automatic mileage method is one of the way to claim mileage tax deduction. As per this method,…

Q: Faisal has insured his vehicle with AXA insurance company. Throughout the year he experiences a loss…

A: Vehicle insurance  protects drivers and passengers in automobiles, trucks, motorcycles, and other…

Q: Jonathan placed his new car in service on January 1 of the current year. He drove it 15,000 miles in…

A: As per Federal income tax if expense are incurred partly for business and partly for Personal…

Q: On July 1, 2016, Rex purchases a new automobile for $43,000. He uses the car 84% for business and…

A: Solution: Since Part A seems to be incomplete because the rate per mile is not given and should be…

Q: George purchases a computer on 02/01/2020 for $2,200 and uses the computer 75% of the time for his…

A: Depreciation is an annual deduction that allows a business to recover the cost or other basis of…

Q: During 2019, Susan incurred and paid the following expenses for Beth (her daughter), Ed (her…

A: The fee paid for tuition, room, and board to Academy RR are eligible for deduction since Person B…

Q: Diego Garcia is 32 years old. Diego earned $112,000 in 2020 while emplayed as a financial analyst.…

A: Diego Garcia earned income as employee = $112000 Combined CPP and EI deduction during 2020 = $3754…

Q: what is Taylor’s recognized gain on the sale of the second residence?

A: Income:   Income includes all the income that belong to the taxpayer, both taxable and non-taxable.…

Q: Jackson, a self-employed taxpayer, uses his automobile 90% for business and during 2019 drove a…

A: a. Deduction using the Actual cost method = Business parking + Toll road charges (business-related)…

Q: John Jay, 45, is married and supports his mother, age 67. During 2020, he paid $1,300 for…

A: Medical and Dental expenses paid during the year by cash/check  less reimbursed portion by employer…

Q: Melanie is employed full-time as an accountant for a national hardware chain. She also has recently…

A: Answer a:

Q: Paul is a self-employed investment adviser who uses his automobile for business. Paul drove his…

A: Answer a: Paul's transportation deduction based on the standard mileage method is: =20,000…

Q: Lara uses the standard mileage method for determining auto expenses. During 2020, she used her car…

A: Business mileage deduction=9,000×$0.575 per mile=$5,175 Thus, the business mileage deduction is…

Q: On July 1, 2017, Brent purchases a new automobile for $37,000. He uses the car 92% for business and…

A: a). Calculation of basis adjustment for depreciation of each year.  Year Miles   Rate per miles…

Q: Olga is the proprietor of a small business. In 2020, the business's income, before consideration of…

A: Part a: Olga's overall § 179 deduction before any income limitation=$620,000 Part b: The total…

Q: 8. James earned $55,000 of net earnings from a tax preparation business that he runs during tax…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

Q: Fauzana owns a business that makes and sells pets clay. During the financial year ended 31 July…

A: Definition: Capital expenditures: These costs are incurred to extend the useful life, production…

Q: Patrick was injured in a vehicular accident in 2018. He incurred and paid medical expenses of…

A: The correct answer is explained as follows:

Q: Cameron works as an accountant for PWC Pty Ltd. Hoping to increase his earnings, he re-enrolled to…

A: There are income earned during the year and some of them is reduced because of taxable deductions…

Q: In 2020, Mary and John Williams who are both over 65, married and file a joint return earned $29,408…

A: In Schedule A, Form 1040, deduction of only that portion of medical expense in available, which…

Q: An individual suffered injuries in a vehicular accident in 2020. Consequently, he incurred and paid…

A: Here discuss about the taxation determination of the settlement of the claim which was received in…

Q: Seong Gi-hun started his cleaning services business on November 1, 2020, with a P240,000 investment…

A: solution Given On November 1 2020 Owners equity   =P 240,000 Bank loan (liability )        =P…

Q: Frank purchased a vehicle for business and personal use. In 2020, he used the vehicle 70% for…

A: Given that: Business miles incurred = 10600 miles Interest = $1800 Property tax = $500

Q: On April 23, 2019, Bailey purchased an automobile for $25,000. The car is used 80% for business and…

A: Cost recovery refers to the deduction of a portion of the cost of an asset, used in a business or…

Q: On 1 June 2018, Toby purchased a new truck to use in his business for $650,000. The Commissioner's…

A: Depreciation expense is the part of an asset charged as expense when the asset is being used in the…

Q: On February 2, 2019, Alexandra purchases a personal computer. The computer cost $1,800. Alexandra…

A: Given: Cost of computer = $1,800 85% for business use, and 15% for personal use.

Q: In 2020, Joan Cannon incurred the following expenses relating to her vacation home: Mortgage…

A: Tax: It is the amount which has to be paid by the individual and the corporation to the Federal…

Q: Olga is the proprietor of a small business. In 2018, the business’s income, before consideration of…

A: Calculation of Olga's cost recovery 2018: Firstly, Calculate Income before sec 179 amount. Income…

Q: Shellie purchased a passenger automobile on March 2, 2018. She paid $65,000 for the automobile and…

A: The modified accelerated cost recovery system (MACRS) is a depreciation system used for tax purposes…

Q: Charlotte was injured in a vehicular accident in 2022.  He incurred and paid medical expenses of…

A: Taxable income is that what is available after paying all expenses because there are no taxes on…

Q: ANA operates a pet shop and at the same time offers interior design services to her clients. The…

A: ANA operated a pet shop and offers interior design services to her clients. Data for 2020 taxable…

Q: 2. Fauzana owns a business that makes and sells pets clay. During the financial year ended 31 July…

A: Capital expenditure: It is the amount of funds invested in the business to get long-term benefits to…

Q: For his business, McKenzie purchased qualifying equipment that cost $212,000 in 2019. The taxable…

A: § 179 expense deduction allows deduction for the purchase of qualifying assets. The limit was…

Q: What is the minimum taxable benefit that Larry must include on his 2019 personal tax return

A: Minimum taxable benefit is the value of the benefits which the employee has received from the…

Q: John Jay, 45, is married and supports his mother, age 67. During 2019, he paid $1,300 for…

A: In order to reduce the tax payable , the tax payer claims an itemized deduction which is an…

Q: Ricardo, who is self-employed, uses his automobile 85% for business and during 2020 drove a total of…

A: Answer a)

Q: On 1st July 2021, Fred was appointed as a musician in an international hotel chain earning £18,000…

A: Your federal tax liability is the amount of money you owe the United States government in a…

Q: During 2021, Garth has a job as a civil engineer where he earns a salary of $120,000. He also has…

A: FICA taxes include social security taxes and Medicare tax. Social security tax wage limit is $…

Q: Jon, age 45, had adjusted gross income of $26,000 in 2019. During the year, he incurred and paid the…

A: Deduction: The amount which are subtracted from the the individual or the corporation taxable income…

Q: Faisal has insured his vehicle with AXA insurance company. Throughout the year he experiences a loss…

A: Loss in January = 2889 Loss in May = 2605 Loss in December = 1003 Aggregate Deductible = 1084

Q: Ricardo, who is self-employed, uses his automobile 85% for business and during 2020 drove a total of…

A: Formula: Deductions = Standard mileage rate x Number of miles driven. Multiplying Standard mileage…

Q: On February 2, 2020, Alexandra purchases a personal computer. The computer cost $4,520. Alexandra…

A: Depreciation in taxation: Depreciation is a concept that is used to write off the cost of an item…

Motor Vehicle Insurance

Motor vehicle insurance is a contract between the insurance company that provides insurance cover and the person who owns the vehicle. According to the terms and conditions of the insurance contract, the insurance company reimburses the policyholder for losses and damages. This insurance policy covers the financial risks of the motor vehicle owner. Electronic vehicles are also covered in a vehicle insurance policy, but the insurance rate is relatively higher than other motor vehicle insurance. Motor vehicle insurance is otherwise called an automotive insurance policy.