Is the following expense deductible: Data runs a computer servicing company. He purchases office supplies like paper, pens, invoice pads, coffee, break room materials, etc, monthly and expends all of them each month. His monthly costs are approximately 800.
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Is the following expense deductible:
Data runs a computer servicing company. He purchases office supplies like paper, pens, invoice pads, coffee, break room materials, etc, monthly and expends all of them each month. His monthly costs are approximately 800.
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- Hassad owns a rental house on Lake Tahoe. He uses a real estate firm to screen prospective renters, but he makes the final decision on all rentals. He also is responsible for setting the weekly rental price of the house. During the current year, the house rents for 1,500 per week. Hassad pays a commission of 150 and a cleaning fee of 75 for each week the property is rented. During the current year, he incurs the following additional expenses related to the property: a. What is the proper tax treatment if Hassad rents the house for only 1 week (7 days) and uses it 50 days for personal purposes? b. What is the proper tax treatment if Hassad rents the house for 8 weeks (56 days) and uses it 44 days for personal purposes? c. What is the proper tax treatment if Hassad rents the house for 25 weeks (175 days) and uses it 15 days for personal purposes?Abdul works full-time in a bookstore. He earns a take-home salary of $580 a week. His expenses are $770 a month for rent and utilities, $41 a month for his cell phone, $80 a week for groceries, and $150 every two weeks for miscellaneous expenses. How much can Abdul save each month?James has a yearly salary of $36,300 . His employer withholds $4382 in state and federal taxes and $3255 in FICA taxes throughout the year. He has the following monthly costs: transportation is $240 , cell phone bill is $50 , student loans require $230 in repayment, and rent is $675 . He is using the average monthly costs for each of the following in order to gain an idea of other monthly expenses: utilities are $120 , internet is $90 , health insurance is $363 , and groceries are $250 . How much money is left each month for discretionary spending after all necessities are accounted for? Round your answer to the nearest cent, if necessary.
- Ed and Marta are paid $2 comma 410 after taxes every month. Monthly expenses include $777 on housing and utilities, $395 for auto loans, $164 on food, and an average of $713 on clothing and other variable expenses. Assuming that they save excess funds, calculate and interpret their savings ratio. Hint: Prepare an income statement, and then compute the ratio.Diana has determined the following information about her own financial situation. She has to pay a monthly rent of $1,488, her monthly expenditure on food is $596, the phone and internet bill for the month was $55, the electricity bill for the month was $60; she spends on average $316 per month on eating out. Gasoline and monthly parking costs her $159 and her personal computer is valued at $1,067. Diana's checking account is worth $2,473 and her savings account is worth $2,393. She owns her own house that has a market value of $211,983 and her car is worth $16,008, of which she still owes $6,122 to the local bank. She pays $235 per month for her car loan. She has household possessions worth $7,109 and a home sound system worth $1,717 and she has a retirement account with $31,294 in it. She has a monthly income of $5,604. She has a mortgage of $127,571 with a payment of $550 per month, an educational loan with a balance of $14,064 and payments of $279 per month, and a MasterCard credit…To help Janette cover her college expense, parents provide Janette with a monthly allowance of $340. Besides, Janette earns $600 per month from the part-time job. Janette has to pay $200 in rent expense and $ 75 per month for her car insurance. Janette plans to spend monthly $80 on clothes, $50 for personal care, and $100 for entertainment. Janette also estimates her monthly eating out expense at $140, and she expects that $100 will be enough to cover all her other spending. Given that Janette follows the above income/spending schedule, how much can she put aside within eight months? Assume Janette puts the amount she put aside within eight months on the account that earns 4.75% per year, compounded annually. What would be the balance of this account in fiveyears? Round your answers to the nearest dollar.
- To help Janette cover her college expense, parents provide Janette with a monthly allowance of$340. Besides, Janette earns $600 per month from the part-time job. Janette has to pay $200 in rentexpense and $ 75 per month for her car insurance. Janette plans to spend monthly $80 on clothes,$50 for personal care, and $100 for entertainment. Janette also estimates her monthly eating outexpense at $140, and she expects that $100 will be enough to cover all her other spending. Giventhat Janette follows the above income/spending schedule, how much can she put aside within eightmonths? Assume Janette puts the amount she put aside within eight months on the account thatearns 4.75% per year, compounded annually. What would be the balance of this account in fiveyears? Round your answers to the nearest dollar. Show your work.Sophie Gowna, 47 years old, works for an Ontario company with a Bi-weekly pay cycle. She earns $18.5 per hour and receives over-time paid at time and a half for any hours worked over 44 in a week. Sophie has worked 92 hours in this pay period. She receives $100 of cash gifts and awards in this pay and 4% vacation in each pay. She also receives $85 of monthly cash automobile allowances for compensating the kilometres driven for business use of her personal vehicle. The company paid $45 life insurance premium per month to Sunlife Insurance for all employees, and paid $55 cell phone service fees to Bell Canada for her personal use. Sophie pays $15 per month in union dues and contributes 5% of her regular hours’ wage to a Registered Retirement Savings Plan each pay cycle. What is Sophie's Pensionable earnings for this pay cycle?Freddie owns an electronics outlet in Houston. This year, he paid $600 to register for a four-day course in management in Oklahoma City. Freddie paid $800 in airfare and $1,000 for five nights' lodging. After the course, Freddie spent the last day sightseeing. During the trip, Freddie also paid $140 a day for meals, and $80 a day for a rental car. What amount of these travel expenditures may Freddie deduct as business expenses?
- When Jack started his job working for an industrial manufacturing company, he contributed $252 at the end of each month into a savings account that earned 3.6%, interest compounded monthly for 8 years. At the end of the 8th year, Jack was laid off. To help meet family expenses, Jack withdrew $305 from the savings account at the end of each month for 3 years. At the end of the third year of being unemployed, Jack found another job and started contributing $125 back into the savings account at the end of each month for the next five years. How much money would he have in the account at the end of the five years (after returning to work)? You may use the TVM Solver. Show all the necessary work that you need perform to arrive at the answerWhen Jack started his job working for an industrial manufacturing company, he contributed $200 at the end of each quarter year into a savings account that earned 2.4% interest compounded quarterly for 6 years. At the end of the 6th year, Jack was laid off. To help meet family expenses, Jack withdrew $250 from the saving account at the end of each quarter year for 3 years. At the end of the 3rd year of being unemployed, Jack found another job and started contributing $200 back into the savings account at the end of each quarter year for the next 6 years. How much money would he have in the account at the end of the 6 years (after retuning to work)? You may use the TVM solver.Mang Carding is a minimum wage earner. To augment his earnings, he put up a mini store under his name and managed by his wife. Records show the following relating to his compensation and store operations for the taxable year: Basic salary P85,000 Overtime and holiday pay 10,000 13th month pay 8,000 14th month pay 8,000 Allowances 25,000 De minimis – limit 20,000 De minimis – excess over limit 10,000 Store gross income 100,000 Compute the taxable income of Mang Carding.