Problem 6-52 (LO 6-4)Jordan took a business trip from New York to Denver. She spent two days in travel, conducted business for nine days, and visitedfriends for five days. She incurred the following expenses:AirfareLodgingMealsEntertainment of clients$ 5103,100775620Required:How much of these expenses can Jordan deduct?Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar value.Answer is complete but not entirely correct.$ 3,794 XDeductionyou have completed so far.28

Rent for office space, employee wages, equipment, and supply costs, telephone and energy bills,…

Answered: Jordan took a business trip from New…

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion

Section: Chapter Questions

Problem 55P

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LO.2 What is the taxpayers gross income in each of the following situations? a. Darrin received a salary of 50,000 from his employer, Green Construction. b. In July, Green gave Darrin an all-expense-paid trip to Las Vegas (value of 3,000) for exceeding his sales quota. c. Megan received 10,000 from her employer to help her pay medical expenses not covered by insurance. d. Blake received 15,000 from his deceased wifes employer to help him in his time of greatest need. e. Clint collected 50,000 as the beneficiary of a group term life insurance policy when his wife died. The premiums on the policy were paid by his deceased wifes employer.
Jordan took a business trip from New York to Denver. She spent two days in travel, conducted business for nine days, and visited friends for five days. She incurred the following expenses Airfare $ 570 Lodging 3,708 Meals 925 Entertainment of clients 740 How much of these expenses can Jordan deduct? Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar value.
Jordan took a business trip from New York to Denver. She spent two days in travel, conducted business for nine days, and visited friends for five days. She incurred the following expenses: Airfare $ 440 Lodging 2,400 Meals 600 Entertainment of clients 480 Required: How much of these expenses can Jordan deduct? (Do not round intermediate calculations. Round your final answer to the nearest whole dollar value.)
Melissa recently paid $505 for round-trip airfare to San Francisco to attend a business conference for three days. Melissa also paid the following expenses: $315 fee to register for the conference, $285 per night for three nights' lodging, $215 for meals in restaurants, and $185 for cab fare. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answers blank. Enter zero if applicable.) Problem 9-49 Part-a (Algo)a. What amount of these costs can Melissa deduct as business expenses? Deductible amount___ b. Suppose that while Melissa was on the coast, she also spent two days sightseeing the national parks in the area. To do the sightseeing, she paid $1,970 for transportation, $1,020 for lodging, and $255 for meals during this part of her trip, which she considers personal in nature. What amount of the total costs can Melissa deduct as business expenses? Deductible amount___ c. Suppose that Melissa made the trip to San…
Jordan took a business trip from New York to Denver. She spent two days in travel, conducted business for nine days, and visited friends for five days. She incurred the following expenses: Airfare $ 490 Lodging 2,900 Meals 725 Entertainment of clients 580 Required: How much of these expenses can Jordan deduct?
Melissa recently paid $640 for round-trip airfare to San Francisco to attend a business conference for three days. Melissa also paid the following expenses: $590 fee to register for the conference, $255 per night for three nights' lodging, $170 for meals in restaurants, and $605 for cab fare. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answers blank. Enter zero if applicable.) Problem 9-49 Part-d (Algo) d. Suppose that Melissa’s permanent residence and business were located in San Francisco. She attended the conference in San Francisco and paid $590 for the registration fee. She drove 107 miles over the course of three days and paid $156 for parking at the conference hotel. In addition, she spent $560 for breakfast and dinner over the three days of the conference. She bought breakfast on the way to the conference hotel and she bought dinner on her way home each night from the conference. What amount of these…
Jordan took a business trip from New York to Denver. She spent two days in travel, conducted business for nine days, and visited friends for five days. She incurred the following expenses Airfare $ 550 Lodging 3,000 Meals 900 Entertainment of clients 750 How much of these expenses can Jordan deduct? (Do not round intermediate calculations. Round your final answer to the nearest whole dollar value.)
Problem 6-50 (LO. 1, 3) Chee, single, age 40, had the following income and expenses during 2021: Income Salary $43,000 Rental of vacation home (rented 60 days, used personally 60 days, vacant 245 days) 4,000 Municipal bond interest 2,000 Dividend from General Electric 400 Expenses Interest on home mortgage 8,400 Interest on vacation home 4,758 Interest on loan used to buy municipal bonds 3,100 Property tax on home 2,200 Property tax on vacation home 1,098 State income tax 3,300 State sales tax 900 Charitable contributions 1,100 Tax return preparation fee 300 Utilities and maintenance on vacation home 2,600 Depreciation on rental portion of vacation home 3,500 Calculate Chee's net income from the vacation home, itemized deductions and taxable income for the year. If Chee has any options, choose the method that maximizes his deductions. In your computations, round any fractions to four decimal places. Then, round any amounts to the…
6 Marty, do you have two qualifying children for the child and dependent care credit they paid $5200 for their eligible work related expenses Marty's W-2 shows $56,720 and box. One day was a full-time student for 10 months dollar amount for the work related child care expenses is a $2500 be $3000 C50200 $ D $8000 in none of these.
Melissa recently pod $760 for round trip airfare to San Francisco to attend a business conference for three days. Melissa also paid the following expenses: $370 fee to register for the conference, $365 per night for three nights' lodging, $250 for meals and $300 for cab fare. Suppose that while Melissa was on the coast, she also spent two day's sightseeing the national parks in the area. To do the sightseeing, she paid $1,710 for transportation, $1,285 for lodging, and $475 for meals during this part of her trip, which she considers personal in nature. What amount of these costs can Melissa deduct as business expense?
Cassi (SSN 412-34-5670) has a home cleaning business she runs as a sole proprietorship. The following are the results from business operations for the tax year 2022: Gross receipts $ 203,000 Business mileage: 27,000 (miles incurred ratably throughout the year) 35,000 miles total during the year 2022 Van (over 6,000 pounds) placed in service 1/01/2022, cost 27,000 Postage (500) Wages (26,000) Payroll taxes (1,950) Supplies (12,500) Phone (1,250) Internet service (600) Rent (2,400) Insurance (2,800) Van expenses (4,500) Business assets Date Purchased Cost Computer 1 5/18/22 $ 2,200 Computer 2 6/01/22 2,700 Printer 3/01/21 900 Copier 3/02/21 2,100 Furniture 3/01/21 6,000 Required: Determine Cassi’s self-employment income and QBI deduction. Prepare Schedule C and Schedule SE. § 179 expense is elected on all eligible assets (§ 179 was not taken on assets purchased last year). (Use Table 6A-1.) Note: Input all the values as positive numbers. Use Rounded values for tax computation. Do not…
B6 Which of the following taxpayers will have an adjustment on their Schedule CA (540), Part I, Section A, line 1? Abdul earned $40,000 of wages while working at the local pharmacy. Dana won $2,000 from the California Lottery. Milo cashed U.S. Savings Bonds yielding $300 of interest. Sasha received ridesharing fringe benefits that were excluded from income on her federal return.

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