Lara uses the standard mileage method for determining auto expenses. During 2020, she used her car as follows: 9,000 miles for business, 2,000 miles for personal use, 2,500 miles for a move to a new job, 1,000 miles for charitable purposes, and 500 miles for medical visits. Presuming that all the mileage expenses are allowable (i.e., not subject to percentage limitations), what is Lara's deduction for: a.  Business? $ b.  Charitable? $ c.  Medical?

Q: Mazik, age 17, is a dependent of his parents. Mazik earned wages of $12,500 and had no investment…

A: Income tax liability on the income of an individual depends on his or her tax filling status. The…

Q: Alexa owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses in…

A: Alexa's AGI from other sources = $200,000 Consisting of :  Salary - $132,000 Dividends - $14,800…

Q: Alexa owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses in…

A: AGI is, adjusted gross income of the business or individual which is used for calculation of taxable…

Q: Shellie, a single individual, received her Bachelor's degree in 2020, and took a job with a salary…

A: Income tax- Income tax refers to the tax that is levied on the earnings/ income of a person or…

Q: What is the total “For AGI” deductions? Paul Turner is single and has two children, Allen and Lee…

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Q: Randy is advised by his physician to install an elevator in his residence, since he is afflicted…

A: Deductible medical expense for i) self, ii) spouse and iii) dependents Costs to install medically…

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

A:

Q: Boomer owns a 4-bedroom home located two miles from the Raymond James Stadium in Tampa. On February…

A: Topic 414 of the IRS code deals with Rental income and expenses. A taxpayer has to report all rental…

Q: Alexa owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses in…

A: Adjusted gross income (AGI) refers to gross income less the relevant adjustments to gross income.

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: osh is a MFJ taxpayer and decides to return to school to get a graduate degree at night school while…

A: Income tax:   It is the amount a person is liable to pay on the earned amount in an accounting year.…

Q: A) Samantha, age 16, is claimed as a dependent by her mother. During 2020, she had interest income…

A: As per IRS rule 2020 if a dependent child has unearned income more than $…

Q: In 2020, Britt drove her automobile 16,200 miles for business. She incurred $900 in gas expenses and…

A:

Q: Skye runs a hairdressing salon as a sole trader. In the 2020 income tax year, she had an annual…

A: Based on Australian Legislation, if Skye's Salon annual turnover is expecting to be more than…

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: Jason's earned income credit

A:

Q: Louise Lewis, age 72, is married and supports her mother, age 96. During 2021. Louise pays $1,300…

A: Introduction: Medical expenses include all costs associated with the prevention or treatment of…

Q: Wanda is a single taxpayer and an elementary school teacher. She also tutors students in her home as…

A: GIVEN, School supplies for classroom= $300 Supplies and material for tutoring = $400 she uses 200…

Q: Kathy is 48 years of age and self-employed. During 2019, she reported $100,000 of revenues and…

A: Solution: Maximum amount she can contribute to an individual 401(k) for 2019 = Employee contribution…

Q: Randy is advised by his physician to install an elevator in his residence, since he is afficted with…

A: Treatment of Capital Expenses in Taxation:- If any Capital expenses(Capital assets) have incurred…

Q: Corina is self-employed. In 2020, her net profit from self-employment was $200,000, and she has no…

A: Self employment means the person who can conduct his own business or services which are treated as…

Q: Philip, a self-employed salesman, uses his Chevy to travel to potential buyers from his office.…

A: First, we need to calculate the total expenses on the car  Total expenses = depreciation +…

Q: During 2020, Murray, who is 60 years old and unmarried, provided all of the support of his elderly…

A: Correct option is a. head of household and 1 dependent.   Explanation:

Q: All 3 loans were taken out in 2019. How much interest may Ally claim as an itemized deduction in…

A: Itemized deductions:Itemized deduction are those eligible expenses that are deducted from the…

Q: In 2020, Marley, age 70 and head of household (unmarried), had income of $37,000 and exclusions of…

A: AGI stands for Adjusted Gross Income. AGI is the difference between gross income & adjustments…

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

A: Home office deduction A home office is a space set aside in a person's residence for professional…

Q: as follows: 9,000 miles for business, 2,000 miles for personal use, 2,500 miles for a move to a new…

A: The standard mileage method refers to the form of the method used to calculate the business use of…

Q: Dennis is a self-employed hair stylist who operates a salon in his home. The property taxes and…

A: Concept used: Denis has Allowable deduction on the following: Taxes and interest Maintenance &…

Q: Hortencia is employed as an accountant for a large firm in Denver. For relaxation she likes to go to…

A: Itemized Deduction Gambling losses may be deducted only to the extent of Gambling winnings included…

Q: Alexa owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses in…

A: AGI is adjusted gross income of the individual or business, on the basis of which taxable income and…

Q: How much of the interest is deductible as an itemized deduction?

A: Given information is: At the end of 2019, Mark owes $250,000 on the mortgage related to the 2016…

Q: In 2020, Mary, age 70 and head of household (unmarried), had income of $37,000 and exclusions of…

A: A tax is a compulsory contribution or financial charge that is levied by the government on the…

Q: In 2015 Chara incurred a loan to pay for qualified higher education expenses for her 20-year-old…

A: Education loan is taken to meet the academic expenses of higher education and the related expenses…

Q: Kevin is 38 years old, and his current gross monthly income is $3,800. Given an average personal tax…

A: Net income is defined as the income left with the business entity or an individual after paying off…

Q: Alexa owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses in…

A: Alexa may deduct the personal-use portions of property taxes since they are deductible without…

Q: During the 2020 tax year, Frank (age 65) and Betty (age 63) paid the following medical expenses:…

A: Form 1040: It is a tax return form that is filled by an individual in the US who is following IRS…

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: Sunny is 27 and is completing her bachelor's degree at an accredited college during 2019. She paid…

A: AGI: The income computed from gross income and henceforth is used to compute the income that is…

Q: During 2021, Harry, a self-employed accountant, travels from Kansas City to Miami for a seven-day…

A: Business expenditures are costs incurred in the usual course of business. They may be used to both…

Q: Alexa owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses in…

A: Rental income: Income which one earned from either commercial or personal property let out and earns…

Q: Alexa owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses in…

A: Itemized deductions refer to certain expenses incurred by the taxpayer that are allowed to be…

Q: Alexa owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses in…

A: Solution:- Calculation of the effect  rental activity have on Alexa's AGI if that Alexa's AGI from…

Q: Ann is single and works full-time. In 2020, Ann paid child care expenses of $6,000 for someone to…

A:

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: Louise Lewis, age 72, is married and supports her mother, age 96. During 2021. Louise pays $1,300…

A: Medical expenses are deductible over 7.5% of Adjusted gross income. In this case, Adjusted gross…

Q: Alexa owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses in…

A: Total expenses = $3,200 + $8,300 + $2,960 + $2,000 + $4,900 + $17,500 = $38,860 Gross rental…

Q: Boomer owns a 4-bedroom home located two miles from the Raymond James Stadium in Tampa. On February…

A: Boomer owns a 4 bedroom home located 2 miles from the Raymond James Stadium in Tampa. On Feb 4,…