15Ming Trang opened her first business last year after graduating from college. During the first year ofoperations the business experienced a loss of $14,000. During the year Ming Trang earned an additional$2,000 in employment income, $6,000 in net-rental income, and capital gains of $2,000. Given all of theabove, what is Ming Trang's total income for the year?a) $-5,000O b) $9,000O c) $23,000O d) $-8,000

Since Capital Gain of Rs 2000 will be calculated separately from the total income for the year the…

Answered: Ming Trang opened her first business…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter9: Deductions: Employee And Self-employed-related Expenses

Section: Chapter Questions

Problem 15CE

See similar textbooks

Similar questions

15 Ming Trang opened her first business last year after graduating from college. During the first year of operations the business experienced a loss of $14,000. During the year Ming Trang earned an additional $2,000 in employment income, $6,000 in net-rental income, and capital gains of $2,000. Given all of the above, what is Ming Trang's total income for the year? O a) $-5,000 Ob) $9,000 O c) $23,000 O d) $-8,000
Fatuma invests a total of $10,000 in two accounts. The first account earned a rate of return of 11% (after a year). However, the second account suffered a 2% loss in the same time period. At the end of one year, the total amount of money gained was $645.00. How much was invested into each account? was invested in the account that gained 11% and $4 was invested in the account that lost 2%.
Ansm Audrey worked a part-time job during college to help pay for various expenses. She also set aside $200 each month and invested it into the stock market. During that time, the stock market retumed 10.6 % annually. If she did this each month for the four years she was in college, how much will her account be worth when she graduates? Enter your answer as a numerical value (no labels), rounded to the nearest dollar
A business was worth $ 130,000 on July 1 1996. It was worth \$26 on July 1.2007. The owner pays a income tax of 1.8% of the value of the businessAssuming a constant annual rate of increase in value, how much did the owner pay when she paid the income tax on July 12001?
T Account entries for Simple Construction:Bob Simple graduated from the BCIT Construction Management Program and decided to start his own construction company. We will record various entries that might be made in a T account sheet in order to account for his second year of operations. At the end of the first year, his income statement and balance sheet havethe following values:Balance Sheet Entries for Last Year:Cash: 365,000Accounts Receivable: $17,000Materials Inventory: $2000Equipment: $15,000Accumulated Amortization: $500Accounts Payable: $22,000Bank Loan –Long Term: $10,000Dividend Payable: $35,000Interest Payable: $500Wages Payable: $5,000Common Stock: $250,000Retained Earnings: $76,000Income statement Final Entries for Last Year:Revenue: $145,000Materials Expense: $20,000Wages Expense: $10,000Amortization Expense: $500Rental Expense: $2,500Interest Expense: $1000Net Income: $111,000 Question 1a.Enter the relevant amounts in the T sheet to start the current year, and designate…
Anna has the following income for the quarter: a. Professional income P80,000 b. Income from her business P30,000 c. Compensation income P40,000 d. Interest income from bank deposit P10,000. 1. What amount of income will Anna report in her quarterly income tax return? a. P80,000 b. P110,000 c. P120,000 d. P150,000 2. If Anna, opted to use 8% rate, how much is her income tax due in her quarterly ITR? a. P6,400 b. P8,800 c. P9,600 d. P12,000
A shop owner starts her business with 80.000TL debt. On the fifth year she has a profit of 100.000TL. Assume that there is a linear equation describing the above information. How much profit will this business make on the sixth year?
4 Last year Alice worked as a consultant. She hired an administrative assistant for $17,000 per year and rented office space (utilities included) for $2,600 per month. Her total revenue for the year was $105,000. If Alice hadn't worked as a consultant, she would have worked at a real estate firm earning $40,000 a year. Last year, Alice's ---_ and her economic profit A. $88,000; $65,000 B. $73,800; -$40,000 accounting profit was was C. $85,400; $62,400 D. $56,800; $16,80
Manish opened a cafe with an initial investment of PhP 64000. In the first year he incurred the loss of 10%. During second year he gained the profit of 4% and in the third year he gained the profit of 15%. Calculate his net profit gained in the entire three year
You have calculated the adjusted profit for the company to be $2,000,000. The tax rate is 25%. Estimated tax paid during the year is $750,000. Employment Tax Credit available (which is non-refundable) is $700,000. The tax refundable for this company is. a.$950,000 b.$200,000 c.$500,000 d.$250,000
For the current year, santos has wages of $80,000 and the following property transactions: Stock investment sales— Long-term capital gain $ 9,000 Short-term capital loss (12,000) Loss on sale of camper (purchased four years ago and used for family vacations) (2,000) What is David's AGI for the current year? a.$76,000. b.$78,000. c.$89,000. d.$77,000.
Margaret started her own business in the current year and will report a profit for her first year. Her results of operations are as follows: Gross income Travel Contribution to Presidential Election Campaign Transportation 5,300 miles equally across the year, using standard mileage method Entertainment in total Nine gifts at $50 each Rent and utilities for apartment in total (25 percent is used for a home office) Gross income Expenses: Travel Political contribution Transportation Entertainment Complete the table below to determine the net income Margaret should show on her Schedule C. If an amount is zero, enter "0". If required, round the amounts to the nearest dollar. Gifts Rent and utilities Total expenses Taxable business income 45,000 1,000 0 0 225 $45,000 1,000 100 2,625 X X ? X 4,200 450 10,500

SEE MORE QUESTIONS

Recommended textbooks for you

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

Income Tax Fundamentals 2020

Accounting

ISBN:

9780357391129

Author:

WHITTENBURG

Publisher:

Cengage

CONCEPTS IN FED.TAX., 2020-W/ACCESS

Accounting

ISBN:

9780357110362

Author:

Murphy

Publisher:

CENGAGE L

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

Income Tax Fundamentals 2020

Accounting

ISBN:

9780357391129

Author:

WHITTENBURG

Publisher:

Cengage

CONCEPTS IN FED.TAX., 2020-W/ACCESS

Accounting

ISBN:

9780357110362

Author:

Murphy

Publisher:

CENGAGE L

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

SEE MORE TEXTBOOKS