O is employed as a salesperson and spends most of the time working in her home office. Her office occupies 10% of the total space in her home. She paid the following expenses in the current year: Utilities $4,800; House insurance $1,800; Mortgage interest $13,000; Property taxes $6,800; Repairs & maintenance $2,600. What is the maximum deduction from employment income for tax purposes available to o in the current year, assuming she received $60,000 of commission income? Note: Do not place a minus sign in front of the amount. $
O is employed as a salesperson and spends most of the time working in her home office. Her office occupies 10% of the total space in her home. She paid the following expenses in the current year: Utilities $4,800; House insurance $1,800; Mortgage interest $13,000; Property taxes $6,800; Repairs & maintenance $2,600. What is the maximum deduction from employment income for tax purposes available to o in the current year, assuming she received $60,000 of commission income? Note: Do not place a minus sign in front of the amount. $
Chapter3: Business Income And Expenses
Section: Chapter Questions
Problem 20MCQ
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Transcribed Image Text:O is employed as a salesperson and spends most of the time working in her home office. Her office occupies 10% of the total space in
her home. She paid the following expenses in the current year: Utilities $4,800; House insurance $1,800; Mortgage interest $13,000;
Property taxes $6,800; Repairs & maintenance $2,600. What is the maximum deduction from employment income for tax purposes
available to o in the current year, assuming she received $60,000 of commission income?
Note: Do not place a minus sign in front of the amount.
$
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ISBN:
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Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT