Rodrigo works as a self-employed salesperson. His job requires that he spend most of his time outside the office calling on customers. In addition, to supplement his income, he works 1 night a week and on weekends as a waiter at an exclusive seafood restaurant in the city. During the year, he keeps the following record of his travel: Miles Home to office 850 Office to home 425 Office to restaurant 300 Restaurant to home 1,200 Home to restaurant 725 Office to customers' office 7,100 Customers' office to restaurant 400 Total miles 11,000 If he uses the standard mileage rate, what amount can she deduct as a business automobile expense? Oa, S4255.00 Ob. S431250 Oc. S4,02.50 Od. $5.175.00 Oe. S4AS.00
Rodrigo works as a self-employed salesperson. His job requires that he spend most of his time outside the office calling on customers. In addition, to supplement his income, he works 1 night a week and on weekends as a waiter at an exclusive seafood restaurant in the city. During the year, he keeps the following record of his travel: Miles Home to office 850 Office to home 425 Office to restaurant 300 Restaurant to home 1,200 Home to restaurant 725 Office to customers' office 7,100 Customers' office to restaurant 400 Total miles 11,000 If he uses the standard mileage rate, what amount can she deduct as a business automobile expense? Oa, S4255.00 Ob. S431250 Oc. S4,02.50 Od. $5.175.00 Oe. S4AS.00
Chapter6: Business Expenses
Section: Chapter Questions
Problem 28P
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Transcribed Image Text:Rodrigo works as a self-employed salesperson. His job requires that he spend most of his time outside the office calling on customers. In addition, to
supplement his income, he works 1 night a week and on weekends as a waiter at an exclusive seafood restaurant in the city. During the year, he keeps
the following record of his travel:
Miles
Home to office
850
Office to home
425
Office to restaurant
300
Restaurant to home
1,200
Home to restaurant
725
Office to custormers' office
7,100
Customers' office to restaurant
400
Total miles
11,000
If he uses the standard mileage rate, what amount can she deduct as a business automobile expense?
Oa. S4255.00
Ob. $431250
Oc. S4,082 50
Od. $5,175.00
Oe, S4,485.00
Transcribed Image Text:Chi, age 28, is single and an employee of Federal Company. Chi's adjusted gross income for the current year is $70,000, Chi would like to make the
maximum contribution to his individual retirement account this year. Which of the following statement(s) about Chi's contribution and deduction amounts
is/are true?
1.
He is not allowed to make an IRA contribution because his adjusted gross income is greater than $65,000.
I.
If Federal Company does not have a qualified pension plan, then Chi can contribute a maximum of $6,000 to his TRA
account and deduct it.
Oa, Only statement I is correct.
Ob. Only statemnent Il is corect
Oc. Both statements are correct
Od. None of these statements are correct
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