QUESTION This in the first year a taxpayer has used a vehicde for business. They drive 0,000 business miles. They also drove 4,000 peronal mies. They had theing expenses. Gas $1,400 Maintenance $200 Insurance $600 Parking Fees $100 The taxpayer elects the actual expense method for calculating transportation deductions. What is their transportation tax deduction? O $920 O $1,320 O $1,420 O $1,380
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- Question 25. In tax year 2021, Max (a single taxpayer who is self-employed) used his car for 16,000 miles of business use and 4,000 miles of personal use. Max incurred the following expenses during 2021 (except for the parking and tolls, all expenses represent the total expense incurred during the year and are allocable between business and personal use): (1) $400 for parking and tolls related solely to business trips (2) $800 for gasoline (3) $1,000 for insurance (4) $10,200 for depreciation (5) $500 for fines relating to speeding tickets and parking violations Compute Max's deduction for transportation expenses in 2021 under both the actual expense method and the automatic (standard) mileage method. A. $12,000 actual expense method; $8,960 standard mileage method B. $12,500 actual expense method; $9,360 standard mileage method C. $9,600 actual expense method; $8,960 standard mileage method D. S10.000 actual expense method; $9,360 standard mileage method1. The following relates to taxpayer500,000 Interest expense200,000 interest income-promissory notesCompute the deductible expense 2. A taxpayer with net sales of P2,000,000 and cost of sales of P1,000,000 incurred P12,000 EAR expenses. Compute the allowable deduction for EAR expenses 3. The personal car of the taxpayer had the following data:5,000,000 Fair market value4,000,000 purchase price10 years estimated useful lifeWhat is the deductible annual depreciation expense?Mary Singh, has the following information for her İncome Tax Return this year: Net Taxable Capital Gains Annual Union Dues Employment Income RRŠP Deduction First Time Home Buyer's Credit CPP Payroll Deduction from her T4 Slip Mary's T1 Income Tax Return Net income, Line 23600 for this year is? $10,000 $2,000 $40,000 $10,000 $5,000 $2,000
- A taxpayer purchased a light truck for $27,500 in June 2021. He uses the truck 100% business .What is his first year MACRS deduction for the truck if the takes the special depreciation deduction (i.e., bonus depreciation? A. $3,160 B. $5.860 C. $10,200 D. $18,200for Schedule C in individual income tax, how do I calculate the expense for transportation of 5725 total miles traveled, entertainment in total of $4200 and gifts of $450? I know only up to $400 can be deducted in gifts but do I just put 0 can be deducted. Thanks in advance for your help.1. Albert Able, an self employed individual, takes 10-day trip from Chicago to New York. He spends seven days conducting business and three days sightseeing and visiting friends. Albert's expenses are listed below. 2. $ 800 2,800 1,000 250 $ 4,850 What actual amount may Albert deduct on Form 1040, Schedule C as a deduction for adjusted gross income? $ 3,220 3,460 3,110 4,100 None of the above A. B. C. D. E. Airfare Lodging (10 days at $280) Meals (10 days at $100) Entertainment of friends Deductions for business gifts are limited to what amount per individual each year? $ 25 250 10 A. B. C. D. E. 2,500 None of the above
- Compute the total deductible expenses for purposes of determining the regular income tax due from X, a professional practitioner, who incurred the following expenses during the period: Salaries of household maids. P 50.000 Salaries of office staff. Office utilities.. 30.000 12,000 8.000 Depreciation of personal car. . 15,000 Depreciation of office equipment.. 20,000 Office supplies..Carol pays a county personal property tax on her automobile of $1,500. The $1,500 includes $700 based on the weight of the car and $800 based on the value of the car. How much of the tax can Carol deduct on her tax return? $800 $1,500 $700 $0True or False 1. The hobby losses is deductible for 2022. 2. The education expenses is deductible if maintain or improves skills of the taxpayer. 3. A taxpayer can deduct $55 per day for meals and incidentals without keeping receipts on a business trip. 4. A taxpayer can take depreciation on a business auto and use the $0.60 mileage rate in the same years. 5. Transportation costs are allowed only when the taxpayer visits various clients in the same days. I want answer within one hour,Thanks
- taxpayer who has the following transactions during the current calendar tax year: Accrued business income (except rent) $220,000 Accrued business expenses (except rent) 170,000 Rental income on a building leased for the next 6 months, received on December 1 21,000 Prepaid rent expense for 6 months, paid on December 1 9,000 Calculate Geraldine's net income from her business for the current year. Income: Other than rental $ Rental Expenses: Other than rental Rental Net income $Below is a graph of the Robinson's annual expenses. How much will the Robinsons pay in state/local taxes if their gross annual household income is S85,420? a.$3.559.17 b. $8,542.00 C. $20.500.80 d. $29,897.00. Explain and calculate the differences resulting from a $1,000 tax credit versus a $1,000 tax deduction for a single taxpayer with $40,000 of pre-tax income that takes a standard deduction of $12,000. Be sure to show your work. Taxable income is: Taxable Income Not Over: $9,700 $39,475 $84,200 $160,275 $0 $9,701 $39,476 $84,201 Tax Due Is: 10% of the taxable income $1,940 plus 12% of the excess over $19,400 $9,086 Plus 22% of the excess over $78,950 $28,765 plus 24% of the excess over $168,400