Michael attended an education conference in connection with his job. In boston,ma during 2019 BMCCs practice...
Michael attended an education conference in connection with his job. In boston,ma during 2019 BMCCs practice is to reimburse their employees for these confrences. His total expense incurred were 2500$. However, he was only reimbursed 1000 as of December 31 2019. Can michael deduct the 1500 dollars from his taxes why or why not?
Homework Answers
Michael cannot deduct 1500 dollars from his taxes since any expense reimbursement will not entertain any taxes. This would be reimbursed over and above total income on actuals. Michael need to wait for the balance reimbursement and shouldn't adjust this value with the taxes.
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Michael attended an education conference in connection with his
job. In boston,ma during 2019 BMCCs practice...
3. Insurance a) Michael says, “I and Mary are in good health and fairly young, we...
3. Insurance
a) Michael says, “I and Mary are in good health and fairly
young, we don’t think we need any life
insurance.” Evaluate the above statement considering his
family’s situation.
b) Calculate how much life insurance you suggest Michael should
buy.
c) Identify one policy (How long, how much, type) and the
company (Eg, Geico, State Farm, MetLife)
that Michael should buy life insurance from.
Michael and Mary Gordon Family Michael and Mary Gordon are developing a financial plan...
This year Evan graduated from college and took a job as a deliveryman in the city....
This year Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $68,500 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses below: Cost of moving his possessions to the city (125 miles away) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Contribution to State University deliveryman program $1,200 2,840 1,440 1,320 Calculate Evan's AGI and taxable income...
Case: Enron: Questionable Accounting Leads to CollapseIntroductionOnce upon a time, there was a gleaming...
Case: Enron: Questionable Accounting Leads to CollapseIntroductionOnce upon a time, there was a gleaming office tower in Houston, Texas. In front of that gleaming tower was a giant “E,” slowly revolving, flashing in the hot Texas sun. But in 2001, the Enron Corporation, which once ranked among the top Fortune 500 companies, would collapse under a mountain of debt that had been concealed through a complex scheme of off-balance-sheet partnerships. Forced to declare bankruptcy, the energy firm laid off 4,000...
CASE 20 Enron: Not Accounting for the Future* INTRODUCTION Once upon a time, there was a...
CASE 20 Enron: Not Accounting for the Future* INTRODUCTION Once upon a time, there was a gleaming office tower in Houston, Texas. In front of that gleaming tower was a giant "E" slowly revolving, flashing in the hot Texas sun. But in 2001, the Enron Corporation, which once ranked among the top Fortune 500 companies, would collapse under a mountain of debt that had been concealed through a complex scheme of off-balance-sheet partnerships. Forced to declare bankruptcy, the energy firm...
3. Insurance
a) Michael says, “I and Mary are in good health and fairly
young, we don’t think we need any life
insurance.” Evaluate the above statement considering his
family’s situation.
b) Calculate how much life insurance you suggest Michael should
buy.
c) Identify one policy (How long, how much, type) and the
company (Eg, Geico, State Farm, MetLife)
that Michael should buy life insurance from.
Michael and Mary Gordon Family Michael and Mary Gordon are developing a financial plan...
This year Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $68,500 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses below: Cost of moving his possessions to the city (125 miles away) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Contribution to State University deliveryman program $1,200 2,840 1,440 1,320 Calculate Evan's AGI and taxable income...
CASE 20 Enron: Not Accounting for the Future* INTRODUCTION Once upon a time, there was a gleaming office tower in Houston, Texas. In front of that gleaming tower was a giant "E" slowly revolving, flashing in the hot Texas sun. But in 2001, the Enron Corporation, which once ranked among the top Fortune 500 companies, would collapse under a mountain of debt that had been concealed through a complex scheme of off-balance-sheet partnerships. Forced to declare bankruptcy, the energy firm...
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