Homework Answers
Answer (a):- Deductible amount is $0 because the sole purpose of the trip for personal purposes.
Answer (b):- Deductible amount is $0 because the sole purpose of the trip apperas to be personal purposes.
Answer (c):- Deductible amount is $700(1000*7/10). Since the primary purpose of this trip appears to be business. She may deduct the portion of airfare allocated to thebusines trip (on propotionate basis). So, she stayed 7 days for business prupose out of 10 days.
Answer (c):- Deductible amount is $1,000 Since the sole purposeof this tripis business. She may decuct the entire airfare.
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Please take into consideration that this is 2019 tax
year
48. Kimberly is a self-employed taxpayer....
Required information [The following information applies to the questions displayed below.] Kimberly is a self-employed taxpayer....
Required information [The following information applies to the questions displayed below.] Kimberly is a self-employed taxpayer. She recently spent $1,800 for airfare to travel to Italy. What amount of the airfare is deductible in each of the following alternative scenarios? (Leave no answers blank. Enter zero if applicable.) c. On the trip, she spent six days on business activities and four day(s) on personal activities. Deductible amount < Prev 11 12 of 23 Next > ere to search O Pie...
Please take into consideration that this is for 2019 tax year 49. Ryan is self-employed. This...
Please take into consideration that this is for 2019 tax
year
49. Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $1,500 for gasoline on these trips. His depreciation on the car if he was using it fully for business purposes would be $3,000. During the year, he drove his car a total of 12,000 miles (a combination of business and personal travel). a) Ryan can provide written documentation of the business...
Brenda, a self-employed taxpayer, travels from Chicago to Barcelona (Spain) on business. She is gone 10...
Brenda, a self-employed taxpayer, travels from Chicago to Barcelona (Spain) on business. She is gone 10 days (including 2 days of travel) during which time she spends 5 days conducting business and 3 days sightseeing. Her expenses are $1,500 (airfare), $200 per day (meals), and $400 per night (lodging). Because Brenda stayed with relatives while sightseeing, she only paid for 5 nights of lodging. Compute Brenda's deductions for the following expenses.\ Deduction for meals:
During the year 2019, Ricki, who is not self-employed and does not receive employer reimbursement for...
During the year 2019, Ricki, who is not self-employed and does not receive employer reimbursement for business expenses, drove her car 5,200 miles to visit clients, 10.200 miles to get to her office, and 500 miles to attend business-related seminars. All of this mileage was incurred ratably throughout the year. She spent $330 for airfare to another business seminar and $210 for parking at her office. Using the automobile expense rates in effect for 2019, what is her deductible transportation...
15. During the year, Sophie (a self-employed marketing consultant) went from Omaha to Lima, Peru, on...
15. During the year, Sophie (a self-employed marketing consultant) went from Omaha to Lima, Peru, on business. She spent four days on business, two days on travel, and four days on vacation. Disregarding the vacation costs Sophie's expenses are: Airfare $3,000 Lodging 800 Meals 600 Entertainment 400 Sophie's deductible expenses are: a. $4,300. b. $2,900. c. $2,800. d. $2,500. e. None of these.
Exercise 9-16 (Algorithmic) (LO. 3) Brenda, a self-employed taxpayer, travels from Chicago to Barcelona (Spain) on busin...
Exercise 9-16 (Algorithmic) (LO. 3) Brenda, a self-employed taxpayer, travels from Chicago to Barcelona (Spain) on business. She is gone 10 days (including 2 days of travel) during which time she spends 5 days conducting business and 3 days sightseeing. Her expenses are $2,370 (airfare), $260 per day (meals), and $480 per night (lodging). Because Brenda stayed with relatives while sightseeing, she only paid for 5 nights of lodging. Compute Brenda's deductions for the following: If required, round your answers...
During the year 2018, Ricki, who is not self-employed and does not receive employer reimbursement for...
During the year 2018, Ricki, who is not self-employed and does not receive employer reimbursement for business expenses, drove her car 5,800 miles to visit clients, 10,800 miles to get to her office, and 500 miles to attend business-related seminars. All of this mileage was incurred ratably throughout the year. She spent $420 for airfare to another business seminar and $240 for parking at her office. Using the automobile expense rates in effect for 2018, what is her deductible transportation...
31. (5 points) Enrique is self-employed and works in Chicago as a design engineer. During 2019...
31. (5 points) Enrique is self-employed and works in Chicago as a design engineer. During 2019 he traveled to Spain to consult on a project. He spent 2 days traveling, 13 days working, and 2 days sight-seeing. His airfare was $2,800, his meals amounted to $150 per day, and his lodging and incidental expenses were $300 per day. He also incurred $350 for taxicab charges related to business. Enrique's deduction for travel related to this trip is $ (Show your...
Kathy is 60 years of age and self-employed, single taxpayer. During 2019, she reported $100,000 of...
Kathy is 60 years of age and self-employed, single taxpayer. During 2019, she reported $100,000 of revenues and $40,000 of expenses relating to her self-employment activities. If Kathy has no other retirement accounts in her name, what is the maximum amount she can contribute to an individual 401(k) for 2019? Assume she paid $8,478 of self-employment tax for 2019.
Expenses are shown in the data table Allison is self-employed and uses her personal automobile in...
Expenses are shown in the data table
Allison is self-employed and uses her personal automobile in connection with her business. During 2019, Amelie drove her car a total of 22,000 miles. Her business log shows that she drove 19,800 miles for business purposes. During 2019, Amelie incurred the following actual expenses based on 100% use that is, 22,000 total miles: (The standard mileage rate method permits a deduction based on a mileage rate of 58 cents per mile for the...
Required information [The following information applies to the questions displayed below.] Kimberly is a self-employed taxpayer. She recently spent $1,800 for airfare to travel to Italy. What amount of the airfare is deductible in each of the following alternative scenarios? (Leave no answers blank. Enter zero if applicable.) c. On the trip, she spent six days on business activities and four day(s) on personal activities. Deductible amount < Prev 11 12 of 23 Next > ere to search O Pie...
Please take into consideration that this is for 2019 tax
year
49. Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $1,500 for gasoline on these trips. His depreciation on the car if he was using it fully for business purposes would be $3,000. During the year, he drove his car a total of 12,000 miles (a combination of business and personal travel). a) Ryan can provide written documentation of the business...
During the year 2019, Ricki, who is not self-employed and does not receive employer reimbursement for business expenses, drove her car 5,200 miles to visit clients, 10.200 miles to get to her office, and 500 miles to attend business-related seminars. All of this mileage was incurred ratably throughout the year. She spent $330 for airfare to another business seminar and $210 for parking at her office. Using the automobile expense rates in effect for 2019, what is her deductible transportation...
15. During the year, Sophie (a self-employed marketing consultant) went from Omaha to Lima, Peru, on business. She spent four days on business, two days on travel, and four days on vacation. Disregarding the vacation costs Sophie's expenses are: Airfare $3,000 Lodging 800 Meals 600 Entertainment 400 Sophie's deductible expenses are: a. $4,300. b. $2,900. c. $2,800. d. $2,500. e. None of these.
31. (5 points) Enrique is self-employed and works in Chicago as a design engineer. During 2019 he traveled to Spain to consult on a project. He spent 2 days traveling, 13 days working, and 2 days sight-seeing. His airfare was $2,800, his meals amounted to $150 per day, and his lodging and incidental expenses were $300 per day. He also incurred $350 for taxicab charges related to business. Enrique's deduction for travel related to this trip is $ (Show your...
Expenses are shown in the data table
Allison is self-employed and uses her personal automobile in connection with her business. During 2019, Amelie drove her car a total of 22,000 miles. Her business log shows that she drove 19,800 miles for business purposes. During 2019, Amelie incurred the following actual expenses based on 100% use that is, 22,000 total miles: (The standard mileage rate method permits a deduction based on a mileage rate of 58 cents per mile for the...
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