Question

Nikki works for the Shine Company, a retailer of upscale jewelry. How much taxable income does Nikki recognize under the following scenarios? (Round your answers to 2 decimal places. Leave no answer blank. Enter zero if applicable.) b. Nikki receives a 26 percent discount on jewelry restoration services offered by Shine Company. This year, Nikki had Shine Company, repair a set of antique earrings (normal repair cost $925, discounted price $684.50). Taxable income

Answer 1

Nikki receives a 26 Pecentage discount on jewelry restoration services offered
Normal Repair Cost =	$                       925.00
26% of Repair Cost = $ 925 X 26% =	$                       240.50
It means taxable income of Nikki is $ 240.50
Answer = Taxable Income = $ 240.50