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Problem 3-2 Schedule C (LO 3.1) Margaret started her own business in the current year and...
Margaret started her own business in the current year and will report a profit for her first year. Her results of operations are as follows: Gross income $45,000 Expenses: Travel $1,000 Contribution to Presidential Election Campaign $100 Transportation (5,725 miles evenly throughout the year, using standard mileage method) ? Entertainment in total $4,200 Nine gifts at $50 each $450 Rent and utilities for apartment in total $10,500 (25% is used for a home office) Complete the table below to determine...
ransportation (LO 3.3) Teresa is a civil engineer who uses her automobile for business. Teresa drove her automobile a total of 11,965 miles during 2019, of which 80% was business mileage. The actual cost of gasoline, oil, depreciation, repairs, and insurance for the year was $6,440. Teresa is eligible to use the actual or standard method. If required, round your answers to the nearest dollar. a. How much is Teresa's transportation deduction based on the standard mileage method? Meals and...
Problem 3-6 Transportation (LO 3.3) Teresa is a civil engineer who uses her automobile for business. Teresa drove her automobile a total of 11,965 miles during 2017, of which 80% was business mileage. The actual cost of gasoline, oil, depreciation, repairs, and insurance for the year was $6,440. If required, round your answers to the nearest dollar. a. How much is Teresa's transportation deduction based on the standard mileage method? $ b. How much is Teresa's transportation deduction based on...
Problem 3-6 Transportation (LO 3.3) Teresa is a civil engineer who uses her automobile for business. Teresa drove her automobile a total of 11,965 miles during 2019, of which 80% was business mileage. The actual cost of gasoline, oil, depreciation, repairs, and insurance for the year was $6,440. Teresa is eligible to use the actual or standard method. If required, round your answers to the nearest dollar. a. How much is Teresa's transportation deduction based on the standard mileage method?...
Jamie Lee is reviewing her finances one month later. She has provided the actual amounts pald below. Use the cash budget table below to help her identify the variances in her budget. Each answer must have a value for the assignment to be complete. Enter any unused categories. for $2,665 $2,665 $2,110 Actual Amounts Income: Gross monthly salary Net monthly salary Savings allocation: Regular savings Ralny-day savings Entertainment Cake decorating class Movies with friends $190 $35 Monthly expenses: Rent obligation...
Comprehensive Problem 5-56 (LO 5-1, LO 5-2, LO 5-3) Compute HC Inc.'s current-year taxable income given the following information relating to its 2019 activities. Also, compute HC's Schedule M-1 assuming that HC's federal income tax expense for book purposes is $30,000. Use Exhibit 16-6. • Gross profit from inventory sales of $310,000 (no book-tax differences). • Dividends HC received from 28 percent-owned corporation of $120,000 (this is also HC's pro rata share of the corporation's earnings). • Expenses other than...
Use the information provided below to Prepare Schedule C and
Form 4562 for tax year 2017.
Prepare Schedule C and Form 4562 for tax year 2017 using above
information and the forms below
See attached tax form links below:
https://www.irs.gov/pub/irs-pdf/f1040sc.pdf
https://www.irs.gov/pub/irs-pdf/f4562.pdf
Hints: total depreciation is $19,931 and net profit (line 31) is
$101,465. Do not worry if you are a few dollars off due to
rounding.
Also, calculate the self-employment tax on this income. The
taxpayer does not have any...
Alice is single and self-employed in 2020. Her net business profit on her Schedule C for the year is $150,000. What is her self-employment tax liability and additional Medicare tax liability for 2020? (Round your final answer to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) Self-employment tax liability Additional medicare tax liability
*Both Frank and Sally(is not part of the business) went to
Hawaii on a trip for a 2 day seminar. 2 days were travel, 2 days
and 2 nights were for the seminar. The other 3 days of the trip was
for pleasure. The following was the breakdown of expenses:
primary business and is domestic travel so no
allocation
Course
$600
Airfare (for both)
$1,400
Hotel ($100/night)
$700
Food ($50/person/day)
$700
Scuba package
$300
Total ...
Alice is single and self-employed in 2019. Her net business profit on her Schedule C for the year is $200,000. What is her self-employment tax liability and additional Medicare tax liability for 2019? (Round your final answer to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) $ 21,129 Self-employment tax liability Additional medicare tax liability