Question

Question 74 of 75. Holly is a small business owner whose income on when she purchased it on January 1, 2018 for $24,000. She

0 0
Add a comment Improve this question Transcribed image text
Answer #1

Option B) $12000

Bonus deduction =40% of 24000= 9600

Mileage depreciation = 25cents for 9600 miles (business miles)=2400

=$12000

Add a comment
Know the answer?
Add Answer to:
Question 74 of 75. Holly is a small business owner whose income on when she purchased it on Janua...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Kannon is a small business owner whose income is reported on Schedule C. He placed his...

    Kannon is a small business owner whose income is reported on Schedule C. He placed his light truck into service when he purchased it o February 14, 2016 for $28795. He did not claim any 179 expense or bonus depreciation. In 2018 he used the vehicle 55% for business. What is Kannon’s depreciation for the truck in 2018? a. $0 b. $1669 c. $2288 d. $3041

  • calculate actual vehicle expenses for Salomon, a small business owner whose income is reported on Schedule...

    calculate actual vehicle expenses for Salomon, a small business owner whose income is reported on Schedule C. he drove 24,531 miles in his fully depreciated 2009 Miata. the vehicle is used solely for business .his expenses include; $2,453 gas $320 oil changes $900 insurance $106 personal property tax 498 tolls and parking $45 parking ticket $75 aouto club

  • Question 23 of 45. Lawrence operates a consulting business. He uses his personal vehicle for both...

    Question 23 of 45. Lawrence operates a consulting business. He uses his personal vehicle for both business and personal use. He purchased his Toyota Highlander on July 4, 2017. for $35,000. Lawrence immediately began using it for his business. He did not claim special (bonus) depreciation or a $179 deduction. He keeps a specific mileage log for his business use. His mileage records for 2018 indicate that he drove his car a total of 17,824 miles with 4,839 miles of...

  • federal income tax question Question 2 of 10. Jenna, a small business owner, started a SIMPLE-IRA...

    federal income tax question Question 2 of 10. Jenna, a small business owner, started a SIMPLE-IRA plan on January 1 2019. She makes a 3% matching contribution to the accounts. Her employees are as follows: • Henry, $24,000 compensation, defers 5% of salary • Justine, 535,000 compensation, defers 10% of salary • Niam, $40.000 compensation, defers 0% of salary Jenna's net self-employment income is $90.000 and she contributes 10% of her salary. How much does Jenna's business contribute in matching...

  • Schedules K-1 Question 44 of 50. Which of the following is NOT an increase in figuring...

    Schedules K-1 Question 44 of 50. Which of the following is NOT an increase in figuring an S corporation shareholder's stock basis O Adjusted basis in property contributed to the corporation. O Money contributed to the corporation by the shareholder. O Shareholder's share of the corporation's annual income. O Money distributed to the shareholder. D Mark for follow up Question 45 of 50. An example of passive income is – O Income from real estate ventures for a non-real estate...

  • Lina purchased a new car for use in her business during 2019. The auto was the...

    Lina purchased a new car for use in her business during 2019. The auto was the only business asset she purchased during the year and her business was extremely profitable. Calculate her maximum depreciation deductions (including §179 expense unless stated otherwise) for the automobile in 2019 and 2020 (Lina doesn’t want to take bonus depreciation for 2019 or 2020) in the following alternative scenarios (assuming half-year convention for all) a. The vehicle cost $$31,600 and business use is 100 percent...

  • Lina purchased a new car for use in her business during 2019. The auto was the...

    Lina purchased a new car for use in her business during 2019. The auto was the only business asset she purchased during the year and her business was extremely profitable. Calculate her maximum depreciation deductions (including §179 expense unless stated otherwise) for the automobile in 2019 and 2020 (Lina doesn’t want to take bonus depreciation for 2019 or 2020) in the following alternative scenarios (assuming half-year convention for all): (Use MACRS Table 1, Table 2, and Exhibit 10-10.) Table 1...

  • Comprehensive Problem 10-77 (LO 10-1, LO 10-2, LO 10-3, LO 10-4, LO 10-5) [The following information...

    Comprehensive Problem 10-77 (LO 10-1, LO 10-2, LO 10-3, LO 10-4, LO 10-5) [The following information applies to the questions displayed below.] While completing undergraduate school work in information systems, Dallin Bourne and Michael Banks decided to start a technology support company called eSys Answers. During year 1, they bought the following assets and incurred the following start-up fees: Year 1 Assets Computers (5-year) Office equipment (7-year) Furniture (7-year) Start-up costs Purchase Date October 30, y1 October 30, Yi October...

  • Janice Morgan, age 24, is single and has no dependents. She is a freelance writer. In...

    Janice Morgan, age 24, is single and has no dependents. She is a freelance writer. In January 2018, Janice opened her own office located at 2751 Waldham Road, Pleasant Hill, NM 88135. She called her business Writers Anonymous. Janice is a cash basis taxpayer. She lives at 132 Stone Avenue, Pleasant Hill, NM 88135. Her Social Security number is 123-45-6789. Janice’s parents continue to provide health insurance for her under their policy. Janice wants to contribute to the Presidential Election...

  • #1) (1 Mark) You are trying to determine when you must file your 2017 T1 Tax...

    #1) (1 Mark) You are trying to determine when you must file your 2017 T1 Tax Return and pay any related outstanding balance. Your spouse operates a Sole Proprietorship Confectionary Store and you are an Accounts Payable Clerk at a local business. In addition, you have two children (aged 4 and 9). Your children do not have any sources of income. When must the 2017 Return be filed? When must the balance owing for the 2017 Return be paid? #2)...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT