Happy Lucky drove her car a total of 18,000 miles during 2019
Happy Lucky drove her car a total of 18,000 miles during 2019. Of this, 12,000 miles was related to business for JR Enterprises Happy paid $4,500 for gas, 55,500 for repairs, and $500 for tires during the year. Happy accounted to JR for these actual expenses and received a reimbursement for the business portion. How much may JR deduct as travel and transportation expense?
$3,500
$7,000
$0
$10,500
Homework Answers
Ans: (B) $7000
Explanation:
Total expense: $4500 + $5500 + $500
$ 10,500
Portion of business related'Expense:
= 12000 miles (used for business) ÷ 18000 (total miles)
= 0.66666666666666
Deduction For Travel and Transport he can claim:
= $10500 * 0.666666666666
= $7000
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George Large (SSN 000-11-1111) and his wife Marge Large (SSN 000-22-2222) live at 2000 Lakeview Drive, Cleveland, OH 49001 and want you to prepare their 2017 income tax return based on the information below: George Large worked as a salesman for Toyboat, Inc. He received a salary of $80,000 ($8,500 of federal income taxes withheld and $1,800 of state income taxes withheld) plus an expense reimbursement from Toyboat of $5,000 to cover his employee business expenses....
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in your textbook. All applicable tax forms are required to be
submitted. Utilize the attached "Tax Return 2018 Forms" document to
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Schedule 1, Form 1040
Schedule 4, Form 1040
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Schedule SE, Form 1040
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