Answer is $1,141
Only half of the entertainment cost is deductible.
So, 1400 * 37% = 518/2= 259
So amount of tax is $259
So after tax cost is $1400-$259 is $1,141.
St Required information of 4 [The following information applies to the questions displayed below.] Assume Sarah is...
Required information The following information applies to the questions displayed below. Assume Sarah is a cash-method, calendar-year taxpayer, and she is considering making the following cash payments related to her business. Calculate the after-tax cost of each payment assuming she has a 25 percent marginal tax rate. (Do not round intermediate calculation.) b. $5,600 to reimburse the cost of meals incurred by employees while traveling for the business. After-tax cost Required information The following information applies to the questions displayed...
Return to questi rt 1 of 4 Required information [The following information applies to the questions displayed below.] Assume Sarah is a cash-method, calendar-year taxpayer, and she is considering making the following cash payments related to her business. Ints Calculate the after-tax cost of each payment assuming she is subject to a 37 percent marginal tax rate. (Do not round intermediate calculation.) a. $2,000 payment for next year's property taxes on her place of business. & Answer is complete but...
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Required Information The following information applies to the questions displayed below] Part 4 of 4 Christopher is a self-employed cash-method, calendar-year taxpayer, and he made the following cash payments related to his business this year. 0.5 points Calculate the after-tax cost of each payment assuming Christopher has a 37 percent marginal tax rate. ebook d. $450 for several pairs of work boots. Christopher expects to use the boots about 80 percent of the time in his business and the remainder...
Required Information [The following information applies to the questions displayed below.] Part 2 of 4 Christopher is a self-employed cash-method, calendar-year taxpayer, and he made the following cash payments related to his business this year. Calculate the after-tax cost of each payment assuming Christopher has a 37 percent marginal tax rate. b. $800 of Interest on a short-term loan incurred in September and repaid In November. Half of the loan proceeds were used Immediately to pay salaries and the other...
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...
Required information [The following information applies to the questions displayed below.) Christopher is a self-employed cash-method, calendar-year taxpayer, and he made the following cash payments related to his business this year. Calculate the after-tax cost of each payment assuming Christopher has a 37 percent marginal tax rate. (Do not round intermediate calculations and round your final answer to the nearest dollar amount.) b. $3,000 of interest on a short-term loan incurred in September and repaid in November. Half of the...
Required Information [The following information applies to the questions displayed below.] Christopher is a cash-method, calendar-year taxpayer, and he made the following cash payments related to his business this year. Calculate the after-tax cost of each payment assuming he has a 37 percent marginal tax rate. (Do not round Intermediate calculations and round your final answer to the nearest dollar amount.) b. $2,900 of Interest on a short-term loan incurred in September and repaid in November. Half of the loan...
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