Homework Answers
Standard mileage rate for taxpayer's business use of vehicle is 53.5 cent (.535)a mile.
How we can use this rate
Multiply this rate by actual miles traveled for business purpose
For example - A taxpayer travel for 10000 miles
deduction will be = 10000* .535=$5350
Add Answer to:
Question 55 of 75. The 2017 standard mileage rate for a taxpayer's business use of vehicle...
Question 55 of 75 The 2017 standard mileage rate for a taxpayer's business use of vehicle...
Question 55 of 75 The 2017 standard mileage rate for a taxpayer's business use of vehicle is O 58 cents (0.58) a mile. O 57.5 cents (0.575) a mile. O54 cents (0.54) a mile. 0 53.5 cents (0.535) a mile.
Question 71 of 75. When a taxpayer buys a new vehicle for business use you should...
Question 71 of 75. When a taxpayer buys a new vehicle for business use you should Encourage them to take both the Section 179 deduction and bonus depreciation to benefit on this year's tax return. Explain to them that bonus depreciation is automatically calculated because they should take it. Discourage them from taking a Section 179 deduction because it is rarely beneficial. Discuss how Section 179 and bonus depreciation will effect this year's tax return, as well as future years,...
Question 55 of 75. The Tax Code requires substan all of the fol purpose/business relationshi O...
Question 55 of 75. The Tax Code requires substan all of the fol purpose/business relationshi O Expenses are clearly ordinary and necessary O The employer provides an advance to the employee. O The standard meal rate is used for travel meals and travel mea O The owing--the amount of the expense, the time, place, or description, and business XCEPTwhen: Is are the only expense Form 2108 reimbursement is from a nonaccountable plan, and the employee deducts the expenses on Mark...
report half of the income in 2017 and hall in 2018 □Mark for follow up Question...
report half of the income in 2017 and hall in 2018 □Mark for follow up Question 11 of 75 O $10,000 O $5,000 。$3,000 O $1,000 □Mark for folow up 曰 Question 12 of 75. Which of the following situations involving an exchange of business property exemplifies a fully nontaxable exchange? O Miranda traded a commercial refrigerator plus $5,000 for Patricia's commercial refrigerator O Lois exchanged a commercial sewing machine for Edwina's commercial sewing machine plus $5,000 in cash. O...
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...
Question 20 of 75. Which of the following statements is correct with regard to unrecaptured $1250...
Question 20 of 75. Which of the following statements is correct with regard to unrecaptured $1250 gain? Unrecaptured 51256 gain is: Taxed at 28% capital gains tax rate or the taxpayer's lower tax rate applicable Taxed at 25% capital gains tax rate or the taxpayer's lower tax rate, if applicable O Taxed at 18% capital gains tax rate or the taxpayer's lower tax rate, if applicable Taxed at O capital gains tax rate or the taxpayer's lower tax rate. If...
This is literally all the information from the question. Amanda is self-employed and uses her personal...
This is literally all the information from the
question.
Amanda is self-employed and uses her personal automobile in connection with her business. During 2019, Amelie drove her car a total of 26,000 miles. Her business log shows that she drove 23,400 miles for business purposes. During 2019, Amelie incurred the following actual expenses based on 100% use that is, 26,000 total miles: (The standard mileage rate method permits a deduction based on a mileage rate of 58 cents per mile...
Use the information provided below to Prepare Schedule C and Form 4562 for tax year 2017....
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...
Very lost on the whole business side of doing taxes, could use some help. Advanced Scenario...
Very lost on the whole business side of doing taxes, could use
some help.
Advanced Scenario 8: Ramon Torrez Directions Using the tax software, complete the tax retum, including Form 1040 and all appropri- ate forms, schedules, or worksheets. Answer the questions following the scenario. Note: When entering Social Security numbers (SSNS) or Employer Identification Numbers (EINS), replace the Xs as directed, or with any four digits of your choice. For the purpose of these scenario questions only, ignore the...
1) Come up with a single (one) question or problem 2) Think of an example with 30 data points a. ...
1) Come up with a single (one) question or problem
2) Think of an example with 30 data points
a. This data needs to be of a quantitative variable
(numbers).
3) Then proceed to follow the below steps.
example of 30 quantitative data points
Purpose
State how, when, and where data was collected
List of raw data pairs
Frequency distribution (table)
Histogram
Relative percentage polygon
Sample mean
Sample median
Sample mode(s)
Sample range
Sample variance
Sample standard deviation
Coefficient of...
Question 55 of 75 The 2017 standard mileage rate for a taxpayer's business use of vehicle is O 58 cents (0.58) a mile. O 57.5 cents (0.575) a mile. O54 cents (0.54) a mile. 0 53.5 cents (0.535) a mile.
Question 71 of 75. When a taxpayer buys a new vehicle for business use you should Encourage them to take both the Section 179 deduction and bonus depreciation to benefit on this year's tax return. Explain to them that bonus depreciation is automatically calculated because they should take it. Discourage them from taking a Section 179 deduction because it is rarely beneficial. Discuss how Section 179 and bonus depreciation will effect this year's tax return, as well as future years,...
Question 55 of 75. The Tax Code requires substan all of the fol purpose/business relationshi O Expenses are clearly ordinary and necessary O The employer provides an advance to the employee. O The standard meal rate is used for travel meals and travel mea O The owing--the amount of the expense, the time, place, or description, and business XCEPTwhen: Is are the only expense Form 2108 reimbursement is from a nonaccountable plan, and the employee deducts the expenses on Mark...
report half of the income in 2017 and hall in 2018 □Mark for follow up Question 11 of 75 O $10,000 O $5,000 。$3,000 O $1,000 □Mark for folow up 曰 Question 12 of 75. Which of the following situations involving an exchange of business property exemplifies a fully nontaxable exchange? O Miranda traded a commercial refrigerator plus $5,000 for Patricia's commercial refrigerator O Lois exchanged a commercial sewing machine for Edwina's commercial sewing machine plus $5,000 in cash. O...
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...
Question 20 of 75. Which of the following statements is correct with regard to unrecaptured $1250 gain? Unrecaptured 51256 gain is: Taxed at 28% capital gains tax rate or the taxpayer's lower tax rate applicable Taxed at 25% capital gains tax rate or the taxpayer's lower tax rate, if applicable O Taxed at 18% capital gains tax rate or the taxpayer's lower tax rate, if applicable Taxed at O capital gains tax rate or the taxpayer's lower tax rate. If...
This is literally all the information from the
question.
Amanda is self-employed and uses her personal automobile in connection with her business. During 2019, Amelie drove her car a total of 26,000 miles. Her business log shows that she drove 23,400 miles for business purposes. During 2019, Amelie incurred the following actual expenses based on 100% use that is, 26,000 total miles: (The standard mileage rate method permits a deduction based on a mileage rate of 58 cents per mile...
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...
Very lost on the whole business side of doing taxes, could use
some help.
Advanced Scenario 8: Ramon Torrez Directions Using the tax software, complete the tax retum, including Form 1040 and all appropri- ate forms, schedules, or worksheets. Answer the questions following the scenario. Note: When entering Social Security numbers (SSNS) or Employer Identification Numbers (EINS), replace the Xs as directed, or with any four digits of your choice. For the purpose of these scenario questions only, ignore the...
1) Come up with a single (one) question or problem
2) Think of an example with 30 data points
a. This data needs to be of a quantitative variable
(numbers).
3) Then proceed to follow the below steps.
example of 30 quantitative data points
Purpose
State how, when, and where data was collected
List of raw data pairs
Frequency distribution (table)
Histogram
Relative percentage polygon
Sample mean
Sample median
Sample mode(s)
Sample range
Sample variance
Sample standard deviation
Coefficient of...
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