Margaret started her own business in the current year and will report a profit for her...
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:
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Complete the table below to determine the net income Margaret should show on her Schedule C.
If an amount is zero, enter "0". If required, round the amounts to the nearest dollar.
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Homework Answers
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Margaret started her own business in the current year and will
report a profit for her...
Problem 3-2 Schedule C (LO 3.1) Margaret started her own business in the current year and...
Problem 3-2 Schedule C (LO 3.1) 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 (5,380 miles evenly throughout the year, using standard mileage method) Entertainment in total $4,200 $450 Nine gifts at $50 each Rent and utilities for apartment in total $ 10,500 (25% is used for a home office)...
*Both Frank and Sally(is not part of the business) went to Hawaii on a trip for...
*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 ...
ransportation (LO 3.3) Teresa is a civil engineer who uses her automobile for business. Teresa drove...
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...
Jamie Lee is reviewing her finances one month later. She has provided the actual amounts pald...
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...
Jamie Lee Jackson, age 24, now a busy full-time college student and part-time bakery clerk, has...
Jamie Lee Jackson, age 24, now a busy full-time college student and part-time bakery clerk, has been trying to organize all of her priorities, including her budget. She has been wondering if she is allocating enough of her Income towards savings, which includes accumulating enough money towards the $13,000 down payment she needs to begin her dream of opening a cupcake cafe. Jamie Lee has been making regular deposits to both her regular, as well as her emergency savings account....
Jamie Lee Jackson, age 24. now a busy full-time college student and part-time bakery clerk, has...
Jamie Lee Jackson, age 24. now a busy full-time college student and part-time bakery clerk, has been trying to organize all of her priorities, including her budget. She has been wondering if she is allocating enough of her income towards savings, which includes accumulating enough money towards the $10,000 down payment she needs to begin her dream of opening a cupcake cafe. Jamie Lee has been making regular deposits to both her regular, as well as her emergency savings account....
For year 2018 ghtseeing 24. Chris runs a business out of her home. She uses 500...
For year 2018
ghtseeing 24. Chris runs a business out of her home. She uses 500 square feet of her home exclusively for the business. Her home is 2500 square feet in total. Chris had $36,000 of business revenue and $32,000 of business expenses from her home business. The following expenses relate to her home: Mortgage interest Real estate taxes Repairs Utilities Insurance Depreciation (on business use portion of home) $ 12,400 1,800 3,200 2,600 650 1,750 What is Chris'...
Jamie Lee Jackson, age 24, now a busy full-time college student and part-time bakery clerk, has...
Jamie Lee Jackson, age 24, now a busy full-time college student and part-time bakery clerk, has been trying to organize all of her priorities, including her budget. She has been wondering if she is allocating enough of her income towards savings, which includes accumulating enough money towards the $7,500 down payment she needs to begin her dream of opening a cupcake café. Jamie Lee has been making regular deposits to both her regular, as well as her emergency savings account....
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...
Note: This problem is for the 2018 tax year. Janice Morgan, age 24, is single and...
Note: This problem is for the 2018 tax year. 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...
Problem 3-2 Schedule C (LO 3.1) 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 (5,380 miles evenly throughout the year, using standard mileage method) Entertainment in total $4,200 $450 Nine gifts at $50 each Rent and utilities for apartment in total $ 10,500 (25% is used for a home office)...
*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 ...
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...
Jamie Lee Jackson, age 24, now a busy full-time college student and part-time bakery clerk, has been trying to organize all of her priorities, including her budget. She has been wondering if she is allocating enough of her Income towards savings, which includes accumulating enough money towards the $13,000 down payment she needs to begin her dream of opening a cupcake cafe. Jamie Lee has been making regular deposits to both her regular, as well as her emergency savings account....
Jamie Lee Jackson, age 24. now a busy full-time college student and part-time bakery clerk, has been trying to organize all of her priorities, including her budget. She has been wondering if she is allocating enough of her income towards savings, which includes accumulating enough money towards the $10,000 down payment she needs to begin her dream of opening a cupcake cafe. Jamie Lee has been making regular deposits to both her regular, as well as her emergency savings account....
For year 2018
ghtseeing 24. Chris runs a business out of her home. She uses 500 square feet of her home exclusively for the business. Her home is 2500 square feet in total. Chris had $36,000 of business revenue and $32,000 of business expenses from her home business. The following expenses relate to her home: Mortgage interest Real estate taxes Repairs Utilities Insurance Depreciation (on business use portion of home) $ 12,400 1,800 3,200 2,600 650 1,750 What is Chris'...
Jamie Lee Jackson, age 24, now a busy full-time college student and part-time bakery clerk, has been trying to organize all of her priorities, including her budget. She has been wondering if she is allocating enough of her income towards savings, which includes accumulating enough money towards the $7,500 down payment she needs to begin her dream of opening a cupcake café. Jamie Lee has been making regular deposits to both her regular, as well as her emergency savings account....
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...
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