[The following information applies to the questions displayed below.] LaMont works for a company in downtown Chicago. The company encourages employees to use public transportation (to save the environment) by providing them with transit passes at a cost of $278 per month. Problem 12-47 Part a (Algo) a. If LaMont receives one pass (worth $278) each month, how much of this benefit must he include in his gross income each year? Transit pass benefit to be included in gross income

[The following information applies to the questions displayed below.] LaMont works for a company in downtown Chicago. The company encourages employees to use public transportation (to save the environment) by providing them with transit passes at a cost of $278 per month. Problem 12-47 Part a (Algo) a. If LaMont receives one pass (worth $278) each month, how much of this benefit must he include in his gross income each year? Transit pass benefit to be included in gross income

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 26P

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************* LaMont works for a company in downtown Chicago. The company encourages employees to use public transportation (to save the environment) by providing them with transit passes at a cost of $283 per month. a. If LaMont receives one pass (worth $283) each month, how much of this benefit must he include in his gross income each year? Transit pass benefit to be included in gross income Show Transcribed Text b. If the company provides each employee with $283 per month in parking benefits, how much of the parking benefit must LaMont include in his gross income each year? Parking benefit to be included in gross income
O e. OMR156.75 Clear my choice non 6 et ered Ali is a student at the University. He recently purchased a car for OMR5,000 to use it for going to the University. Ali also expects that other friends might ask for transportation from him. He expects a total monthly revenue of OMR60. He expects fuel cost to be OMR30 per month. One of Ali's friends is a taxi driver. He offered Ali to take him to University for a monthly fee of OMR10. Because he does not have to drive, Ali believes that he can perform online work ed out of g question that would earn him a monthly revenue of OMR10. What is the differential revenue in this scenario? Select one: O a. OMR20 O b. OMR40 O c. OMR10 O d. OMR30 O e. OMR50 ious page Next page 18
Problem 9-24 (LO. 3) Kristen, an independent management consultant, is based in Atlanta. During March and April of 2020, she is contracted by a national hardware chain to help implement revised human resource policies in Jackson (Mississippi) temporarily. During this period, Kristen flies to Jackson on Sunday night, spends the week at the district office, and returns home to Atlanta on Friday afternoon. The cost of returning home is $550, and the cost of spending the weekend in Jackson would have been $490. a. Presuming no reimbursement for these expenses, how much, if any, of these weekend expenses may Kristen deduct?$fill in the blank 9570f9fe1fa5079_1 b. What would your answer be if the amounts involved were reversed (i.e., the trip home would have cost $490; staying in Jackson would have been $550)? Kristen may deduct $fill in the blank 05a4acfc8fd204e_1 as weekend expenses.
PROBLEMS Problem 1. At the beginning of the year, government agency purchases seven 1-year old pigs for P5,000 each. The following occurred during the period: • On June 30, 2021, twelve piglets were born. The FVLCS on this date is P1,500 each. • On July 1, 2021, three half-year old pigs were purchased for P3,500 each. • On December 31, 2021, fourteen piglets were born. FVLCS of which is P1,800 each. The FVLCS on December 31, 2021 are as follows: AGE FVLCS New born P1,800 0.5 year old P2,500 1 year old P4,500 2 years old P6,500 Journal entry relating to the purchase on January 1, 2021. d. Journal entry relating to June 30, 2021 e. Journal entry relating to July 1, 2021 f. Journal entry relating to December 31, 2021 g. Total carrying amount of the pigs on December 31, 2021. Problem 2. An entity purchased a livestock for P100,000. Transportation costs would be 15,000. a. How much is the fair value of the livestock? b. If there is no quoted price in an…
! Required information Don Carson and two colleagues are considering opening a law office in a large metropolitan area to make inexpensive legal services available to people who cannot otherwise afford these services. They intend to provide easy access for their clients by having the office open 360 days per year, 16 hours each day from 7:00 a.m. to 11:00 p.m. A lawyer, paralegal, legal secretary, and clerk-receptionist would staff the office for each of the two 8-hour shifts. To determine the feasibility of the project, Don hired a marketing consultant to assist with market projections. The consultant's results show that if the firm spends $538,000 on advertising the first year, the number of new clients expected each day would have the following probability distribution: Number of New Clients per Day 10 20 40 60 Probability 0.10 0.10 0.20 0.60 Don and his associates believe these numbers to be reasonable and are prepared to spend the $538,000 on advertising. Other pertinent…
Problem 9-26 (LO. 1, 3, 5) Kim works for a clothing manufacturer as a dress designer. During 2020, she travels to New York City to attend five days of fashion shows and then spends three days sightseeing. Her expenses are as follows: Airfare $1,500 Lodging (8 nights) 1,920 Meals (8 days) 1,440 Airport transportation 120 Assume lodging/meals are the same amount for the business and personal portion of the trip ($240 per day for lodging and $180 per day for meals). If an amount is zero, enter "0". a. Determine Kim's business expenses, presuming no reimbursement. Airfare $fill in the blank 54c797fed034fc0_1 Lodging fill in the blank 54c797fed034fc0_2 Meals fill in the blank 54c797fed034fc0_3 Transportation fill in the blank 54c797fed034fc0_4 Total $fill in the blank 54c797fed034fc0_5 What amount may she deduct on her tax return?$fill in the blank 54c797fed034fc0_6 b. Would the tax treatment of Kim's deduction differ if she was…
Which one of the following statements is false? Group of answer choices A.Bill drives 20 each way between his home to his office – 40 miles round trip each day. During the day he drives to a client site. He drives a total of 63 miles that day. He may deduct the cost of 43 miles. B.Commuting expenses may be deductible if you are transporting tools. C.A consultant works out of her home. She may deduct the cost of driving to a client’s place of business. D.The expenses of driving between your regular job and a second job are deductible.
! Required information [The following information applies to the questions displayed below.] Jarvie loves to bike. In fact, he has always turned down better-paying jobs to work in bicycle shops where he gets an employee discount. At Jarvie's current shop, Bad Dog Cycles, each employee is allowed to purchase four bicycles a year at a discount. Bad Dog has an average gross profit percentage on bicycles of 25 percent. During the current year, Jarvie bought the following bikes: Description Specialized road bike Rocky Mountain mountain bike Trek road bike Yeti mountain bike Amount to be included Retail Price Cost $7,200 $5,300 5,700 4,400 4,560 2,500 2,250 1,750 5,700 4,650 4,560 Employee Price $5,040 a. What amount is Jarvie required to include in taxable income from these purchases?
10. Special-Order Decision, Services, Qualitative Aspects Jason Rogers works full-time for UPS and runs a lawn-mowing service part-time after work during the warm months of April through October. Jason has two men working with him, each of whom is paid $6.00 per lawn mowing. Jason has 25 residential customers who contract with him for once-weekly lawn mowing during the months of May through September, and twice-per-month mowings during April and October. On average, Jason charges $42 per lawn mowed. Recently, LStar Property Management Services asked Jason to mow the lawn at each of its 29 rental houses every two weeks during the months of May through September. LStar has offered to pay $29 per lawn mowing, and would forego the lawn edging that normally takes Jason’s team about half of its regular mowing time. If Jason accepts the job, he can assign a one-man team to mow the rental house yards, and will have to buy an additional power lawn mower for about $370 used. Fuel to run the…
Square one invitations has its head office in downtown designer Saskatchewan the employees at this location have their 3300 monthly parking fees plus GST paid for by the company calculate the biweekly parking tax benefit for the employees
to.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fperustatecollege.blackboard.com%252Fwebapps%25 Chapters 7-9) f Saved Maggie Vitteta, single, works 30 hours per week at $14.00 an hour. How much is taken out for federal income tax with one withholding exemption? (Use Table 9.1 and Table 9.2) (Round your answer to the nearest cent.) Amount Mc Graw Hill @ 2# $ 3 4. e
David and Gary are students at Berkeley College. They share an apartment that is owned by Gary. Gary is considering subscribing to an Internet provider that has the following packages available: Package A. Internet access B. Phone services C. Internet access + phone services (a) Stand-alone (b) Incremental David primary user Gary primary user Per Month (c) Shapley $ 85 15 90 Requirement 1. Allocate the $90 between David and Gary using (a) the stand-alone cost-allocation method, (b) the incremental cost-allocation method, and (c) the Shapley value method. (Round your answers to the nearest cent.) Costs allocated to David Gary C David spends most of his time on the Internet ("everything can be found online now"). Gary prefers to spend his time talking on the phone rather than using the Internet ("going online is a waste of time"). They agree that the purchase of the $90 total package is a "win-win" situation. Requirements 1. Allocate the $90 between David and Gary using (a) the…