a. How much is Cooper’s total deduction on his Schedule C for special clothing and uniforms? fill in the blank 1 of 1$ b. How much is Brandy’s total deduction on her Schedule C for special clothing and uniforms?
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Cooper and Brandy are married and file a joint income tax return with two separate Schedule Cs. Cooper is an independent security specialist who spent $360 on uniforms during the year. His laundry expenses for the uniforms were $72 for this year, plus $54 for altering them. Brandy works as a drill press operator and wears jeans and a work shirt on the
a. How much is Cooper’s total deduction on his Schedule C for special clothing and uniforms?
fill in the blank 1 of 1$
b. How much is Brandy’s total deduction on her Schedule C for special clothing and uniforms?
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- Martha is a self-employed tax accountant who drives her car to visit clients on a regular basis. She drives her car 4,000 miles for business and 10,000 for commuting and other personal use. Assuming Martha uses the standard mileage method, how much is her auto expense for the year? Where in her tax return should Martha claim this deduction? _________________________________________________ _______________________________________________________________________________ _______________________________________________________________________________Bruce and Amanda are married during the tax year. Bruce is a botanist at Green Corporation. Bruce earns a salary of $56,000 per year. Green Corporation has an accountable reimbursement plan. During the year, Bruce has $5,000 of employee expenses. Green Corporation reimburses Bruce for only $4,000 of expenses.Bruce decides to put $5,500 into a Traditional IRA. Amanda owns a financial consulting firm as a sole proprietor (it qualifies as a full trade or business). Amanda generates $80,000 of revenues during the year. She has the following business payments associated with her firm:● Utilities: $2,000● Office Rent: $14,000● Self-Employment Tax: $5,000● Salary for her secretary: $20,000● Fines/Penalties: $8,000● Payroll Taxes (Employer Portion): $1,000● Business Meals: $2,000● Bribe to police officer to forgive parking violation $1,500Due to the income and expenses above, Amanda has $39,500 of Qualified Business Income. Also, during the year a tornado damaged the roof of their personal…Bruce and Amanda are married during the tax year. Bruce is a botanist at Green Corporation. Bruce earns a salary of $56,000 per year. Green Corporation has an accountable reimbursement plan. During the year, Bruce has $5,000 of employee expenses. Green Corporation reimburses Bruce for only $4,000 of expenses. Bruce decides to put $5,500 into a Traditional IRA. Amanda owns a financial consulting firm as a sole proprietor (it qualifies as a full trade or business). Amanda generates $80,000 of revenues during the year. She has the following business payments associated with her firm: Utilities: $2,000 Office Rent: $14,000 Self-Employment Tax: $5,000 Salary for her secretary: $20,000 Fines/Penalties: $8,000 Payroll Taxes (Employer Portion): $1,000 Business Meals: $2,000 Bribe to police officer to forgive parking violation $1,500 Due to the income and expenses above, Amanda has $39,500 of Qualified Business Income for the purposes of the QBI deduction. Also, during the year a tornado…
- Bruce and Amanda are married during the tax year. Bruce is a botanist at Green Corporation. Bruce earns a salary of $56,000 per year. Green Corporation has an accountable reimbursement plan. During the year, Bruce has $5,000 of employee expenses. Green Corporation reimburses Bruce for only $4,000 of expenses. Bruce decides to put $5,500 into a Traditional IRA. Amanda owns a financial consulting firm as a sole proprietor (it qualifies as a full trade or business). Amanda generates $80,000 of revenues during the year. She has the following business payments associated with her firm: Utilities: $2,000 Office Rent: $14,000 Self-Employment Tax: $5,000 Salary for her secretary: $20,000 Fines/Penalties: $8,000 Payroll Taxes (Employer Portion): $1,000 Business Meals: $2,000 Bribe to police officer to forgive parking violation $1,500 Due to the income and expenses above, Amanda has $39,500 of Qualified Business Income for the purposes of the QBI deduction. Also, during the year a tornado…Jasmin is a mechanic. She runs her own business specialising in repairing electric cars. During the year, Jasmin incurred the following expenses: a) salary costs to her two regular employees of $150,000 (paid electronically through the business’s payroll system, which automatically applies the relevant tax withholding and pays the amount to the ATO); b) $5,000 on special overalls and eye goggles for Jasmin and her employees to use when they are repairing cars; c) childcare costs of $22,000 so that Jasmin can go to work every day; d) $1,000 on a one-day course on a new accounting software program that Jasmin wants to use in the business to better comply with new tax reporting requirements. Required: Advise Jasmin whether the above expenses would be deductible for income tax purposes.Bruce and Amanda are married during the tax year. Bruce is a botanist at Green Corporation. Bruce earns a salary of $56,000 per year. Green Corporation has an accountable reimbursement plan. During the year, Bruce has $5,000 of employee expenses. Green Corporation reimburses Bruce for only $4,000 of expenses. Bruce decides to put $5,500 into a Traditional IRA. Amanda owns a financial consulting firm as a sole proprietor (it qualifies as a full trade or business). Amanda generates $80,000 of revenues during the year. She has the following business payments associated with her firm: Utilities: $2,000 Office Rent: $14,000 Self-Employment Tax: $5,000 Salary for her secretary: $20,000 Fines/Penalties: $8,000 Payroll Taxes (Employer Portion): $1,000 Business Meals: $2,000 Bribe to police officer to forgive parking violation $1,500 Due to the income and expenses above, Amanda has $39,500 of Qualified Business Income for the purposes of the QBI deduction. Also, during the year a…
- Bruce and Amanda are married during the tax year. Bruce is a botanist at Green Corporation. Bruce earns a salary of $56,000 per year. Green Corporation has an accountable reimbursement plan. During the year, Bruce has $5,000 of employee expenses. Green Corporation reimburses Bruce for only $4,000 of expenses. Bruce decides to put $5,500 into a Traditional IRA. Amanda owns a financial consulting firm as a sole proprietor (it qualifies as a full trade or business). Amanda generates $80,000 of revenues during the year. She has the following business payments associated with her firm: Utilities: $2,000 Office Rent: $14,000 Self-Employment Tax: $5,000 Salary for her secretary: $20,000 Fines/Penalties: $8,000 Payroll Taxes (Employer Portion): $1,000 Business Meals: $2,000 Bribe to police officer to forgive parking violation $1,500 Due to the income and expenses above, Amanda has $39,500 of Qualified Business Income for the purposes of the QBI deduction. Also, during the year a tornado…Reese, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In late December, she received a $59,000 bill from her accountant for consulting services related to her small business. Reese can pay the $59,000 bill anytime before January 30 of next year without penalty. Assume Reese's marginal tax rate is 32 percent this year and 35 percent next year, and that she can earn an after-tax rate of return of 11 percent on her investments. Required: a. What is the after-tax cost if she pays the $59,000 bill in December? b. What is the after-tax cost if she pays the $59,000 bill in January? Use Exhibit 3.1. Note: Do not round intermediate calculations. Round your answer to the nearest whole dollar amount. c. Should Reese pay the $59,000 bill in December or January? d. What is the after-tax cost if she expects her marginal tax rate to be 24 percent next year and pays the $59,000 bill in January? Use Exhibit 3.1. Note: Round your answer to the nearest whole…Reese, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In late December, she received a $20,000 bill from her accountant for consulting services related to her small business. Reese can pay the $20,000 bill anytime before January 30 of next year without penalty. Assume Reese's marginal tax rate is 32 percent this year and 35 percent next year, and that she can earn an after-tax rate of return of 12 percent on her investments. What is the after-tax cost if she expects her marginal tax rate to be 24 percent next year and pays the $20,000 bill in January? Use Exhibit 3.1. Note: Round your answer to the nearest whole dollar amount. Should Reese pay the $20,000 bill in December or January if she expects her marginal tax rate to be 32 percent this year and 24 percent next year?
- Reese, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In late December, she received a $11,000 bill from her accountant for consulting services related to her small business. Reese can pay the $11,000 bill anytime before January 30 of next year without penalty. Assume Reese’s marginal tax rate is 32 percent this year and will be 37 percent next year, and that she can earn an after-tax rate of return of 5 percent on her investments. Required: What is the after-tax cost if she pays the $11,000 bill in December? What is the after-tax cost if she pays the $11,000 bill in January? Use Exhibit 3.1. Note: Round your answer to the nearest whole dollar amount. 3. Based on requirements a and b, should Reese pay the $11,000 bill in December or January? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.Denise, a single, cash-method taxpayer, paid the following taxes in the current year: Denise's employer withheld $6,000 for federal income taxes, $1,600 for state income taxes, and $3,600 for FICA from her paychecks. Denise purchased a new car and paid $720 in sales tax and $100 for the license. The car's FMV was $24,000 and it weighed 3,000 pounds. The county also assessed a property tax on the car. The tax was 2% of the car's value and $10 per hundredweight.Denise uses the car 100% of the time for personal purposes. Denise sold her house on May 1 of the current year. The county's property tax on the home for the year is $2,300, payable on February 1 of the current year. The county's real property tax year is the calendar year. Denise's AGI for the year is $61,000 and her other itemized deductions exclusive of taxes are $9,900 (disregard any leap year). Read the requirements. Requirement a. What is Denise's deduction for taxes in the current year? (Assume…Jane Binyan is single with one dependent and files as head of household. She is the chief financial officer at the university where she works, and her salary is $173,400. She has other income of $2800, interest income of $8400, and adjustment to income of $6000 for a 401K retirement plan at work. Her itemized deductions are $14,380 in mortgage interest, $4820 in state income tax, $7800 in real estate taxes, and $6800 in charitable contributions. What is the amount of her tax? A)$28,450 B)$28,100 C)$28,775 D)$28,669