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Expense- The expenses are referred as the cost which are incurred for operating of the business. The expense includes payment to supplies, employee wages, factory leases etc. There are four types of expenses exists like variable expense, fixed expenses, intermittent expense and discretionary expenses.
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- 1. Jackie owns a temporary employment agency that hires personnel to perform accounting services for clients. During the year, her expenses for her clients include the following: Cab fare to and from restaurants $ 490 Gratuity at restaurants 440 Meals 4,700 Cover charges 390 All expenses are reasonable. Required: How much of these expenses can Jackie deduct? How is the deduction classified?5. Transportation Expense. (Obj. 2) Ricardo works two jobs each day, Monday through Friday. He works eight hours at his first job and three hours at his second job. He drives the following miles each day: Home to first job First job to second job Second job to home 20 miles 12 miles 30 miles a. If Ricardo follows this routine for 250 days during 2018, how many miles qualify for the mileage deduction? b. Compute Ricardo's mileage deduction using the standard mileage method.14. Carla is not happy with her present job, she resigned and started her own business. The business requires her to travel so she used her car for the purpose. Assume that A started her business on April 1 and that the uses the car for business 70% of the time. Assuming total expenses for the year for the use of the car is P300,000, the deductible expense is:* a. 210,000 b. 225,000 c. 300,000 d. 157,500
- Lori Kinmark works as a jeweler for a local company. She earns 1,000 per week, plus a year-end bonus of 2,000. Kinmark also earns an additional net self-employment income of 28,000 per year. ____1.Compute Kinmarks annual earnings from employment. ____2.Compute Kinmarks total earnings from her job and from self-employment income. ____3.How much self-employment income should Kinmark include in computing taxable self-employment income for OASDI taxes? ____4.What are the total FICA taxes on her self-employment earnings?4. Mary O'Connel is earning a weekly salary of $521.60 as a payroll clerk. She has accepted a new assignment in the tax processing department. In her new position, she will be paid an annual salary of $30,534.00. How much more will she earn per week in her new position?Exercise 15-21 (Algorithmic) (LO. 3, 4) In 2021, Henry Jones (Social Security number 123-45-6789) works as a freelance driver, finding customers using various platforms like Uber and Grubhub. He is single and has no other sources of income. In 2021, Henry's qualified business income from driving is $116,200. Assume Henry takes the standard deduction of $12,550. Click here to access the 2021 individual tax rate schedule to use for this problem. Assume the QBI amount is net of the self-employment tax deduction. a. Compute Henry's QBI deduction and his tax liability for 2021. QBI deduction: $ 20,730 Tax liability (round to the nearest dollar): X
- B 12. Susan works part-time with an accounting firm while she completes her accounting degree. She hopes to then be offered a full-time position. She also does some waitressing to supplement her income while studying. Which of the following are deductible to Susan under s8-1? Select one: 1 Purchase of a black skirt and white shirt as required for her waitressing job. 2 Cost of travel from home to her accounting job. 3 Cost of travel from her accounting job to her waitressing job. 4 Purchase of suits as required by her accounting firm.Required information [The following information applies to the questions displayed below.] Michelle operates several food trucks. Indicate the amount (if any) that she can deduct as an ordinary and necessary business deduction in each of the following situations. (Leave no answers blank. Enter zero if applicable.) a. Michelle moves her food truck between various locations on a daily rotation. Last week, Michelle was stopped for speeding. She paid a fine of $125 for speeding, including $80 for legal advice in connection with the ticket. Deductible amountK Andy Palermo is a commission salesperson with a base salary of $98,000. In 2023, he earns commissions of $16,900. Of this amount he rece travel. He incurs the following expenses: Meals and Entertainment with clients 22,700 11,900 Hotel and airline tickets What is the amount of Andy's maximum deduction for these expenses in determining his 2023 employment income? A. $9,400 B. $11,900 OC. $34,600 D. $16,900 E. $23,250 $
- 17. The following deductions are made from the salary of an employee. DEDUCTIONS Income tax 35%National housing 2%Education tax 1% What is the total amount which should be deducted from her employee’s salary $1 800 per month? A. $486B. $648C. $684D. $846Lou incurred the following business expenses during the year: Penalty for breach of business contract $3,200 State sales tax penalty for late remittance $2,500 Rent expense $6,000 Office supplies $450 Early withdrawal penalty on investment account at a savings and loan $185 What are Lou’s allowable current-year deductions? A. $6,635 B. $9,835 C. $12,150 D. $12,335Betty is a manager at a Big 4 accounting firm. She earns $120,000 per year. How much is her low income rebate? a. $1,200 b. $600 c. Nil d. $445