During 2021, Harry, a self-employed accountant, travels from Kansas City to Miami for a seven-day business trip. While in Miami, Harry decides to stay for an additional 5 days of vacation. Harry pays $600 for airfare, $200 for restaurant meals, and $500 for lodging while on business. The cost of meals and lodging while on vacation was $300 and $500, respectively. How much may Harry deduct as travel expenses for the trip?

Rex Luther is an Anesthesiologist. He is single and has an adjusted gross income of $244,500.  He paid $5,200 in student loan interest in 2022.  How much can he deduct in student loan interest as an adjustment to his income?

During 2023, Jacob (a self-employed Legal consultant) went from Milwaukee to Hawaii on business. Preceding a five-day business meeting, he spent four days vacationing at the beach. Excluding the vacation costs, his expenses for the trip are: Airfare $3,200 Lodging 900 Meals 800 Entertainment 600 ​ Presuming no reimbursement, deductible expenses are:

Taylor, age 15, is claimed as a dependent by her parents. For 2023, she has the following income: $3,000 wages from a summer job, $1,885 interest from a money market account, and $2,100 interest from City of Chicago bonds. If required, round your answers to the nearest dollar. If required, round your answers to the nearest dollar. If an amount is zero, enter "0". Click here to access the 2023 tax rate schedule. a. Taylor's standard deduction for 2023 is $ Taylor's taxable income for 2023 is $ Feedback Check My Work 2,385 2,385 X x. To reduce the tax savings that result from shifting income from parents to children, the net unearned income (commonly called investment income) of certain children is taxed using special rules. This provision, commonly referred to as the kiddie tax, applies to any child who is under age 19 (or under age 24 if a full-time student) and has unearned income of more than $2,500. b. Compute Taylor's "net unearned income" for the purpose of the kiddie tax. $ 0…

Reggie is a self-employed taxpayer who turns 59 years old at the end of the year (2021). In 2021, his net Schedule C income was $300,000. This was his only source of income. This year, Reggie is considering setting up a retirement plan. What is the maximum amount he may contribute to the self-employed plan in each of the following situations? (Round your intermediate calculations to the nearest whole dollar amount.) a. He sets up a SEP IRA. b. He sets up an individual 401(k).

Mr. Joplin sells a line of computer software for a company in Western Canada. In 2023, he was paid a base salary of $56,000 and received sales commissions of $88,200. He did not receive an allowance, nor was he reimbursed by his employer for any of his expenses. During the year, Mr. Joplin has the following employment-related expenses. View the expenses. View the additional information. Required Determine Mr. Joplin's employment income for 2023. Ignore all GST/HST and PST implications. k First, calculate the deductible CCA on the automobile used by Mr. Joplin. Enter the employment-related usage proportion as a percentage. Full capital cost allowance Employment-related usage proportion Deductible CCA on automobile Expenses Airline tickets Office supplies and shipping expenses Purchase of laptop computer Client entertainment Cost of new automobile (not zero-emission) Operating expenses of automobile $ 2,380 420 2,095 1,770 47,000 10,700 C X Additional Information Assume that $390 of the…

This year (2022), Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $74,400 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows: Cost of moving his possessions to the city (125 miles away) $ 1,200 Interest paid on accumulated student loans 2,940 Cost of purchasing a delivery uniform 1,540 Cash contribution to State University deliveryman program 1,370 Calculate Evan's AGI and taxable income if he files single. Assume that interest payments were initially required on Evan's student loans this year.

Taylor, age 14, is claimed as a dependent by her parents. For 2023, she has the following income: $3,200 wages from a summer job, $1,755 interest from a money market account, and $1,875 interest from City of Chicago bonds. If required, round your answers to the nearest dollar. If required, round your answers to the nearest dollar. If an amount is zero, enter "0". Click here to access the 2023 tax rate schedule. a. Taylor's standard deduction for 2023 is $ Taylor's taxable income for 2023 is $ Feedback Check My Work $ 3,600 ✔ . To reduce the tax savings that result from shifting income from parents to children, the net unearned income (commonly called investment income) of certain children is taxed using special rules. This provision, commonly referred to as the kiddie tax, applies to any child who is under age 19 (or under age 24 if a full-time student) and has unearned income of more than $2,500. b. Compute Taylor's "net unearned income" for the purpose of the kiddie tax. 1,755 X 0 X.…

5. Dennis, the owner of Dennis Company, incurs the following expenses while away from home on a 3-week business trip during 2019:   Airfare from Chicago to Boston $800 Hotel charges 1,800 Meal charges 740 Dry cleaning and laundry 100 Local transportation 40 Business entertainment 150 Business gift to Boston customer 45 In addition to the above expenses, Dennis incurred the following expenses for a weekend sightseeing trip to Washington D.C.:   Transportation to Washington D.C. $200 Hotel charges 125 Meal charges 95     Calculate the amount Dennis may deduct for 2019 as travel expenses for the trip. Calculate the amount Dennis may deduct for 2019 as entertainment. Calculate the amount Dennis may deduct for 2019 as business gifts.

Lorna Hall’s real estate tax of $2,010.88 was due on December 14, 2019. Lorna lost her job and could not pay her tax bill until February 27, 2020. The penalty for late payment is  612%612% ordinary interest. (Use Days in a year table.)a. What is the penalty Lorna must pay? (Round your answer to the nearest cent.) Penalty Pay   b. What is the total amount Lorna must pay on February 27? (Round your answer to the nearest cent.) Total Amount