Exercise 11-4 (Algorithmic) (LO. 3) Tyler, a self-employed taxpayer, travels from Denver to Miami primanly on business. He spends five days conducting business and two days sightseeing. His expenses are $685 (airfare), $155 per day (meals at local restaurants), and $310 per night (lodging). If required, round your answers to the nearest dollar. What are Tyler's deductible expenses of travel took place in the below year: 2023 2022 2,622.50 X 3,010
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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?! Required information [The following information applies to the questions displayed below.] Christopher is a self-employed cash-method, calendar-year taxpayer, and he made the following cash payments related to his business this year. Calculate the after-tax cost of each payment assuming Christopher has a 37 percent marginal tax rate. b. $800 of interest on a short-term loan incurred in September and repaid in November. Half of the loan proceeds was used immediately to pay salaries and the other half was invested in municipal bonds until November. After-tax costJoseph travels from his home in Massachusetts and flies to Paris to atterid meetings related to his business. He plans to spend 10 days (including 2 travel days) conducting business and 4 days sightseeing for personal pleasure. His trip is primarily for business. Assume he has the following expenses: Airfare and rail pass Lodging per day Meals per day (a) $3,560 $325 $182 x Your answer is incorrect. Deduction How much can Joseph deduct as a travel expense in 2023? (Round Intermediate percentage calculations to 0 decimal places, eg. 15% and final answer to 0 decimal places, eg. 5,125) 3,976
- [The following information applies to the questions displayed below.] Sarah is a cash-method, calendar-year taxpayer, and she is considering making the following cash payments related to her business. Calculate the after-tax cost of each payment assuming she is subject to a 37 percent marginal tax rate. Note: Do not round intermediate calculation. Problem 9-54 Part-b (Algo) b. $4,600 to reimburse the cost of meals at restaurants incurred by employees while traveling for the business.Required information [The following information applies to the questions displayed below.] Clyde is a cash-method taxpayer who reports on a calendar-year basis. This year Paylate Corporation has decided to pay Clyde a year-end bonus of $1,000. Determine the amount Clyde should include in his gross income this year under the following circumstances. (Leave no answer blank. Enter zero if applicable.) a. Paylate Corporation wrote the check and put it in Clyde's office mail slot on December 30 of this year, but Clyde did not bother to stop by the office to pick it up until after year-end. Amount to be included in gross incomeJordan took a business trip from New York to Denver. She spent two days in travel, conducted business for nine days, and visited friends for five days. She incurred the following expenses: Airfare $ 580 Lodging 3,800 Meals 950 Entertainment of clients 760 Required: How much of these expenses can Jordan deduct? Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar value. Deduction
- Subject :-- Accounting Melissa is a mechanic. She runs her own business specialising in repairing electric vehicles, especially cars. This year her company has some expenses. Referring to relevant provisions of the Income Tax Assessment Act 1997 (Cth), Income Tax Assessment Act 1936 (Cth) and case laws, discuss the following amounts are deductible or not: (Maximum 800 words) a) She spends travel cast from her home to her repair centre regularly. In this process, she spent a total travel cost of $3,200 this year. b) A staff who works in the repair centre paid a $1,080 fine for speeding a car that he was driving in the process of servicing and repairing. c) Legal expenses incurred by a company opposing a petition for winding up. The company paid $ 11,000 for lawyers and court fees.Required information [The following information applies to the questions displayed below.] Christopher is a self-employed cash-method, calendar-year taxpayer, and he made the following cash payments related to his business this year. Calculate the after-tax cost of each payment assuming Christopher has a 37 percent marginal tax rate. c. $600 for office supplies in May of this year. He used half of the supplies this year and he will use the remaining half by February of next year. After-tax costDuring the year, Sandy went from Detroit, MI to Chicago on business. She flew to Chicago on Sunday, worked on Monday and Tuesday, did some sightseeing on Wednesday and Thursday, and flew home on Friday. Her expenses are as follows: Air fare $400 Total Meal Expenses $600 ($100 per day) Assuming no reimbursement, calculate Sandy’s total allowable deduction for her travel expenses.
- Clyde is a cash-method taxpayer who reports on a calendar-year basis. This year Paylate Corporation has decided to pay Clyde a year-end bonus of $1,450.Determine the amount Clyde should include in his gross income this year under the following circumstances. (Leave no answer blank. Enter zero if applicable.) Problem 5-53 Part-a (Algo) a. Paylate Corporation wrote the check and put it in Clyde’s office mail slot on December 30 of this year, but Clyde did not bother to stop by the office to pick it up until after year-end. Amount to be included in gross income - _______Clyde is a cash-method taxpayer who reports on a calendar-year basis. This year Paylate Corporation has decided to pay Clyde a year-end bonus of $1,450.Determine the amount Clyde should include in his gross income this year under the following circumstances. (Leave no answer blank. Enter zero if applicable.) Problem 5-53 Part-d (Algo) d. Clyde picked up the check in December, but the check could not be cashed immediately because it was postdated January 10. Amount to be included in gross income - ________Question 25. In tax year 2021, Max (a single taxpayer who is self-employed) used his car for 16,000 miles of business use and 4,000 miles of personal use. Max incurred the following expenses during 2021 (except for the parking and tolls, all expenses represent the total expense incurred during the year and are allocable between business and personal use): (1) $400 for parking and tolls related solely to business trips (2) $800 for gasoline (3) $1,000 for insurance (4) $10,200 for depreciation (5) $500 for fines relating to speeding tickets and parking violations Compute Max's deduction for transportation expenses in 2021 under both the actual expense method and the automatic (standard) mileage method. A. $12,000 actual expense method; $8,960 standard mileage method B. $12,500 actual expense method; $9,360 standard mileage method C. $9,600 actual expense method; $8,960 standard mileage method D. S10.000 actual expense method; $9,360 standard mileage method