Exercise 9-13 (Algorithmic) (LO. 2)Lara uses the standard mileage method for determining auto expenses. During2020, she used her car as follows: 20,600 miles for business, 4,120 miles forpersonal use, 6,180 miles for a move to a new job, 2,060 miles for charitablepurposes, and 1,030 miles for medical visits. Presuming that all the mileageexpenses are allowable (i.e., not subject to percentage limitations), what is Lara'sdeduction for:> If required, round your answers to the nearest dollar.a. Business?9,775 XFeedbackb. Charitable?288Feedbackc. Medical?175 Exercise 9-13 (Algorithmic) (LO. 2)Lara uses the standard mileage method for determining auto expenses. During2020, she used her car as follows: 20,600 miles for business, 4,120 miles forpersonal use, 6,180 miles for a move to a new job, 2,060 miles for charitablepurposes, and 1,030 miles for medical visits. Presuming that all the mileageexpenses are allowable (i.e., not subject to percentage limitations), what is Lara'sdeduction for:> If required, round your answers to the nearest dollar.a. Business?9,775 XFeedbackb. Charitable?288Feedbackc. Medical?175

To calculate Lara's deductions:a. Business: Lara drove 9,000 miles for business purposes. The…

Answered: Exercise 9-13 (Algorithmic) (LO. 2)…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter9: Deductions: Employee And Self-employed-related Expenses

Section: Chapter Questions

Problem 23P

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Exercise 9-12 (Algorithmic) (LO. 2) Lara uses the standard mileage method for determining auto expenses. During 2023, she used her car as follows: 23,200 miles for business, 4,640 miles for personal use, 6,960 miles for a move to a new job, 2,320 miles for charitable purposes, and 1,160 miles for medical visits. Presuming that all the mileage expenses are allowable (i.e., not subject to percentage limitations), what is Lara's deduction for: If required, round your answers to the nearest dollar. a. Business? $15,198 b. Charitable? 325 c. Medical? 255
Siena's record keeping application shows she also drove 1, 100 miles between deliveries and 560 miles driven between home and the first and last delivery point of the day. She also drove 10,000 miles for personal purposes. Siena does not have a separate car for personal use. She started using her car for business on May 17, 2023. Siena also kept receipts for the following out-of-pocket expenses:o $100 on tollso $50 for parkingo $48 for parking ticketso $150 for snacks and lunches Siena consumed while working Siena provided the Form 1099 - K that she received from Delicious Deliveries. Siena contributed $6,000 to her traditional IRA. She also contributed to her retirement plan at work. Siena, Kenna, and Stacy are U.S. citizens, have valid Social Security numbers, and lived in the United States all year. 12. How many miles can Siena claim for the business mileage expense?a. 1,100 b. 5,700 c. 6,800 d. 7,360
Transportation (LO 3.3) Teresa is a self-employed civil engineer who uses her automobile for business. Teresa drove her automobile a total of 11,965 miles during 2020, of which 80% was business mileage. The actual cost of gasoline, oil, depreciation, repairs, and insurance for the year was $6,440. Teresa is eligible to use the actual or standard method. If required, round your answers to the nearest dollar. a. How much is Teresa's transportation deduction based on the standard mileage method?$fill in the blank f77e440a8016001_1 b. How much is Teresa's transportation deduction based on the actual cost method?$fill in the blank 4eb51bfe9039fc8_1 c. Which method should Teresa use to calculate her transportation deduction? Since the method yields the larger deduction, Teresa should use the method to determine her deduction.
Note : Dont post image in this answer Clark moved from Salt Lake City, Utah to Los Angeles, California in November 15, 2022, where he was stationed in the military. He drove his own car for the move, covering a total of 1,250 miles. During the trip, he spent $180 on parking and tolls, $680 on lodging, and $300 on meals. If he chooses to use the Standard Mileage Rate, what amount of his moving expenses can he deduct as an adjustment to income on his 2022 tax return? a) $ 1,220.50 b) $ 920.50 c) $ 781.25 d) $1,160.00
a. What amount of these costs can Melissa deduct as business expenses? b. Suppose that while Melissa was on the coast, she also spent two days sightseeing the national parks in the area. To do the sightseeing, she paid $1,100 for transportation, $800 for lodging, and $355 for meals during this part of her trip, which she considers personal in nature. What amount of the total costs can Melissa deduct as business expenses? c. Suppose that Melissa made the trip to San Francisco primarily to visit the national parks and only attended the business conference as an incidental benefit of being present on the coast at that time. What amount of the airfare can Melissa deduct as a business expense? d. Suppose that Melissa's permanent residence and business were located in San Francisco. She attended the conference in San Francisco and paid $380 for the registration fee. She drove 182 miles over the course of three days and paid $183 for parking at the conference hotel. In addition, she spent…
Peter operates a dental office in his home. The office occupies 250 square feet of his residence, which is a total of 1,500 square feet. During 2021, Peter pays rent for his home of $12,000, utilities of $4,800, and maintenance expenses of $1,200. What amount of the total expenses should be allocated to the home office? a.$3,000 b.$2,500 c.$2,000 d.$0 e.None of these choices are correct.
. Tyler has the following auto expenses: Gas $1,500 Maintenance $250 Parking Fee for work $150 Depreciation $ 1,000 Tyler drove the car 12,000 miles total and has evidence of 9,000 business miles. What is Tyler's auto expense deduction if he elects standard mileage? $6, 265 $6,045 $6,415 $5,895 S $6,265 O $6,045 O $6,415 O $5,895 C Tyler has the following auto expenses: Gas $1,500 Maintenance $250 Parking Fee for work $150 Depreciation $1,000 Tyler drove the car 12,000 miles total and has evidence of 9,000 business miles. What is Tyler's auto expense deduction if he elects standard mileage?
Jordan 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 $ 570 Lodging 3,708 Meals 925 Entertainment of clients 740 How much of these expenses can Jordan deduct? Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar value.
aaPeter operates a dental office in his home. The office occupies 250 square feet of his residence, which is a total of 1,500 square feet. During 2021, Peter pays rent for his home of $12,000, utilities of $4,800, and maintenance expenses of $1,200. What amount of the total expenses should be allocated to the home office? a.$3,000 b.$2,500 c.$2,000 d.$0 e.None of these choices are correct.
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.
Jordan 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
Transportation (LO 3.3) Teresa is a self-employed civil engineer who uses her automobile for business. Teresa drove her automobile a total of 12,000 miles during 2022, of which 5,600 were business miles before July 1 and 4,000 were business miles after June 30. The actual cost of gasoline, oil, depreciation, repairs, and insurance for the year was $6,400. Teresa is eligible to use the actual or standard method. If required, round your answers to the nearest dollar. a. How much is Teresa's transportation deduction based on the standard mileage method? $ 5,756 X

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