for Schedule C in individual income tax, how do I calculate the expense for transportation of 5725 total miles traveled, entertainment in total of $4200 and gifts of $450? I know only up to $400 can be deducted in gifts but do I just put 0 can be deducted. Thanks in advance for your help.

for Schedule C in individual income tax, how do I calculate the expense for transportation of 5725 total miles traveled, entertainment in total of $4200 and gifts of $450? I know only up to $400 can be deducted in gifts but do I just put 0 can be deducted. Thanks in advance for your help.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: If you get paid $5,460 per month gross and 10% of that paycheck was chheld for federal income taxes…

A: Monthly gross income = $5,460 Federal income taxes = 10% State income taxes = 6%

Q: What is the vat payable? P43,830 P44,280 P46,680 P59,248

A: Value Added Tax The calculation of Value added tax which is taken consideration of total output…

Q: You own an a townhome with an assessed value of $184,100. The tax rate is $2.20 per $100 of assessed…

A: Property taxes are paid on the assessed value of property.Property tax = Assessed value*Tax/Par…

Q: 13. Taxpayers get a choice to use their standard or itemized deduction, whichever one is higher.…

A: Step 5 shall be Taxable income = Adjusted gross income - standard deduction , since it lowers your…

Q: ents to his purchases and if yes, how will he adjust? If no, why not? 3. Overall, who is impacted…

A: The sales tax on any sale of goods and services impacts consumer choices by affecting their buying…

Q: Richard eami $42,250 perycao. what i8 hi8 annual Income tax-2

A: Income tax is the tax that is paid by the individuals and the businesses to the government on the…

Q: If Lola Harper had the following itemized deductions, should she use Schedule A or the standard…

A: Itemized deduction is total of all tax deduction given under income tax. Standard deduction is a…

Q: Using the following table, calculate the taxes for an individual with taxable income of $25,800.…

A: Tax is the amount of money paid by a tax payer to the appropriate tax authorities on the basis of…

Q: Determine the tax rate. Round to the nearest cent or nearest hundredth. Assessed property value:…

A: The tax rate can be determined in the following manner: (Expenses to be funded by property…

Q: 3: Kasey Wolfe earned gross pay of $1,140. Each period he contributes 1.5% of gross pay to a…

A: Social Security Tax The statutory payroll tax known as Social Security is paid by both employers and…

Q: Based on the following data, calculate the items requested: Buying Costs Rental Costs Annual rent…

A: Solution:a. Total rental cost Particulars A,mount $Rent $ 8,180Insurance $ 225Interest on security$…

Q: Which of the following are "pay as you go" taxes? (multiple answers with incorrect answers…

A: The taxes that needs to be paid as and when income is earned by an individual rather than paying at…

Q: I understand the calculations portion of it but im confused with the final income tax refund amount.…

A: Tax refers to the amount charged by the government to the individuals and the organizations on the…

Q: Mr. Borbon had the following data for his income tax return for the current year: Sales Personal…

A: The question is related to taxation. In case if the we optioned to taxed by 8% , the there will be…

Q: Based on the following data, calculate the items requested: Rental Costs Annual rent Buying Costs…

A: Capital budgeting involves the evaluation of various options available for investments or projects.…

Q: A customer purchases $28.14 in products only $12.83 is taxable. How much sales tax is owed if the…

A: Sales tax is a tax levied on the sale and purchase of goods and services. It is typically a…

Q: If Lola Harper had the following itemized deductions, should she use Schedule A or the standard…

A: Itemized deductions may reduce the taxable income and it is a specific types of expenses which is…

Q: Net sales for 2022 were $1,200,000. Net income after income taxes for 2022 was $60,000. Compute the…

A: Ratio analysis helps to analyze the financial statements of the company. The management can take…

Q: Hello! I am struggling with a homework problem of mine. It is from my concepts in federal taxation…

A: Taxable Income: The amount of adjusted gross income that is liable to be taxed is known as taxable…

Q: You have some property which has an assessed value of $240,900. If the tax rate is 56.40 mills,…

A: Introduction The mill rate is based on mills which is derived from Latin word millesimal which…

Q: Based on the withholding tax table above solve the following problems: I am receiving monthly…

A: Monthly Compensation = 65000 SSS Contribution = 1500 Philhealth Contribution = 500 Pag ibig…

Q: Determine the maximum contribution that can be made to a Keogh plan in each of the following cases.…

A: In all cases, the maximum Keogh contribution is limited to the lower of $53,000 or 25% of earned…

Q: You own a townhome with and assessed value of 182,300. The tax rate is $2.20 per $100 of assessed…

A: The property taxes are levied on the assessed value of the property . The tax authorities offer a…

Q: For taxable income of $0-$50,000, the rate is 15 percent. For incomes of 450,001-$75,000 the base…

A: Tax on first $50,000 = $7,500 Tax rate on balance amount = 25% Tax on balance amount = ($68,000 -…

Q: Based on the following data

A: Adjusted Gross Income (AGI) is defined as gross income minus adjustments to income.…

Q: Directions: In the chart below, you are given your Gross Income amount and all required deductions.…

A: Since you have posted two different questions, we will do the first one for you. The get the other…

Q: The original price of an item was $146. Given that the total price with tax was $156.45, determine…

A: Original Price after tax = op = $146Total Price Before Tax = tp = $156.45

Q: 6. Suppose that during 2025, tax legislation was passed that will lower Arndt's effective tax rate…

A: Essentially, pretax income is used as a starting point to estimate the amount of taxes a company…

Q: Arndt, Incorporated reported the following for 2024 and 2025 ($ in millions): 2025 $ 1,024 844 $ 180…

A: Required changes in Deferred tax liability / Assets = Ending balances required - Beginning…

Q: nad the follovwing data for his Inco year: Php 490, 000 150, 000 200, 000 120, 000 70, 000 320,000…

A: Particulars Amount (php) Sales 490,000 Less cost of sales (200,000) Less admin expenses…

Q: is asking you for 30% of your realized income--I do not think you can add that to the deductions…

A: Emergency fund refers to the amount of cash that is kept aside as a reserve for the expenses that…

Q: Donations were made on January 30, 2018 of P500,000.00, March 30, 2018 of P2,000,000.00 and August…

A: Donor tax is a tax paid by donor on donation made by him during the year. This is applicable in…

Q: Q2a.Define the term ad valorem tax. What are the three criticisms of the property taxes of local…

A: 2a. Ad valorem taxation is a type of taxation that is based on the assessed value of an item, such…

Q: Decide whether a person should itemize his deductions or take the standard deduction Deductible…

A: Deciding whether to itemize his deductions or take the standard deduction will depend on the fact…

Q: A customer makes a taxable purchase of 44,000. Assuming the applicable sales tax rate is 8.75%, how…

A: Taxes are levied on taxable supply. In the question the given details areTaxable purchase =…

Q: How much is the total gross income? a. 1,320,000 b. 1,400,000 c. 1,470,000 d. 1,550,000

A: Revenue : It is the amount of sale of goods and services in cash or credit during an accounting…

Q: Donations were made on January 30, 2018 of P500,000.00, March 30, 2018 of P2,000,000.00 and August…

Q: SCENARIO Erik thinks that he paid more in taxes last year than he should have. He wants to compare…

A: Tax is a charge for having excess income over the specified exemption limit. A tax is paid to the…

Q: compute the total deductible expenses for purposes of determining che regular income tax due from X,…

A: Tax:- A tax is the compulsory payment which is imposed by the government on income and capital…

Q: K Ltd. paid an employee a tax-free travel allowance of $7,700 based on 7,000 kilometres of…

A: According to the question given, we need to compute the total tax-deductible travel allowance. Tax…

Q: () ax FUTA SUTA =) Required information [The following information applies to the questions…

A: Introduction: Taxes are mandatory suggestions levied on individuals or corporations by a government…

Q: 3. Compute the deferred tax amounts that should be reported on the 2024 balance sheet. Note: Enter…

A: To compute the deferred tax amounts reported on the 2024 balance sheet, we need to analyze the…

Q: [The following information applies to the questions displayed below.]. BMX Company has one employee.…

A: FUTA -Any company with employees is required by law to pay a payroll tax under the Federal…

Q: Find the property tax on a vacant lot with an assessed value of $32,900 and a tax rate of $4.52 per…

A: For calculating property tax value, we need to use below formula. Property tax = Assessed value *…

Question

for Schedule C in individual income tax, how do I calculate the expense for transportation of 5725 total miles traveled, entertainment in total of $4200 and gifts of $450?

I know only up to $400 can be deducted in gifts but do I just put 0 can be deducted.

Thanks in advance for your help.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

A customer purchases $28.14 in prodcts only $12.83 is taxable. How much sales tax is owed if the tax rate is 10%?
Title Record these transactions in the General Journal, complete with suitable explanations. Ask your... Description Record these transactions in the General Journal, complete with suitable explanations. Ask your instructor which of the following tax rates to use: i. Add 5% GST only ii. Add 13% HST iii. Add 5% GST 1 7% PST 1. Rita Jackson, owner of a grocery store, withdrew merchandise for her own use, $55 plus tax(es). 2. Issued cheque to the Provincial Telephone Co. to pay the following: company telephone bill, $45.50 plus tax(es), and owner’s home telephone bill, $41.10. 3. Owner has given you the receipt for a bouquet of flowers sent to her husband. The amount was paid by company cheque, $25. 4. Owner took used printer, valued at $225 plus tax(es), from the business for personal use at home. 5. Issued cheque for $500 to Ms. Jackson for personal use. 6. Owner took office supplies for own use, $15 plus tax(es). 7. Paid owner’s personal dry-cleaning bill, $15.50, with a…
Assume the following information to complete this question. Total Gross Sales $100,000 Total Full Deduction $60,000 Total Sales Tax rate of 9% Calculate the amount of District Tax that would be reported. Knowledge of the statewide base rate is needed to figure out ONLY the district tax amount. It may be helpful to use the sales tax return as your guide.
I received the answer for exercise 12-19. How do I find out an additional medicare tax rate 3.8% instead of 0.9%? I see 2.9% on the Web. Please advise, Exercise 12-19 (LO. 7) Compute the additional Medicare tax for the following taxpayers. If required, round your answers to the nearest dollar. c. Simon has net investment income of $38,000 and MAGI of $223,000 and files as a single taxpayer.Simon's additional Medicare tax is $fill in the blank 3. --------------------------------------------------------------- Step 2 Computation of Additional Medicare tax of Simon Net Investment income = $38,000 MAGI = $223,000 Additional Medicare tax rate = 3.8% on net investment after the settled threshold limit Threshold limit of additional Medicare tax = $200,000 of MAGI Particular Amount ($) MAGI 223,000 Less: Net investment income (38,000) Net MAGI 185,000 Therefore the Net MAGI is below the threshold limit by = $15,000 ($200,000 - $185,000) Net investment income =…
You own an a townhome with an assessed value of $184,400. The tax rate is $2.20 per $100 of assessed value. (Round your answers to the nearest cent.) (a) What is the amount of property tax (in $)? $ 4056.8 (b) If the state offers a 4% discount for early payment, how much (in $) would the tax bill amount to if you paid early? 2$
How much tax is withheld from $36,200 if the tax rate is 4%?
Please help me. Thankyou.
I need help on part b and part d. Thanks.
Arndt, Incorporated reported the following for 2024 and 2025 ($ in millions): Revenues Expenses Pretax accounting income (income statement) Taxable income (tax return) Tax rate: 25% 2024 $888 760 $128 $ 116 2025 $ 980 800 $ 180 $ 200 a. Expenses each year include $30 million from a two-year casualty insurance policy purchased in 2024 for $60 million. The cost is tax deductible in 2024. b. Expenses include $2 million insurance premiums each year for life insurance on key executives. c. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2024 and 2025 were $33 million and $35 million, respectively. Subscriptions included in 2024 and 2025 financial reporting revenues were $25 million ($10 million collected in 2023 but not recognized as revenue until 2024) and $33 million, respectively. (Hint: View this as two temporary differences-one reversing in 2024; one originating in 2024.) d. 2024 expenses included a $14 million unrealized loss from…
Please help with total tax bill. and plz typing solution sent me Thank you I Solution sent me very fast type. I give u thum
Phil Corporation gave Manager A, a resident citizen grocery allowance worth P 39,000 How much is the Fringe benefit tax?
You own an a townhome with an assessed value of $184,600. The tax rate is $2.20 per $100 of assessed value. (Round your answers to the nearest cent.) propery tatx $4061.20 If the state offers a 4% discount for early payment, how much (in $) would the tax bill amount to if you paid early? If the state offers a 4% discount for early payment, how much (in $) would the tax bill amount to if you paid early?