If Robert is self-employed, how much can he deduct for this event?
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- 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): X4. Two partners Mr. Abdullah and Mr. Yahya running their business. The business avails an overdraft limit of RO 50,000 with the Bank. Mr. Abdullah signed two cheques for payment dated 17-03-2020. The business communicated the bank that Mr. Abdullah passed away in a road accident on 15-03-2020. The customers present these two cheques for payment on 17-03-2020. What is the solution for this situation? ( my country Oman)Joseph 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
- 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?On June 7, 2022 your mother visits Jewel to purchase purchase shampoo, paper towels, toothpaste, and laundry detergent. She finds all of the items on her list and pays the cashier $40 in cash (including taxes) for her purchases. Your mother returns home to find you studying for Acc. 350 and you comment that she had a contract with Jewel. She states that she paid in cash ... no legal document was signed. Eplain why a contract existed between your mother and Jewel on June 7, 2022?Thomas travels from his home in Massachusetts and flies to Paris to attend 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) $3,390 $303 $183 Your answer is incorrect. How much can Thomas deduct as a travel expense in 2023? (Round intermediate percentage calculations to O decimal places, eg. 15% and final answer to 0 decimal places, eg. 5.125) Deduction S 7335
- 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 amountExercise 2-21 (Algorithmic) (LO. 3, 4) In 2022, 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 2022, Henry's qualified business income from driving is $134,200. Assume Henry takes the standard deduction of $12,950. Click here to access the 2022 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 2022. QBI deduction: $ 24,250 Tax liability (round to the nearest cent): $Two partners Mr. Abdullah and Mr. Yahya running their business. The business avails an overdraft limit of RO 50,000 with the Bank. Mr. Abdullah signed two cheques for payment dated 17-03-2020. The business communicated the bank that Mr. Abdullah passed away in a road accident on 15-03-2020. The customers present these two cheques for payment on 17-03-2020. What is the solution for this situation?
- Deon is 33 years old. In 2022, he reported an AGI of $11,000, all from his job as a server at the local café. He is single and has no dependents. What amount of earned income credit may he claim in 2022? (Use Exhibit 8-11) Essay Toolbar navigation B I VS FE13. In April 2016, Ginny was assigned to a job in the next county for the day. She drove 75 miles each way to the job, paid S4 in tolls, $7 for parking and $9 for lunch. What is her allowable business expense deduction? a. $101 b. $92 c. $85 d. $81Peter 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.
