January 25 Received $1150 cash for laundry services provided in January 2022. JOUonal eny y

Cassi (SSN 412-34-5670) has a cash-basis home cleaning business she runs as a sole proprietorship. The following are the results from business operations for the tax year 2019:     Gross receipts $ 203,000   Business mileage: 27,000 (miles incurred ratably throughout       the year) 35,000 miles total during the year 2019       Van (over 6,000 lbs) placed in service 1/01/19, cost 27,000       Postage   (500 ) Wages   (26,000 ) Payroll taxes   (1,950 ) Supplies   (12,500 ) Phone   (1,250 ) Internet service   (600 ) Rent   (2,400 ) Insurance   (2,800 ) Van expenses   (4,500 )     Business assets Date Purchased Cost Computer 1 5/18/19 $ 2,200   Computer 2 6/01/19   2,700   Printer 3/01/18   900   Copier 3/02/18   2,100   Furniture 3/01/18   6,000       Required: Determine Cassi’s self-employment income and QBI deduction. Prepare Schedule C and Schedule SE. § 179 expense is elected on all eligible assets (§ 179 was not taken on assets…

Calculate Gross income for Summer Smith for 2021, based on the following information. Label each item as not included or gross income. State the reason why items are not included. Salary $100,000 Bonus $50,000 Interest from New York City bond, $40,000 Capital loss $70,000 Alimony received $20,000 was signed in 2019 Child support $20,000 Workman's compensation $30,000 Unemployment compensation $20,000 S Corporation income $40,000 Loss from sole proprietorship $60,000 Sister Wynter repaid a $50,000 loan from 2010 Summer won $10,000 in a bake off Summer was the beneficiary of her great aunt Autumn's life insurance policy and received $100,000 Summer received $30,000 from a lawsuit settlement for a business issue. Summer received a gift from her mother, Spring, $70,000 Summer found $5,000, on the bus. Partnership income $40,000 Summer won $10,000 at BINGO Summer inherited $200,000 from her grandfather, Storm Rental income $10,000 Treasury bill interest $20,000 Interest from…

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Amara is a sole proprietor who operates her business using the cash method of accounting and a calendar year.  Based on the following list, how much income will be reported on her 2023 Schedule C? $10,000 check received January 4, 2024, for a job completed December 20, 2021. $15,000 check received December 29, 2023, for a job completed December 28, 2022, deposited January 5, 2024. $9,500 balance due for work that Amara performed in June 2023.  Amara took her client to small claims court in December 2023, but did not receive any satisfaction. 1) $9.500 2) $15,000 3) $19,500      4) $25,000

Taxation Naga Tiddug applied and was hired as a cashier in Bagsakan Corporation. After saving enough money, he enrolled in the University of Saint Louis as an accountancy student. For 2021, he earned and incurred the following Salaries, net of: 162,000 SSS premium contribution -3600 Philhealth premium contribution -2400 Pag-ibig premium contribution- 3k Health and hospitalization premium contribution -2k Union dues- 3k Creditable withholding taxes-6k SSS loan- 10k Productivity bonus-12k Achievement award-cash -12k 13th month pay- 16k Christmas bonus- 16k Expense incurred: Tuition fee, board and lodging and other living expenses- 40k Medical expenses 10k Required A. How much is the non-taxable income of Naga? B. How much should be Naga's deductible expenses? C. How much is the taxable income of Naga? D. How much is the tax still payable (or refundable) of Naga?

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Muriel Evan write the following note on the back of an envelope: "I, Murierl Evans, promis to pay Karen Marvins or bearer $100 on demand. " Is this a negottiable instrument? Discuss why or why not.

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Do the entries below look correct for the following line items? June 21: The following expenses accrued and are to be paid in a later month:  Pension Expense $60,000, Health Insurance Expense $50,000, and Professional Fees $10,000. 21-Jun Pension Expense    $          60,000     Health Insurance Expense    $          50,000     Professional Fees Expense    $          10,000     Cash      $       120,000 September 8: Mr. Burns paid the expenses accrued on June 21. The accrued expenses were paid with one check transaction. 8-Sep Pension Payable    $          60,000     Health Insurance Payable    $          50,000     Professional Fees Payable    $          10,000     Accrued Expenses      $       120,000