Kimberly is a self-employed taxpayer. She recently spent $3,300 for airfare to travel to Italy. What amount of the airfare is deductible in each of the following alternative scenarios? (Leave no answers blank. Enter zero if applicable.) c. On the trip, she spent seven days on business activities and three day(s) on personal activities. Deductible amount

Eva received $85,000 in compensation payments from JAZZ Corporation during 2022. Eva incurred $17,000 in business expenses relating to her work for JAZZ Corporation JAZZ did not reimburse Eva for any of these expenses. Eva is single and deducts a standard deduction of $12,950. Based on these facts, answer the following questions: Use Tax Rate Schedule for reference. Note: Leave no answer blank. Enter zero if applicable. Round your intermediate and final answers to the nearest whole dollar amount. Required: Assume that Eva is considered to be a self-employed contractor. What is her regular tax liability for the year?

Dennis is a self-employed hair stylist who operates a salon in his home. The property taxes and interest allocated to the business amount to $5,000, maintenance and utilities allocated to the business total $2,100, and depreciation allocated to the business use of the home equals $3,100 for the current tax year.   a. ​ If Dennis' gross revenue after deducting supplies for his business is $5,900 for the current tax year, calculate his allowable deductions for the home office.             b. ​ If Dennis' gross revenue after deducting supplies for his business is $13,800, calculate his allowable deductions for the home office.

T uses frequent flyer miles to take his family on a vacation. T received the miles duringbusiness travel paid for by his employer. The normal airfare for his vacation wouldhave cost $7,000.a. T must realize and recognize $7,000 as income.b. Although T has realized income, he will not be required to recognize it becausethe IRS has chosen, as a matter of administrative convenience, not to requiretaxpayers to recognize the value of frequent flyer tickets earned duringemployer-paid travel.c. Had T earned the frequent flyer miles during travel he had paid for himself, theissue of income realization and recognition would not arise.d. Both (a) and (c) are correct.e. Both (b) and (c) are correct.   T buys a parcel of real estate for $100,000, which he finances by giving the seller a nonrecoursemortgage for the full purchase price. The debt is due in one balloon payment inYear 5. When the debt becomes due in Year 5, T decides to give the property back to theseller in satisfaction of the debt…

Louis files as a single taxpayer. In April of this year he received a $980 refund of state income taxes that he paid last year.   How much of the refund, if any, must Louis include in gross income under the following independent scenarios? Assume the standard deduction last year was $12,400. (Leave no answer blank. Enter zero if applicable.)   Problem 5-51 Part-c (Algo) c. Last year Louis claimed itemized deductions of $13,450. Louis’s itemized deductions included state income taxes paid of $3,870 and no other state or local taxes. Refund to be included in gross income -  ________

Rodney, a resident taxpayer is employed by subiaco function center as a marketing manager. during the 2023 income year, Rodney used his private car for wpork related travel to meetings. he maintained fuel receipts amounting to $4000 and noted that he had travelled a total of 6000n work related kilometers during the year. rodney has not maintained a logbook. From the above information, calculate the maximum deduction available to Rodney for car expenses in respect of the 2023 income year. a)$3900 b) $4000 c) $4680 d) $0

Tin rents her beach house for 60 days and uses it for personal use for 30 days during the year. The rental income is $6,000 and the expenses are as follows: Mortgage interest $9,000 Real estate taxes 3,000 Utilities 2,000 Maintenance 1,000 Insurance 500 Depreciation (rental part) 4,000 Using the IRS approach, total expenses that Tin can deduct on her tax return associated with the beach house are: a.$6,000. b.$0. c.$8,000. d.$12,000.

Eva received $72,000 in compensation payments from JAZZ Corporation during 2022. Eva incurred $10,500 in business expenses relating to her work for JAZZ Corporation JAZZ did not reimburse Eva for any of these expenses. Eva is single and deducts a standard deduction of $12,950. Based on these facts, answer the following questions: Use Tax Rate Schedule for reference. Note: Leave no answer blank. Enter zero if applicable. Round your intermediate and final answers to the nearest whole dollar amount. Required: Assume that Eva is considered to be an employee. What amount of FICA taxes is she required to pay for the year? Assume that Eva is considered to be an employee. What is her regular income tax liability for the year? Assume that Eva is considered to be a self-employed contractor. What are her self-employment tax liability and additional Medicare tax liability for the year? Assume that Eva is considered to be a self-employed contractor. What is her regular tax liability for the year?

What is the taxpayer's gross income in each of the following situations? Do not type a dollar sign. Use commas when appropriate as in 3,500. If the answer is zero, type a 0. a. Myra received a salary of $80,000 from her employer, Green Construction. b. In July, Green Construction gave Myra an all-expense-paid trip to Las Vegas (value of $3,200) for exceeding her sales goals. c. Darrin received $9,000 from his employer to help him pay his medical expenses not covered by insurance, this payment is not available to all employees. d. Blake received $5,000 from his deceased wife's employer to help him in his time of greatest need." e. Austin collected $50,000 as the beneficiary of a group term life insurance policy when his wife died. The premiums on the policy were paid by his deceased wife's employer.

Determine the total amount that will qualify for itemized deduction by the taxpayer.  Rita needed some cash to attend a friend's 21st birthday COVID-themed bash in Nashville, but eas bit short of the amount required for the (safe)travel. She borrowed $500 form her sister for the trip and two months later repaid the amount along with $25 extra as an interest payment.