[The following information applies to the questions displayed below.] Rita owns a sole proprietorship in which she works as a management consultant. She maintains an office in her home (500 square feet) where she meets with clients, prepares bills, and performs other work- related tasks. Her business expenses, other than home office expenses, total $5,600. The following home-related expenses have been allocated to her home office under the actual expense method for calculating home office expenses. Real property taxes Interest on home mortgage Operating expenses of home Depreciation $ 1,600 5,100 800 1,600 Also, assume that, not counting the sole proprietorship, Rita's AGI is $60,000. Rita itemizes deductions, and her itemized deduction for non-home business taxes is less than $10,000 by more than the real property taxes allocated to business use of the home. Assume Rita's consulting business generated $13,000 in gross income for the current year. Further, assume Rita uses the actual expense method for computing her home office expense deduction. a. What is Rita's home office deduction for the current year? Home office deduction < Prev 15 16 17 of 23 Next > b. What is Rita's AGI for the year? AGI < Prev 16 17 of 23 Next > c. What types and amounts of expenses will she carry over to next year? Note: Leave no answer blank. Enter zero if applicable. Tier 1 expenses carried over to next year Tier 2 expenses carried over to next year. Tier 3 expenses carried over to next year Amount

Beth R. jordan lives at 2322 skyview Road, Mesa, AZ 85201. She is a tax accountant with Mesa Manfacturing Company, 1203 Western Avenue, Mesa, AZ85201(employer identification number 11-11111111). She also Writes computer software programs for tax practitioners and has a part-time tax practise. Beth is a single and has no dependents. Beths's birthday is july 4, 1972, and her Social Security number is 123-45-6785. She wants to contribute $3 to the President Election Campaign Fund. The following  information is shown on Beth's Wage and Tax Statement (form W-2) for 2018.   The following information is shown on Beth's Wage Tax Statement (form W-2) for 2018 Chapter 13, Problem 44CP, Beth R. jordan lives at 2322 Skyview Road, Mesa, AZ85201. She is Tax accountant with Mesa , example 1 During the year, Beth received interest of $1,300 from Arizona Federal Savings and Loan and $400 from Arizona State Bank. Each financial institution reported the interest income on Form 1099-INT. She received…

Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2018, she sells the following long-term assets used in her business: Sales Asset Price Cost Building $234,200 $204,200 Equipment 84,200 152,200 Accumulated Depreciation $56,200 27,200 Lily's taxable income before these transactions is $164,700. What are Lily's taxable income and tax liability for the year? Use Tax Rate Schedule for reference. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.)

Ferran operates a boutique yarn store from their own. The store had accountingincome after tax of $50,000. Already deducted from that number are depreciation of$5,000, financing fees of $2,500, and salaries to arm's length employees of $10,000.CCA would be $4,000.Calculate Ferran's taxable income based on what you know about them?

To whom is the income allocated, why, and how much: When Worf’s parent’s died, the made him the beneficiary of a trust which holds real estate as well as income producing assets. Worf distributes one of the rental properties to Alexander outright. Alexander collects the rent from the tenants and manages the properties. In 2011, his revenue less his costs was 50K, and in 2010 his revenue less his costs was 32K.

Sheena owns two rental houses. During the year, she was actively involved in managing the properties. The only services she probides are minor repairs and basic maintenance of the heating, cooling, electrical, aned plumbing systems. She is not a real estate professional. How should Shenna report the rent she received as payment for use of these properties? 1. Business income, reported on Schedule C. 2. Investment income, reported on Scheedule D. 3. Passive income, reported on Schedule F. 4. Other income, reported on Schedule 1.

Joan is a self-employed attorney in New York City. Joan took a trip to San Diego, CA, primarily for business, to consult with a client and take a short vacation. On the trip, Joan incurred the following expenses: Airfare to and from San Diego Hotel charges while on business Restaurant meals while on business Car rental while on business Hotel charges while on vacation Restaurant meals while on vacation Car rental while on vacation Total $ 675 500 220 90 700 242 180 $2,607 Calculate Joan's travel expense deduction for the trip, assuming the trip was made in 2022. 1,406 X

Steven is an accountant and maintains an office in his home. Expenses of the business (other than home office expenses) are $15,000. Steven incurs the following home office expenses: Real property taxes on residence: $2,400 Interest expense on residence: $4,000 Operating expenses of residence: $3,200 Depreciation on residence (based on 8% business use): $450. His office occupies 10% of the total floor space of his residence. Gross income from his business is $34,000.   Assuming that Steven uses the regular method, what is his allowable office in the home deduction?

Jasmin is a mechanic. She runs her own business specialising in repairing electric cars. During the year, Jasmin incurred the following expenses: a) salary costs to her two regular employees of $150,000 (paid electronically through the business’s payroll system, which automatically applies the relevant tax withholding and pays the amount to the ATO); b) $5,000 on special overalls and eye goggles for Jasmin and her employees to use when they are repairing cars; c) childcare costs of $22,000 so that Jasmin can go to work every day;   d) $1,000 on a one-day course on a new accounting software program that Jasmin wants to use in the business to better comply with new tax reporting requirements.   Required:   Advise Jasmin whether the above expenses would be deductible for income tax purposes.

Subject - account  Please help me.  Thankyou.