Which of the following will qualify as a deductible business meal expense? 1) Barrett invited his business contact, Jacob, to a baseball game.  He purchased a ticket package that incluede food and drinks. 2) Wu took his client to a comedy club for dinner and drinks.  Wu has individual receipts for the food and drinks seperate from the show. 3) Andres' receipt shows one charge for the $275 he paid the country club for a morning of golfing and lunch with a client. 4) Helen purchased suite tickets to a soccer match that included food and drinks.  She invited her business contact, Aron.

Sam bought a ring for $2,000 from Zales. He must pay at 6% sales tax and 9% excise tax. Since the Jeweler is shipping the ring, Sam must also pay a $20 shipping charge. What is the total purchase of Sam's ring?

A new home was sold for $400,000 in Hillsborough County. The buyer took out a mortgage for $300,000 and paid the rest in cash. The buyer agrees to pay for all three state transfer taxes (documentary stamp on the deed, promissory note, and the intangible tax on the new mortgage). How much will the buyer owe in state transfer taxes? $5,030 $2,800 $4.450 $4.150

Deja owns a photo printing business and wants to purchase a new state-of-the-art photo printer that she found online for $9,275, plus sales tax of 5.5%. The supply company is offering cash terms of 2/15, n/30, with a 1.5% service charge on late payments, or 90 days same as cash financing if Deja is approved for a company line of credit. If she is unable to pay within 90 days under the second option, she would have to pay 22.9% annual simple interest for the first 90 days, plus 2% simple interest per month on the unpaid balance after 90 days. Deja has an excellent credit rating but is unsure of what to do. a) If Deja took the cash option and was able to pay off the printer within the 15-day discount period, how much would she save? How much would she owe? b) If Deja takes the 90 days same as cash option and purchases the printer on December 30 to get a current-year tax deduction, using exact time, what is her deadline for paying no interest in a non-leap year? In a leap year?

Which one of the following costs is most likely NOT fully deductible? Group of answer choices Jose, a local business owner, pays $30,000 in Self-Employment taxes. Sandra owns a mini golf course. She pays her employer portion of payroll taxes because of her employees, which totals to $12,000. Travis owns a CPA firm and pays his son Joe as an associate. Joe is a CPA and is paid the same salary as the other associates. X-Corp writes off a $12,000 business debt owed by Sam because he has not responded to their numerous requests for payment.

Bill purchased a computer for his business. Bill paid $2,610 for the computer plus $196 for sales tax. He paid $300 for the computer to be set up in his office. When Bill filed his tax return, his tax preparer used Section 179 to expense the cost. What is Bill's adjusted basis in the computer? 1. $3,106 2. $2,806 3. $2,610 4. $0

Jordan took a business trip from New York to Denver. She spent two days in travel, conducted business for nine days, and visited friends for five days. She incurred the following expenses:           Airfare $ 550   Lodging   3,000   Meals   900   Entertainment of clients   750       Required: How much of these expenses can Jordan deduct?

ng gifts to sales contracts. Can Armelio deduct the cost of the lapel buttons as business gifts? 49. Melissa recently paid $400 for round-trip airfare to San Francisco to attend a business conference for three days. Melissa also paid the following expenses: $250 fee to register for the conference, $300 per night for three nights' lodging, $200 for meals in restaurants, and $150 for cab fare. LO 1-2

Rhett made his annual gambling trip to Uwin Casino. On this trip Rhett won $430 at the slots and $1,380 at poker. Also this year, Rhett made several trips to the racetrack, but he lost $790 on his various wagers. What amount must Rhett include in his gross income?

You damage your car in an accident that is covered by your collision insurance, which has a $200 deductible.  If the damage to your car costs $1,200, the insurance company would pay ___.