Monica, a self-employed taxpayer, travels from her office in Boston to Lisbon, Portugal, on business. Her absence of 13 days was spent as Follows: Thursday Friday Saturday and Sunday Monday through Friday Saturday and Sunday Monday Tuesday Depart for and arrive in Lisbon Business transacted Vacationing Business transacted Vacationing Business transacted Depart Lisbon and return to office in Boston a. For tax purposes, how many days has Monica spent on business? days b. What difference does it make? If Monica's trip satisfies the test or the be allocated between business and personal. % test, then her transportation costs c. Could Monica have spent more time than she did vacationing on the trip without loss of existing tax benefits? Monica satisfy the test. Under the test, she could have vacationed for more days assuming that the days did not interfere with the preceding and succeeding days provision.

Monica, a self-employed taxpayer, travels from her office in Boston to Lisbon, Portugal, on business. Her absence of 13 days was spent as Follows: Thursday Friday Saturday and Sunday Monday through Friday Saturday and Sunday Monday Tuesday Depart for and arrive in Lisbon Business transacted Vacationing Business transacted Vacationing Business transacted Depart Lisbon and return to office in Boston a. For tax purposes, how many days has Monica spent on business? days b. What difference does it make? If Monica's trip satisfies the test or the be allocated between business and personal. % test, then her transportation costs c. Could Monica have spent more time than she did vacationing on the trip without loss of existing tax benefits? Monica satisfy the test. Under the test, she could have vacationed for more days assuming that the days did not interfere with the preceding and succeeding days provision.

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter9: Deduct Ions: Employee And Self-employed - Related Expenses

Section: Chapter Questions

Problem 29P

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Monica, a self-employed taxpayer, travels from her office in Boston to Lisbon, Portugal, on business. Her absence of 13 days was spent as follows: Thursday Depart for and arrive in Lisbon Friday Business transacted Saturday and Sunday Vacationing Monday through Friday Business transacted Saturday and Sunday Vacationing Monday Business transacted Tuesday Depart Lisbon and return to office in Boston a. For tax purposes, how many days has Monica spent on business?fill in the blank ff3ca702cfdf052_1 days b. What difference does it make? If Monica's trip satisfies the seven day/thirteen day test or the less-than-25/more-than-25 % test, then her transportation costs do not have to/must be allocated between business and personal. c. Could Monica have spent more time than she did vacationing on the trip without loss of existing tax benefits? Monica can/cannot satisfy the seven-day/thirteen-day/less-than-25%/more-than-25%…
Exercise 11-4 (Algorithmic) (LO. 3) Tyler, a self-employed taxpayer, travels from Denver to Miami primarily on business. He spends five days conducting business and two days sightseeing. His expenses are $685 (airfare), $155 per day (meals at local restaurants), and $310 per night (lodging). If required, round your answers to the nearest dollar. What are Tyler's deductible expenses of travel took place in the below year: 2023 2022 S 2,622.50 X 3,010
Mary Grace, a resident of Quezon City, single, owns a restaurant in Aguinaldo and in Reyes Street,Quezon City. In 2021 it had the following data: Gross receipts Expenses Aguinaldo Branch P4,055,015.20 P3,296,423.10 Reyes Branch 3,624,980.60 3,025,114.80 Requirements: 1. Community tax payable if paid on April 30, 20222. Community tax payable for 2022 if a corporation paid in January 2022.
ook Problem 6-37 (LO 6-1) Kelly is a self-employed tax attorney whose practice primarily involves tax planning. During the year, she attended a three-day seminar regarding new changes to the tax law. She incurred the following expenses: Lodging Meals Course registration Transportation $ 460 81 410 210 Required: a. How much can Kelly deduct? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. b. Kelly believes that obtaining a CPA license would improve her skills as a tax attorney. She enrolls as a part-time student at a local college to take CPA review courses. During the current year, she spends $1,800 for tuition and $360 for books. How much of these expenses can Kelly deduct? a. Total deduction: b. Deductible education expenses
LO.3 On Thursday, Justin flies from Baltimore (where the office for his sole proprietorship is located) to Cadiz (Spain). He conducts business on Friday and Tuesday; vacations on Saturday, Sunday, and Monday (a legal holiday in Spain); and returns to Baltimore on Thursday. Justin was scheduled to return home on Wednesday, but all flights were canceled due to bad weather. As a result, he spent Wednesday watching floor shows at a local casino. a. For tax purposes, what portion of Justin's trip is regarded as being for business? b. Suppose Monday was not a legal holiday. Would this change your answer to part (a)? Explain. c. Under either part (a) or (b), how much of Justin's airfare qualifies as a deductible business expense?
Exercise 12-25 (Algorithmic) (LO. 7) Compute the additional Medicare tax for the following taxpayers. If required, round your answers to the nearest dollar. a. Mario, who is single, earns wages of $490,200. His additional Medicare tax is $ b. George and Shirley are married and file a joint return. During the year, George earns wages of $298,100, and Shirley earns wages of $447,150. Their additional Medicare tax is $ c. Simon has net investment income of $56,880 and MAGI of $284,400 and files as a single taxpayer. Simon's additional Medicare tax is $
Required information Problem 9-73 (LO 9-4) (Algo) [The following information applies to the questions displayed below) Rebecca is a calendar-year taxpayer who operates a business. She made the following business-related expenditures in December of this year. Indicate the amount of these payments that she may deduct this year under both the cash method of accounting and the accrual method of accounting. Note: Leave no answers blank. Enter zero if applicable. Problem 9-73 Part-c (Algo) c. $3,900 for property taxes payable on her factory. Cash method Accrual method Deductible Amount
B6 Which of the following taxpayers will have an adjustment on their Schedule CA (540), Part I, Section A, line 1? Abdul earned $40,000 of wages while working at the local pharmacy. Dana won $2,000 from the California Lottery. Milo cashed U.S. Savings Bonds yielding $300 of interest. Sasha received ridesharing fringe benefits that were excluded from income on her federal return.
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.
Required Information Problem 9-60 (LO 9-4) (Static) [The following Information applies to the questions displayed below.] Jeremy is a calendar-year taxpayer who sometimes leases his business equipment to local organizations. He recorded the following receipts this year. Indicate the extent to which these payments are taxable Income to Jeremy this year if Jeremy is 1. a cash-method taxpayer and 2. an accrual-method taxpayer. Note: Leave no answers blank. Enter zero If applicable. Problem 9-60 Part-b (Static) b. $800 from the Ladies' Club for leasing the trailer from December of this year through March of next year ($200 per month). Answer is complete and correct. Income under cash method Income under accrual method 800 $ 800
Exercise 12-19 (LO. 7) Compute the additional Medicare tax for the following taxpayers. If required, round your answers to the nearest dollar. a. Mario, who is single, earns wages of $440,000.His additional Medicare tax is $fill in the blank 1. b. George and Shirley are married and file a joint return. During the year, George earns wages of $138,000, and Shirley earns wages of $210,000.Their additional Medicare tax is $fill in the blank 2. c. Simon has net investment income of $38,000 and MAGI of $223,000 and files as a single taxpayer.Simon's additional Medicare tax is $fill in the blank 3.
uired Problem 8-71 (LO 8-4) (Algo) [The following information applies to the questions displayed below.] Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start- up company. What amount of child and dependent care credit can Julie claim in 2023 in each of the following alternative scenarios? Use Exhibit 8-9. Problem 8-71 Part c (Algo) c. Julie paid $4,300 to the day care center, and her AGI is $24,700 (all salary). Child and dependent care credit