Sue is a small business owner who often gives gifts to clients. She gives a $40 gift to her client, Mr. Smith, and his wife. Sue spent $6 to wrap the gift. She also gave out 400 calendars with her company name on them. Each calendar cost $1. Sue also gave her secretary a $370 watch for his 10 years of service. How much of the above expenses may she duduct?
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Sue is a small business owner who often gives gifts to clients. She gives a $40 gift to her client, Mr. Smith, and his wife. Sue spent $6 to wrap the gift. She also gave out 400 calendars with her company name on them. Each calendar cost $1. Sue also gave her secretary a $370 watch for his 10 years of service. How much of the above expenses may she duduct?
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- During the current year, Paul, the vice president of a bank, made gifts in the following amounts: To Sarah (Paul's personal assistant) at Christmas $36 To Darryl (a key client)—$3 was for gift wrapping 53 To Darryl's wife (a homemaker) on her birthday 20 To Veronica (Paul's boss) at Christmas 30 In addition, on professional assistants' day, Paul takes Sarah to lunch at a cost of $82. Presuming that Paul has adequate substantiation and is not reimbursed, how much can he deduct? Do not round intermediate computations. If required, round your final answer to the nearest cent.Ted works for a large Accounting Firm. His normal commute to the office is 20 miles. Today, he drove 25 miles from home to a client. From the client, Ted drove 5 miles to the E&Y office. From the Accounting Firm office, he drove 20 miles home for the night. Accounting Firm reimbursed Ted for 50 miles of driving at $.57.5 per mile. How much of the 50 mile reimbursement should be taxable to Ted? 25 miles 50 miles 45 miles 20 milesMarco makes the following business gifts during the year: Miss Scarlett (a potential client) $30 Mr. and Mrs. White (both are clients) $40 Professor Plum (a client) $18 Mrs. Plum (the nonclient wife of Professor Plum) $12 Charles Mustard (Marco’s boss) $27 Marco also spent $15 on wrapping paper and a card for the above gift to the Whites.Calculate Marco’s total allowed deduction for gifts
- Charlie, a self-employed financial planner, had the following expenses in 2021 in the following amounts: Gift To Haley, Charlie's professional assistant $36 Gift To Darryl (a key client, includes $3 for gift wrapping) 28 Gift To Darryl's daughter for her graduation (not a client) 20 Gift To Veronica, Charlie's personal hair stylist 30 In addition, Charlie took Haley to lunch at a local restaurant on administrative professional's day 62 Assuming that Charlie has adequate substantiation, how much can he deduct? Please show calculations or explanation.Jim, a self-employed individual, takes an important customer to the hockey playoffs. Although the face value of a ticket is only $100, he pays a scalper $400 for each ticket. While at the game, Jim spends $70 for their food and beverages. How much can Jim deduct for these expenses?Lindsey sold stationery to her family and her mother’s friends. She deposited the $125 she earned in a savings account. The account earns 5.18% interest annually. If she does not deposit or withdraw any money for 18 months, how much will she have in her account?
- Mansi, a self-employed influencer, left her home in Georgia on Monday to fly to New York to meet with another influencer to discuss a "collab". She returned the next day. Her expenses are as follows: Airfare $500, lunch in New York at a restaurant with influencer $100, Taxi $50. How much can Mansi deduct? (Do not use commas or dollar signs. Round to the nearest dollar.)Phil's two-year-old daughter, Daisy, attends a day care center while Phil works three days a week as a security guard. The daycare charges $375 for three days a week and $475 for five days a week. Sometimes when he has errands to run or wants to spend time with friends, Phil pays the extra money for the full week of day care. What is Phil's qualifying deductible expense amount as it relates to the Child and Dependent Care Credit?Tre owns his own business selling drums. Tre prefers to sell the drum kits for cash, but occasionally will sell on credit to people he trusts. On January 1, 2020, Tre has Accounts Receivable of $20,000. During the year, he sold a total of $120,000 worth of drums and collected $90,000 in total cash. What are Tre’s Accounts Receivable on December 31, 2020? Group of answer choices $0 $20,000 $50,000 No way to figure this out
- Jack is a lawyer who is a member at Ocean Spray Country Club where he spends $7,200 in dues, $4,000 in business meals, and $2,000 in green fees to entertain clients. He has separate invoices for the meals. He is also a member of the local Rotary club where he meets potential clients. The dues for the Rotary club are $1,200 a year. How much of the above expenses can Jack deduct as business expenses? a.$7,200 b.$4,200 c.$3,200 d.$14,400 e.None of these choices are correct.Jessica is a professional consultant. She agrees to consulting services for Joe for $2,000. After she finishes, Joe does not have cash to pay Jessica, but he has an antique, collectible baseball card with a fair market value of $2,000 that he gives her to satisfy the payment. The baseball card cost Joe $500. How much should Jessica include in her gross income?Jack is a lawyer who is a member at Ocean Spray Country Club where he spends $7,200 in dues, $4,000 in business meals, and $2,000 in green fees to entertain clients. He has separate invoices for the meals. He is also a member of the local Rotary club where he meets potential clients. The dues for the Rotary club are $1,200 a year. How much of the above expenses can Jack deduct as business expenses?