a. Meredith owns a flower shop in Ontario (Assume GST of 5%). Over a 3 month period her revenues from sales was $84900. i. How much GST did she collect? ii. If she purchased products and services costing her $25750. How much GST did she pay? ii. What amount is she required to remit to the government for the period?
Q: How is penalty pay worked up for problems like these? Lorna Hall’s real estate tax of…
A: a. Calculate the penalty that Lorna must pay. The taxes have to be paid on December 14, 2019 but the…
Q: Dina loans $24,000 to her daughter Erin and does not charge any interest. Erin has investment income…
A: To avoid gift tax consequences, the IRS requires that a minimum interest rate, called the Applicable…
Q: Cab fare to and from restaurants Gratuity at restaurants Meals Cover charges expenses are…
A: Introduction: Businesses incur a variety of expenses. An expense is a form of spending that appears…
Q: ackie owns a temporary employment agency that hires personnel to perform accounting services for…
A: Tax Deductible -All expenses deemed "ordinary, necessary, and reasonable" that support a business's…
Q: Jordan took a business trip from New York to Denver. She spent two days in travel, conducted…
A: Expenses incurred while traveling away from home for business purposes are deductible if they are…
Q: Yolanda is a cash basis taxpayer with the following transactions during the year: Cash received…
A: Income from business is one of useful calculation being done in business. This is calculated by…
Q: Jazmin earned $44,660 this year. Calculate her total FICA contribution for the year. How much did…
A: Step 1: Understanding of FICA tax:- FICA taxes stands for "Federal Insurance Contribution Act". It…
Q: siness. While there, she spent 60% of the time on business and 40% on vacation. How much of the air…
A: Nicole can deduct the amount of airface that belongs to the business part only ,therefore in the…
Q: Jordan took a business trip from New York to Denver. She spent two days in travel, conducted…
A: Expenses refer to the costs incurred by an individual, organization, or business in the process of…
Q: Carl’s house payment is $1,750 per month and his car payment is $393 per month. If Carl's take-home…
A: Take home pay is the amount of net money that comes in your hand. It is the net amount that is…
Q: The Bourassas decide to sell a home for $410,000. They are charged a real estate commission of 7% of…
A: given Sale Price : 410000 Commission 7% title insurance that is 1.6% of the selling price, and an…
Q: In 2020, Jose became the sole proprietor of a sandwich shop. During his first year in business, he…
A: Special depreciation allowance is the depreciation allowed to the new or used assets, where the used…
Q: The Bourassas decide to sell a home for $480,000. They are charged a real estate commission of 8% of…
A: A real estate commission is a fee paid to a real estate broker or agent for their services in…
Q: Natasha is considering moving into a one-bedroom apartment in Winter Gardens. The apartment has a…
A: 1) Calculation of Application Fee:2) Calculation of Broker's Fee:
Q: How much of these expenses can Jordan deduct?
A: For an expense to be deductible as a business related travel expense, the following primary…
Q: Carl’s house payment is $2,574 per month and his car payment is $871 per month. If Carl's take-home…
A: House Payment to income ratio is the ratio which calculates the amount spend from your monthly…
Q: Jewel Jones is an employee for a local accounting firm. She received the following benefits for the…
A: To find the total taxable amount, you need to sum up the taxable portions of the benefits. In this…
Q: ASLEY is in the business of purchasing accounts receivable from businesses at a discount and then…
A: Accounts receivable represents the revenue earned by the company but money for the same has not been…
Q: Stella sells shoes for a retail store and receives wages of $1875 per month plus 4% commission on…
A: The problem statement focuses on calculating the sales in the month done by Stella. Since the…
Q: Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer…
A: The child and dependent care credit is a credit available to a taxpayer that helps the taxpayer to…
Q: Carie purchased a car for $49,000; she paid $4900 as a down payment and financed the balance amount…
A: Present Value= the financed amount after the down payment= 49000-4900= 44100Payment per period can…
Q: Ryan's day care business collected $35,000 in revenues. In addition, customers owed him $3,000 at…
A: The objective of the question is to calculate the net income of Ryan's day care business using the…
Q: Joseph travels from his home in Massachusetts and flies to Paris to attend meetings related to his…
A: According to the IRS (Internal Revenue Service) rules, if a trip to another country is primarily for…
Q: To pay for a $22,300 truck, Jina made a down payment of $4900 and took out a loan for the rest.…
A: As per the information provided : Jina to pay $22,300 for a truck. She made a down payment of $4,900…
Q: ordan is an eligible educator. He spends a total of $300 on classroom supplies. He also reported…
A: The term "qualified expenses" typically refers to specific types of expenditures that meet certain…
Q: Colbert operates a catering service on the accrual method. In November of year 1, Colbert received a…
A: Under accrual method of accounting income is recognise as and when earn not when actually received.…
Q: Jordan took a business trip from New York to Denver. She spent two days in travel, conducted…
A: Total deductible expenses are the total expenses that can be subtracted from a taxpayer's gross…
Q: The Bourassas decide to sell a home for $460,000. They are charged a real estate commission of 8% of…
A: Value of house = $460,000 real estate commission = 8% Title insurance = 1.2% escrow fee = $875
Q: Sheila Spinney, a recent college graduate, receives a salary of $2976 each month. She pays (3)/(8)…
A: Solution:In the given scenario, money left means amount that Sheila Spinney shall have after…
Q: Ann earns $95,000 per year in salary. She pays 25% federal income tax, 6% state income tax, 6.2%…
A: The question is based on the calculation of gross monthly income and net monthly income . Net income…
Q: Helen Meyer receives a travel allowance of $160 each week from her company for time away from home.…
A: Given information: Travel allowance per week = $160 Applicable income tax rate = 15%
Q: What is Mary's year 1 deduction
A: Deduction refers to the process of subtracting certain expenses or allowances from one's taxable…
Q: 16. Madison purchased a new car for $29,000. She was allowed $3,000 for her trade in and financed…
A: In the given question we are required to calculate monthly payment paid by madison for the purchase…
Q: Assume that Louisa carried an average balance of $1,000 from her credit card purchases over the past…
A: Interest charges are the amount of cost and charges paid for the amount borrowed either for personal…
Q: Sally hires a maid to work in her home for $1,030 per month. The maid is 25 years old and not…
A: a. Compute the amount of social security tax.
Q: s a gross monthly income of $3,900. She has 15 remaining payments of $189 on a used car. The taxes…
A: TDS is the total debt ratio that is the ratio of the monthly housing payment plus other debt divided…
Q: uary 1 of year 1, Arthur and Aretha Franklin purchased a home for $2.29 million by paying $240,000…
A: Interest Expense -Interest expense is an expense associated with borrowing money. There are…
Q: Javier and Anita Sanchez purchased a home on January 1 of year 1 for $1,000,000 by paying $200,000…
A: As of the year 2021, single filers and married couples who are filing jointly can deduct interest on…
Q: Melissa recently pod $760 for round trip airfare to San Francisco to attend a business conference…
A: Lets understand the basics.Deductible business expenses are expenses that a business incurs in order…
Q: Wally is employed as an executive with Pay More Incorporated. To entice Wally to work for Pay More,…
A: a. Wally used the funds as a down payment on a speedboat and repaid the $25,000 loan (including $250…
Q: Melissa recently paid $760 for round trip airfare to San Francisco to attend a business conference…
A: Lets understand the basics.Business expenses are costs incurred in the ordinary course of business.…
Q: Jayda, who is self-employed, maintains an office in her home that comprises 16% (370 square feet) of…
A: IRS allows the qualified taxpayer to deduct some housing costs, including utilities, mortgage…
Q: Peggy made a down payment of $400 toward the purchase of new furniture. To pay the balance of the…
A: Purchase price of the furniture is present value of monthly payments plus down payments
Q: Jill is self-employed in the commercial plant care business. The business earned $120,000 in revenue…
A: The social security and medicare taxes are levied to provide social security benefits to the…
Q: Sally purchased a home in Georgia for $167,500. She took out a mortgage for 80% of the purchase…
A: Prepaid Interest Expenses is that Expenses which is paid in advance before the Expenses due it will…
Q: Mansi, a self-employed influencer, left her home in Georgia on Monday to fly to New York to meet…
A: Deductions:Deduction refers to the tax benefit amount that is given to the taxpayer by the tax…
Q: Tamara works for FunCorp. She makes $65,000 per year in salary. How much does she pay in FICA taxes…
A: The question states that Tamara makes $65,000 per year in salary. We need to determine how much she…
Step by step
Solved in 2 steps
- Roxy operates a dress shop in Arlington, Virginia. Lisa, a Maryland resident, comes in for a measurement and purchases a $2,800 dress. Lisa returns to Virginia a few weeks later to pick up the dress and drive it back to her Maryland residence, where she will use the dress. Assuming that Virginia's sales tax rate is 5 percent and that Maryland's sales tax rate is 6 percent, what is Roxy's sales tax collection obligation? Multiple Choice $0 $140 to Virginia $140 sales tax to Virginia and $28 use tax to Maryland $168 to MarylandDeja 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?Maria has just finished her thirty-second year with her company and is getting ready to retire. During her thirty-two years, Maria's average annual salary was S62,544. How much can Maria expect to receive from Social Security annually if she were to retire today? (Assume she will receive 55% of his average annual salary.) a. $96.943.20 b. $34.399 92 c. S28.144.00 d. $62.544
- 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?In 2021, Carlos drives from his home in Los Angeles to Oregon to consult with a client. He works for 1 day and spends 3 days enjoying Oregon since the consultation was right before a 3-day weekend. His expenses were $175 to drive to Oregon and back, $600 for lodging, $50 for food from a convenience store on the day that he worked, and $125 for restaurant food on the other 3 days. How much of his travel expenses are deductible? $800 b.$350 c.$0 d.$200 e.$175ng 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
- On March 31, year 1, Mary borrowed $240,000 to buy her principal residence. Mary paid 3 points to reduce her interest rate from 6 percent to 5 percent. The loan is for a 30-year period. What is Mary's year 1 deduction for her points paid? Multiple Choice ___ $60. ___ $180. ___ $5,400. ___ $7,200.Sarah had been contributing $300 pre-tax per month to a retirement account that pays 2.16% interest compounded monthly. After 10 years, she needs to withdraw 25% of the money from her account. If the early withdrawal penalty is 10% of the amount withdrawn, how much will she have to pay? a. $1,003.59 b. $40,143.57 c. $4,014.36 d. $10,035.89Carl’s house payment is $2,280 per month and his car payment is $780 per month. If Carl's take-home pay is $4,800 per month, what percentage does Carl spend on his car payment? Note: I am not sure how to enter the answer as a percent rounded to 2 decimal places.
- Yolanda is a cash basis taxpayer with the following tranasctions during the year: Cash received from sales of products $70,000 Cash paid for expenses (except rent and interest) $40,000 Rent prepaid on a leased building for 18 monts beginning December 1 $48,600 Prepaid interest on a bank loan, paid on December 31 for the next 3 months 5,000 Calculate Yolanda's income from her business for this calendar year.A woman decides to purchase a $23000 car, and makes down payment of $3500. She arranges to borrow the remainder from a bank that will charge her 4.5% interest. She will make monthly payments for 4 years. a. Find her monthly payment amount b. determine the total amount she would pay for the car and the total amount of interest paidJordan 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 $ 440 Lodging 2,400 Meals 600 Entertainment of clients 480 Required: How much of these expenses can Jordan deduct? (Do not round intermediate calculations. Round your final answer to the nearest whole dollar value.)