Adele is a ride-hailing driver. On Monday, she drove from her home to the airport (15 miles) to pick up her first ride. She drove from ride to ride after that until she took a break to drive three miles to the store, two miles to her kid's school, and two miles to her house. Then she drove back to the airport and continued from ride to ride. At the end of the day, she drove 10 miles home. Her total miles for the day were 223. How many deductible miles did Adele drive on Monday?
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- Case: Two months ago, Lisa was honorably discharged from the Air Force where she spent four years training as an airplane mechanic. After discharge, she relocated to take a 40 hour per week apprentice mechanic job with a major airline company where she earns $18 an hour. Last month, her husband Dave, who has worked the past two years as a registered nurse, found a nursing job with a local hospital making $625 per week. They just bought a new car and pay $400 each month on that loan and have no other monthly debts. What is the maximum mortgage payment (PITI) a lender would allow for a conventional loan based on the housing expense ratio only? Using the total debt-to-income ratio, what is the maximum amount of total debt allowed for a conventional loan? What is the maximum mortgage payment (PITI) a lender would allow for a conventional loan using total debt-to-income ratio only? Can Lisa and Dave get approved for a loan, even though they’ve only been at their jobs a short time? Explain.Suppose that Melissa's permanent residence and business were located in San Francisco. She attended the conference in San Francisco and paid $380 for the registration fee. She drove 169 miles over the course of three days and paid $106 for parking at the conference hotel. In addition, she spent $375 for breakfast and dinner over the three days of the conference. She bought breakfast on the way to the conference hotel, and she bought dinner on her way home each night from the conference. What amount of these costs can Melissa deduct as business expenses? Note: Use standard mileage rate.Income Profile Adjusted Budget Employment Income Interest/Dividends Other TOTAL INCOME Essential Expenses Mortgage/Rent Utilities Telephone Groceries Child Care Pet Care Clothing Transportation Gas/Fuel Insurance Health club dues Life Insurance Medicine Veterinarian Savings Non-Essential Expenses Entertainment Dining Out Vacation Subscriptions Other TOTAL Expenses Surplus/Shortage
- 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 milesChristina Haley of Elko, Nevada, age 57, recently suffered a stroke. She was in intensive care for 3 days and was hospitalized for 10 more days. Her total bill for this care was $133,000. After being discharged from the hospital, she spent 25 days in nursing home at a cost of $240 per day. Christina, who earns $4,500 per month, missed two months of work. Christina had a health insurance plan through her employer. The policy had a $1,000 deductible and an 80/20 coinsurance clause with a $2,000 coinsurance cap. She had also accumulated 21 sick days (equivalent to one month) at work. Otherwise she had no long-term care or disability income insurance. Round your answers to the nearest dollar. a. How much of Christina's direct medical expenses was paid by her insurance policy? $ b. What did Christina have to pay for her nursing home care? $ c. How much income did Christina lose? $Christina Haley of Elko, Nevada, age 57, recently suffered a stroke. She was in intensive care for 3 days and was hospitalized for 10 more days. Her total bill for this care was $132,500. After being discharged from the hospital, she spent 25 days in a nursing home at a cost of $290 per day. Christina, who earns $4,500 per month, missed two months of work. Christina had a health insurance plan through her employer. The policy had a $1,000 deductible and an 80/20 coinsurance clause with a $2,000 coinsurance cap. She had also accumulated 21 sick days (equivalent to one month) at work. Otherwise she had no long-term care or disability income insurance. Round your answers to the nearest dollar. How much of Christina’s direct medical expenses was paid by her insurance policy? $ What did Christina have to pay for her nursing home care? $ How much income did Christina lose? $
- On September 1st, 2018, Mr. Payton moves from Sudbury to Ottawa (Ottawa is 484 kilometers from Sudbury) for a new job. He lived in a rented apartment in Sudbury and purchased a house in Ottawa. The total cost of the actual move, including the costs of moving his personal possessions, was $16,500. He paid $500 to the cleaners to clean the rented home and hand it over to the landlord as per his tenancy contract. He spent $750 on a house hunting trip to Ottawa, but he did not decide on a house until his return to Sudbury. He also incurred a $2,000 penalty for breaking his lease in Sudbury. He also incurred $150 of mail forwarding cost to his new address. He also paid $200 expenses for various utilities connections at his new address in Ottawa. During the year, his salary totaled $60,000, of which $45,000 was earned in Sudbury and the remaining $15,000 was earned in Ottawa. As Payton is hired at a junior level, his new employer is not reimbursing any of the moving expenses.…In May 2021, Reginald graduated from the Naval Academy with a degree in aeronautical engineering and was assigned to Pensacola, Florida as a permanent duty station. In his move to Pensacola, Reginald incurred the following costs: $485 in gasoline. $271 for renting a truck from UPAYME rentals. $114 for a tow trailer for his car. $99 in food. $32 in double espressos from Starbucks. $342 for motel lodging on the way to Pensacola. $454 for a previous plane trip to Pensacola to look for an apartment. $203 in temporary storage costs for his collection of sports memorabilia. Required: If the government reimburses him $900, how much, if any, may Reginald take as a moving expense deduction on his 2021 tax return? Moving expense deductionStaci Valekbegan dabbling in pottery several years ago as a hobby. Her work is quite creative, and it has been so popular with friends and others that she has decided to quit her job with an aerospace company and manufacture pottery full time. The salary from Staci’s aerospace job is $3,800 per month. Staci will rent a small building near her home to use as a place for manufacturing the pottery. The rent will be $500 per month. She estimates that the cost of clay and glaze will be $2 for each finished piece of pottery. She will hire workers to produce the pottery at a labor rate of $8 per pot. To sell her pots, Staci feels that she must advertise heavily in the local area. An advertising agency states that it will handle all advertising for a fee of $600 per month. Staci’s brother will sell the pots; he will be paid a commission of $4 for each pot sold. Equipment needed to manufacture the pots will be rented at a cost of $300 per month. Staci has already paid the legal and fi ling fees…