Anna bought $410,000 of furniture on August 7, 2014. On December 14, 2014, she purchased $160,000 of used computer equipment. If Anna elects $179, what is the maximum write-off for these purchases for 2014?
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- Lily graduated from UCSD in 2015. Right now she has an excellent job with a take-home income (after taxes) of $5,000 a month. The following is her financial situation: 1. She is single and shares an apartment with a roommate. Her monthly expenses in December 2020 were: Rent: Utilities (including cell phone): Food (including eating out) Car payment Gas Student loan payment Credit card payment Personal loan payment Clothing and personal items TOTAL Net loss of $450.00 As of December 31, 2020, what was Lily's net income for the month of December 2020? Express it in terms of a net gain or a net loss for the month. Net gain of $450.00 $1,400 600 600 No gain or loss No answer text provided. 500 200 1,100 500 300 250 $5,4501.Susanna runs a hat shop in Melbourne, VIC. During the FY20, she bought 300 hats for $99 each (incl GST) and sold those hats for $220 each (incl GST). How much should Susanna remit to the ATO once all the hats are sold? Briefly explain your calculations.Barb earned rent income from her condo by renting the second room to someone during 2021. She lives in the other bedroom and plans to share the expenses 50% between the two (2) bedrooms in her condo. The rest of the details of the rent activities are as follows: Rent income (12 months) $4,550 Repairs (Bathroom and Kitchen) $820 Utilities (100% for the condo) $1,080 Fixtures and decorations $350 What is Barb’s net rental income for 2021 that will be reported on her tax return? _____________
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- Sean Zane is a Carpenter who operates a shop in Kingston, Jamaica. The shop generates income of $50,000.00 per week for 52 weeks in 2015. Zane also works part-time at a supermarket close to his shop and earns an additional $10,000.00 per weekend in that same year. For 2015, the National Insurance Scheme rate = 2.5%, Income Tax Rate = 25%, and Tax Credit/Threshold = 557,232.00 What is the Income Tax Payable by Mr. Zane for the year of assessment 2015? How much tax is Mr. Zane required to file on his Tax Return to the Inland Revenue Department for the year of assessment 2015?Kim works for a clothing manufacturer as a dress designer. During 2020, she travels to New York City to attend five days of fashion shows and then spends three days sightseeing. Her expenses are as follows: Airfare $1,300 Lodging (8 nights) 1,690 Meals (8 days) 1,560 Airport transportation 125 Assume lodging/meals are the same amount for the business and personal portion of the trip ($211 per day for lodging and $195 per day for meals). If an amount is zero, enter "0". If required, round all interim calculations to nearest dollar. a. Determine Kim's business expenses, presuming no reimbursement. Airfare $ Lodging Meals Transportation Total $ What amount may she deduct on her tax return?$ b. Would the tax treatment of Kim's deduction differ if she was an independent contractor?The deductible expenses would be $______________ and the expenses would be classified as a deduction for AGI…Taylah purchased a 2017 Toyota Camry on 2 July 2020 for $46,000. She financed the full price of the vehicle and borrowed $3,000 extra to pay off her credit card.What will the interest apportionment percentage be?