ax provided she opted to use the graduate rate?
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Lisa Manoban, operates a pet shop at the same time, offers interior design services to her clients. The following data were provided by Lisa for the 2018 taxable year.
Pet Shop
| GROSS SALES | 1,800,000 |
| COST OF SALES | 600,000 |
| OPERATING EXPENSES | 200,000 |
Interior design services
| GROSS SALES | 1,150,000 |
| COST OF SALES | 120,000 |
| OPERATING EXPENSES | 80,000 |
How much is her income tax provided she opted to use the graduate rate?
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- During the current year, Jobul Krist has the following costs: Utilities Maintenance And Repairs Property Taxes House Insurance Interest On Mortgage Repainting And Rewiring The Work Space In The Home Home Internet Service Fees Home Telephone: Monthly Charge Employment/Business Related Long Distance Charges $2,400 4,600 5,200 A. He is an employee with $250,000 in income (no commissions). He is an employee with $250,000 in commission income. B. C. He is self-employed and earns $250,000 in business income. 2,300 7,800 1,000 960 600 390 Mr. Krist is a workaholic with no family, friends, pets, or personal interests. He estimates that he uses 25 percent of his residence and 95 percent of his home phone and home internet service for employment/business related purposes. Maximum CCA on 100 percent of the house would be $12,000. Determine the maximum deduction that would be available to Mr. Krist assuming:For each of the following situations, indicate how much the taxpayer is required to include in gross income: Note: Leave no answer blank. Enter zero if applicable. Required: a. Steve was awarded a $9,150 scholarship to attend State Law School. The scholarship pays Steve's tuition and fees. b. Hal was awarded a $17,300 scholarship to attend State Hotel School. All scholarship students must work 30 hours per week at the School residency during the term. Complete this question by entering your answers in the tabs below. Required A Required B Steve was awarded a $9,150 scholarship to attend State Law School. The scholarship pays Steve's tuition and fees. Amount to be included in gross income Required B >Trailers R Us hired Ren, 26, on January 1, 2021. Ren is a member of the long-term family assistance target group. In 2022, he worked 375 hours with wages of $4,500. In 2022, Trailers R Us hired Miroslava, 17. She worked from May 1 through September 1, totaling 425 hours with wages of $4,675. Assuming Trailers R Us had no other qualified employees, what is the maximum Work Opportunity Tax Credit (WOTC) they can claim?
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- Jayda, who is self-employed, maintains an office in her home that comprises 16% (370 square feet) of total floor space. Gross income for her business is $44,150, and her residence expenses are as follows: Real property taxes Interest on mortgage Operating expenses Depreciation (based on 16% business use) If required, round your final answer to the nearest dollar. a. What is Jayda's office in the home deduction based on the regular method? $ $4,860 8,100 4,050 6,395 b. What is Jayda's office in the home deduction based on the simplified method?Bennett is a single individual and received a salary of $28,000 before he retired in October of this year. After he retired, he received Social Security benefits of $4,000 during the year. Read the requirements. Requirement a. What amount, if any, of the Social Security benefits are taxable for the year? Begin by computing the provisional income. Only select items that are applicable to Bennett.(Leave unused cells blank, do not select a label or enter a zero.) Adjusted gross income (excluding Social Security benefits) $28,000 Plus: 50% of Social Security benefits 2,000 Provisional income $30,000 The taxable portion of the Social Security benefits is . Requirements a. What amount, if any, of the Social Security benefits are taxable for the year? b. Would the answer be different if Bennett also had $1,500 of tax-exempt interest? c. What if he had had $6,400of…Consider the following scenarios: i (Click the icon to view the scenarios.) Requirement For each scenario, indicate the amount that must be included in the taxpayer's gross income. a. Larry was given a $1,500 tuition scholarship to attend Eastern Law School. In addition, Eastern paid Larry $4,000 per year to work part-time in the campus bookstore. (Assume the tuition scholarship is less than the cost of tuition at Eastern Law School. Enter a "0" for any amounts that should not be included in the taxpayer's gross income.) The amount of tuition scholarship that Larry must include in his gross income is The amount of wages from the campus bookstore that Larry must include in his gross income is $ $ C 0 4,000 b. Marty received a $10,000 football scholarship for attending Northern University. The scholarship covered tuition, room and board, laundry, and books. Four thousand of the scholarship was designated for room and board and laundry. It was understood that Marty would participate in…
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