Compute a schedule of deductible expenses related to the following hobby: Income $18,500 Mortgage interest and property taxes allocable to hobby $9,000 Depreciation Supplies and fees Internet and utilities for hobby $3,500 $5,000 $2,000
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Compute the schedule of deductible expenses
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- Calculate the amount of property tax due: Tax rate Assessed value Amount of property tax due 40 mills $65,000Itemize deductions or take the standard deductions Deductible expenditures are $ 8700 interest home mortage , $ 2000 charity, $609 state taxes. Standard deduction $ 12000Calculate the amount of property tax due: (Round your answer to the nearest cent.) Tax rate Assessed value Amount of property tax due $42.50 per $1,000 $ 105,000
- Accounting what is the taxable incomePlease calculate capital allowance using declining balance method with the following information: Details of the Fixed Assets: Details Cost NBV Tax Written Down As at 31 Dec 2021 As at 31 Dec 2021 Value as at 1 Jan 2021Motor Vehicles 10,00,000 7,200,000 7,000,000Equipment 15,000,00 12,00,000 6,713,335Office buildings 45,000,000 36,000,000 36,450,000 Included in the cost of motor vehicle is a lorry purchased on 1 April 2021 for $2,000,000…Consider the following data for 2021 from an after-tax cash flow analysis. Before-Tax-and-Loan Cash Flow = $23,690 Loan Principal Payment = $3,299 Loan Interest Payment = $3,993 Depreciation Deduction = $12,865 Taxes Due = $2,323 After-Tax Cash Flow = $14,075 What is the taxable income for 2021? O $3,533 O $10,817 O $6,832 $16,398
- Consider the following data for 2021 from an after tax cash flow analysis. What is the taxable income for 2021? Before-Tax-and-Loan = $23,000 Loan Principal Payment = $3,203 Loan Interest Payment = $3,877 Depreciation Deduction = $12,490 Taxes Due = $1,658. After-Tax Cash Flow = $14,262. a. $40,000 b. $35,540 c. $6,633 d. $28,460.Using the following table, calculate the taxes for an individual with taxable income of $25,800. 10% Up to $9,875 12% $9,876–$40,125 22% $40,126–$85,525 24% $85,526–$163,300 32% $163,301–$207,350 35% $207,351–$518,400 37% Over $518,401Consider the following data for 2019 from an after tax cash flow analysis.What is the after tax cash flow for 2019? Before-Tax-and-Loan = $23,000Loan Principal Payment = $3,203 Loan Interest Payment = $3,878. Depreciation Deduction = $12,490 Taxable Income = $6,633 Taxes Due = $1,658. a. $20,744 b. $14,262 c. $3,430 d. $1,175.