Donna owns and operates a dress shop
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: Nancy owns a small dress store. During 2015, Nancy gives business gifts having the indicated cost to…
A: Introduction: Business Gifts deduction: Deduction for gifts is allowed only for business purpose.…
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: Which of the following will result in the recognition of gross income? a.Havana is a lawyer. The…
A: recognition of gross income. a.Havana is a lawyer. The law firm she works for pays for her…
Q: Required information Skip to question [The following information applies to the questions displayed…
A: Purchase of auto cannot be part of the income
Q: Hong earns $148,500 in her job as a physician's assistant. She also has her own business selling…
A: The self-employment tax rate is 15.3%. The rate consists of two parts: 12.4% for social security and…
Q: Sarah owns a jewelry store and prepares her financial statements using the accrual method of…
A: The objective of the question is to calculate the net income of Sarah's business under the cash…
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: Which one of the following would be included in Bob's gross income? Bob received $1,000 worth of…
A: When we compute the tax liability of a person we focus on gross income of that person. Gross…
Q: Identify the amount, if any, that these individuals must include in gross income in the following…
A: Gross pay: Amount before taxes and deductions called Gross pay.
Q: Phil operated his personal vehicle for business purposes in 2020 three, if he travels 20000 Miles on…
A: For the year 2023 according to IRS (Internal Revenue Services) the applicable standard mileage rate…
Q: During the current income year, George received: salary and wages of $35,000 A bonus of $2500 from…
A: In this question, we will find out the George's assessable income for the current year ended 30 June…
Q: rran operates a boutique yarn store from their own. The store had accounting income after tax of…
A: Taxable income is the income before tax that is available after making standard deductions from the…
Q: Carolyn has an AGI of $38,000 (all from earned income) and two qualifying children and is filing as…
A: The Earned Income Credit (EIC) is a tax credit available to eligible individuals and families with…
Q: Joye started her home business in 2020 and the results of her operations are given below. Gross…
A: Schedule C is used for business taxes. This is generally prepared as part of the personal tax…
Q: Taxation question: Business-Related Expenses. Mike, a self-employed consultant, incurs the following…
A: Calculate the amount of M’s deduction for business-related expense for 2019.
Q: Dimitri operates Downtown Discount Pharmacy, a sole proprietorship. Downtown Discount Pharmacy…
A: Net income = $205,000 Self-employment taxes = $21,263 Salary contribution = 15%
Q: Taxation I would like to have some guidance for the following question. Thank you kindly. Gerald…
A: Compute the Taxable Income of Garald and Patty for the year 2018:
Q: Carolyn has an AGI of $38,000 (all from earned income) and two qualifying children and is filing as…
A: The Earned Income Credit (EIC) is a tax credit available to eligible individuals and families with…
Q: Fauzana owns a business that makes and sells pets During the financial year ended 31 July 2020, she…
A: Capital expenditure: It is the amount of funds invested in the business to get long-term benefits to…
Q: Mark's wite left him a few years ago. in 2021, he filed as head of household. In 2021, he reported…
A: Adjusted Gross Income (AGI): Adjusted gross income is the amount on which the tax liability of the…
Q: Jacob has $180,000 of self-employment earnings from a sole proprietorship. Jacob's self-employment…
A: In this problem, we are asked to compute Jacob's self-employment tax for 2022.
Q: Enter the taxpayer's gross income for each of the following independent situations. If an amount is…
A: Gross income, which is the total amount of money earned by an individual before taxes and other…
Q: Prepaid Income (Obj. 1) Scott operates a fitness center as a sole proprietorship. On May 1, 2020,…
A: Introduction: Income is defined differently depending on the context, such as taxation, financial…
Q: Taxation question Auto Expenses. Amelie is self-employed and uses her personal automobile in…
A: Self-employed tax applicants can claim business expense deductions while filing their tax…
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: Carolyn has an AGI of $38,000 (all from earned income) and two qualifying children and is filing as…
A: The Earned Income Credit (EIC) is a tax credit available to eligible individuals and families with…
Q: The Chungs are married with one dependent child. They report the following information for 2022:…
A:
Q: Mr. Joplin sells a line of computer software for a company in Western Canada. In 2023, he was paid a…
A: A tax deduction known as the capital cost allowance lets qualified taxpayers write off the whole…
Q: Determine all items that will be included and excluded from gross income on Form 1040 based on the…
A: Working of revenue from rental property Particulars Amount $ Amount $ Rental revenue 50,000…
Q: Paul is an employee, but also has a small business. For the year ended 31st March 2024 his sales…
A: Given:- Sales revenue: £2,500- Running expenses: £460- Computer purchase for business: £200
Q: Which one of the following costs is most likely NOT fully deductible? Group of answer choices Jose,…
A: Tax is a charge which is levied on the taxable income of a taxpayer. A taxpayer can be individual,…
Q: Rob Wriggle operates a small plumbing supplies business as a sole proprietor. In 2019, the plumbing…
A: Given Information: Marie wage income: $250,000 Gross business income: $421,000 Business expenses:…
Q: Please answer all parts Michelle operates several food trucks. Indicate the amount (if any) that…
A: Deductible expenses: These include all the expenses that are being incurred by a person with…
Q: Menard is single and has the following income and expenses Form W-2 wages Interest income received…
A: The objective of the question is to calculate the total allowable deduction for interest expense on…
Q: Barbara is age 57 and was widowed in 2021. She owns her own home and provided all the cost of…
A: SOLUTION EXPLANATION - THE MINIMUM AGE TO CLAIM THE EIC IS GENERALLY AGE 19 .HOWEVER ,YOU ARE…
Q: Antonio supplies you the following information about his income and expenses for the financial year…
A:
Q: Ferran operates a boutique yarn store from their own. The store had accounting income after tax of…
A: Calculation of farran's taxable income as per law:
Q: What amounts are included in gross income for the following taxpayers?
A: Gross income means the total amount of income earned or received by a taxpayer (may be an…
Q: Rob Wriggle operates a small plumbing supplies business as a sole proprietor. In 2019, the plumbing…
A: Hello. Since your question has multiple parts, we will solve first question for you. If you want…
Q: Calculate Gross Income For D Douglass based on the following facts: (Provide an explanation for why…
A: Gross income refers to total income computed from all the sources for an individual before any…
Give typing answer with explanation and conclusion
Donna owns and operates a dress shop . In 2022, her total sales were$80,000. She refunded $950 to customers who were unsatisfied. Her cost of goods sold was $30,000 what is Donna's gross income on her schedule c, profit or loss from business (sole proprietorship)
![](/static/compass_v2/shared-icons/check-mark.png)
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
- Cassi (SSN 412-34-5670) has a cash-basis home cleaning business she runs as a sole proprietorship. The following are the results from business operations for the tax year 2019: Gross receipts $ 203,000 Business mileage: 27,000 (miles incurred ratably throughout the year) 35,000 miles total during the year 2019 Van (over 6,000 lbs) placed in service 1/01/19, cost 27,000 Postage (500 ) Wages (26,000 ) Payroll taxes (1,950 ) Supplies (12,500 ) Phone (1,250 ) Internet service (600 ) Rent (2,400 ) Insurance (2,800 ) Van expenses (4,500 ) Business assets Date Purchased Cost Computer 1 5/18/19 $ 2,200 Computer 2 6/01/19 2,700 Printer 3/01/18 900 Copier 3/02/18 2,100 Furniture 3/01/18 6,000 Required: Determine Cassi’s self-employment income and QBI deduction. Prepare Schedule C and Schedule SE. § 179 expense is elected on all eligible assets (§ 179 was not taken on assets…Required information [The following information applies to the questions displayed below] Priya works for the Shine Company, a retailer of upscale jewelry. How much taxable income does Priya recognize under the following scenarios? Note: Round your answers to 2 decimal places. Leave no answer blank. Enter zero if applicable. b. Priya receives a 32 percent discount on jewelry restoration services offered by Shine Company. This year, Priya had Shine Company repair a set of antique earrings (normal repair cost $905; discounted price $615.40) Taxable incomeJordan 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: $ 450 2,500 625 500 Airfare Lodging Meals Entertainment of clients Required: How much of these expenses can Jordan deduct? Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar value. Deduction
- Rita owns a sole proprietorship in which she works as a management consultant. She maintains an office in her home (500 square feet) where she meets with clients, prepares bills, and performs other work-related tasks. Her business expenses, other than home office expenses, total $5,720. The following home-related expenses have been allocated to her home office under the actual expense method for calculating home office expenses. Real property taxes $ 1,660 Interest on home mortgage 5,190 Operating expenses of home 830 Depreciation 1,636 Also, assume that, not counting the sole proprietorship, Rita's AGI is $61,200. Rita itemizes deductions, and her itemized deduction for non-home business taxes is less than $10,000 by more than the real property taxes allocated to business use of the home. Assume Rita's consulting business generated $15,300 in gross income. Note: Leave no answer blank. Enter zero if applicable. Required: What is Rita's home office deduction for the current…Pure Self-Employment Architect Adira offers architectural design services. She is also the sole proprietor of Aza Art Supplies store. In 2018 her gross receipts from services amounted to P750,000 while her gross sales from the store was P1,500,000. She has availed of the 8% income tax rate. Compute for Arch. Adira's income tax liability for 2018. If Architect Adira (above) did not opt to be taxed at the 8% income tax rate, what will be her income tax due assuming that his 2018 cost of sales was P1,100,000 and operating expenses 450,000?1. Label each item as Gross Income, (GI), Not Included, (NI) or Deductions for Adjusted Gross Income, (DAGI), and calculate adjusted gross income for Noelle Nelson. A gift from her mother Nia, $30,000 Noelle has a sole proprietorship, candy shop. The net income is $120,000 Salary $100,000. Bonus $40,000 Capital loss $20,000 Contribution to individual retirement account, $1,000 Child support received, $30,000 Alimony received $50,000. The divorce was signed on January 15, 2018. Noele won $20,000 in a national bowling tournament. Noelle received $20,000 from a legal settlement for a dog bite on her leg. Student loan interest paid $1,000. Noelle’s sister, Natasha, gave her $40,000, in repayment of a $35,000 loan from 2017. Workman’s compensation $30,000 Unemployment compensation $40,000 Interest from a City of Nashville Bond, $7,000 Treasury bill interest $10,000 Interest from CitiGroup Account $5,000 Penalty for early withdrawal from timed savings…
- Mr. Juan Dela Cruz operates a mini bakeshop while he offers cleaning services to his clients. In 2018, his gross sales amounted to P280,000 in addition to his receipts from cleaning services of P20,000. He incurred cost of sales and operating expenses amounting to P20,000 and P5,000, respectively or a total of P30,000. He consulted you if he could avail of either the graduated income tax rates (0%-35%) or the flat 8% income tax rate. Compute for the income tax due for 2018 considering the tax option that is more favorable to him.during 2017, Regina, a sole proprietor, had the following income and expenses from herhome jewelry business. Regina is also employed as an office assistant at a local business. W-2 wages from employer$28,000 Proceeds from jewelry sales15,000 Supplies for jewelry5,000 Travel for jewelry1,400 Charitable contributions to church3,000 a.What income or loss should be reported on Schedule C? b.What is Regina's AGI?Pure Self-Employment Ms. Abrial is the owner of Bebe Party Favors store. She also works as a party nost. " 2018 her store's gross sales amounted to P1,200,000 while her gross receipts as party host amounted to P450,000. She has signified her intention to be taxed at 8% income tax rate in her first quarter income tax return. What is Ms. Abrial's income tax liability for 2018? Assume that Ms. Abrial (above) failed to signify her intention to be taxed at 8% income tax rate on gross sales/receipts in her first quarter income tax return. Cost of sales incurred in 2018 amounted to P850,000 while operating expenses P380,000. Compute for Ms. Abrial's income tax due for 2018.
- Sally McKrachen is a single young professional with a gross income of $51,000. Sally has no adjustments to gross income, but she does have itemized deductions totaling $4,275. If personal exemptions for the year are $3,700 each and the standard deduction is $5,800, what is Sally's taxable income? a. $ 37,225 b. $43,028 c. $47,300 d. $ 41,5001. Aaron owns and operates a shipping business. He had gross income of $ 345,00 and expenses totaling of $ 150,000. Calculate the amounto of self -employment tax that Aaron will be required to pay for the tax year 2020. - $ 17,075 - $ 22,297 - $ 27,553 - $ 29835Federal Income Tax II Please show work by EXCEL Tristan, who is single, operates three sole proprietorships that generate the following information in 2023 (none are "specified services" businesses). (LO .4) Tristan chooses not to aggregate the businesses. She also earns $150,000 of wages from an unrelated business, and her modified taxable income (before any QBI deduction) is $380,000. a. What is Tristan's QBI deduction? b. Assume that Tristan can aggregate these businesses. Determine her QBI deduction if she decides to aggregate the businesses.
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)