In 2022, Britt drove her automobile 16,200 miles for business. She incurred $900 in gas expenses and $235 in tolls associated with the business mileage. Assuming Britt uses the standard mileage method, her deduction is _______
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4. In 2022, Britt drove her automobile 16,200 miles for business. She incurred $900 in gas expenses and $235 in tolls associated with the business mileage.
Assuming Britt uses the standard mileage method, her deduction is _______
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- ManjiRequired information [The following information applies to the questions displayed below.] Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $2,080 for gasoline on these trips. His depreciation on the car if he was using it fully for business purposes would be $4,800. During the year, he drove his car a total of 12,600 miles (a combination of business and personal travel). Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. a. Ryan can provide written documentation of the business purpose for trips totaling 2,520 miles. What business expense amount can Ryan deduct (if any) for these trips? Maximum deductible amountNone
- Erika has a mining operation. In 2021, she earned 175 coins with a fair market value (FMV) of $250 per coin at the time she received them. She received 11.25 coins at the same time for transaction verifications. She had no other income from the mining. She sold 120 of the coins for $265 per coin a month later. Her deductible expenses for the mining operation were $12,000. Finally, she earned ten coins for interest with an FMV of $2,300 total. How much net income does Erika show on her Schedule C?Lara uses the standard mileage method for determining auto expenses. During 2023, she used her car as follows: 11,000 miles for business, 2,200 miles for personal use, 3,300 miles for a move to a new job, 1,100 miles for charitable purposes, and 550 miles for medical visits. Presuming that all the mileage expenses are allowable (i.e., not subject to percentage limitations), what is Lara's deduction for: If required, round your answers to the nearest dollar. a. Business? b. Charitable? c. Medical?Blaire purchased a new car .He got an invioce for $ 4050 dated march 27 with terms 3/10 ,2/20 , n/60.He paid $1200 on april 1 and $480 on april 11 .what balance was still owned after april 11 ?
- Transportation (LO 3.3) Teresa is a self-employed civil engineer who uses her automobile for business. Teresa drove her automobile a total of 12,000 miles during 2022, of which 5,600 were business miles before July 1 and 4,000 were business miles after June 30. The actual cost of gasoline, oil, depreciation, repairs, and insurance for the year was $6,400. Teresa is eligible to use the actual or standard method. If required, round your answers to the nearest dollar. a. How much is Teresa's transportation deduction based on the standard mileage method? $ 5,756 XRicardo's car was damaged in an accident. The cost to repair the car will be $3,240. His deductible is $500. How much will Ricardo's insurance company pay?.LO.2 On July 1, 2016, Rex purchases a new automobile for $40,000. He uses the car 80% for business and drives the car as follows: 8,000 miles in 2016, 19,000 miles in 2017, 20,000 miles in 2018, and 15,000 miles in 2019. Determine Rex's basis in the business portion of the auto as of January 1, 2020, under the following assumptions: a. Rex uses the automatic mileage method. b. Rex uses the actual cost method. [Assume that no § 179 expensing is claimed and that 200% declining-balance cost recovery with the half-year convention is used-see Chapter 8. The recovery limitation for an auto placed in service in 2016 is as follows: $3,160 (first year), $5,100 (second year), $3,050 (third year), and $1,875 (fourth year).]
