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Jayda, who is self-employed, maintains an office in her home that comprises 22% (310 square feet) of total floor space. Gross income for her business is $55,400, and her residence expenses are as follows: Real property taxes Interest on mortgage Operating expenses Depreciation (based on 22% 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? $3,900 6,500 3,250 2,315

Jayda, who is self-employed, maintains an office in her home that comprises 22% (310 square feet) of total floor space. Gross income for her business is $55,400, and her residence expenses are as follows: Real property taxes Interest on mortgage Operating expenses Depreciation (based on 22% 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? $3,900 6,500 3,250 2,315

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Jayda, who is self-employed, maintains an office in her home that comprises 22% (310 square feet) of total floor space. Gross income for her business is $55,400, and her residence expenses are as follows: Real property taxes Interest on mortgage Operating expenses Depreciation (based on 22% 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? 5,318 ✔ Feedback $3,900 6,500 3,250 2,315 Check My Work Self-employed individuals are not allowed a deduction for office in the home expenses unless a portion of the residence is used exclusively on a regular basis under certain circumstances. b. What is Jayda's office in the home deduction based on the simplified method? 1,550 X
Transcribed Image Text:Jayda, who is self-employed, maintains an office in her home that comprises 22% (310 square feet) of total floor space. Gross income for her business is $55,400, and her residence expenses are as follows: Real property taxes Interest on mortgage Operating expenses Depreciation (based on 22% 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? 5,318 ✔ Feedback $3,900 6,500 3,250 2,315 Check My Work Self-employed individuals are not allowed a deduction for office in the home expenses unless a portion of the residence is used exclusively on a regular basis under certain circumstances. b. What is Jayda's office in the home deduction based on the simplified method? 1,550 X
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