Joan is a self-employed attorney in New York City. Joan took a trip to San Diego, CA, primarily for business, to consult with a client andtake a short vacation. On the trip, Joan incurred the following expenses:Airfare to and from San DiegoHotel charges while on businessRestaurant meals while on businessCar rental while on businessHotel charges while on vacationRestaurant meals while on vacationCar rental while on vacationTotal$ 67550022090700242180$2,607Calculate Joan's travel expense deduction for the trip, assuming the trip was made in 2022.1,406 X

Answer:- Business trips are those that an individual takes in connection with managing a business…

Answered: Joan is a self-employed attorney in New…

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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tim is living with his spouse in California when he finds out that his wife is having an affair. Tim packs his bags and leaves the state to move to Indiana, intending on filing separately. Tim and his spouse cohabitated until June. He earned $50,000 during the year, $30,000 of which was in California. She earned $60,000 during the year. How much wage income does Tim have on his California return and from whom? (Remember, the return is being filed separately) He has $50,000 in state wages from his pay only, since he's no longer in a community property state. He has $45,000 in state wages, with $15,000 from half of his state-sourced pay and $30,000 from her half of pay. He has $55,000 in state wages, with $25,000 from half of his total pay and $30,000 from her half of pay. He has $30,000 in state wages from his state-sourced pay.
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?
Nadine is a self-employed attorney. Her expenses for continuing legal education are as follows: Line Item Description Amount Lodging in Tempe, Arizona $1,200 Transportation 350 Snacks and drinks purchased at a convenience store 30 Meals purchased at restaurants 170 Books 175 Tuition 550 Weekend trip to the Grand Canyon 175 Total $2,650 Calculate Nadine's educational expense deduction for the current year. Assume Nadine's household income is too high for her to qualify for the lifetime learning credit.
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Clark is a self-employed freelance news reporter. The Globe News Corp. hires him as an independent contractor and sends him to Florida to cover a story at an amusement park. Clark decides to take his wife along since she has never been to the amusement park. Clark incurs the following travel expenses: Plane tickets: $1,000 each Hotel: $900 + $50 (for 2nd occupant) Meals: $600 Clark spends 10 days on assignment for business purposes and 5 days sightseeing for his personal pleasure. How much can Clark deduct as business travel expenses? Group of answer choices $1,500 $1,700 $1,800 $2,000
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bob is a self-employed lawyer and is required to take a week of continuing legal education every year to maintain his license. This year he paid $1,295 in course fees for his continuing legal education in a different city. He also paid $467 for airfare and a hotel room and paid $250 for meals, all of which were provided by the hotel’s restaurant. Bob also purchased a $6 bag of snacks from a newsstand while waiting for his plane in the airport because he missed lunch. What is the total amount he can deduct on his Schedule C related to these expenses?
Diana and Ryan Workman were married on January 1 of last year. Ryan has an eight-year-old son, Jorge, from his previous marriage. Diana works as a computer programmer at Datafile Incorporated (DI) earning a salary of $96,000. Ryan is self- employed and runs a day care center. The Workmans reported the following financial information pertaining to their activities during the current year. a. Diana earned a $96,000 salary for the year. b. Diana borrowed $12,000 from Dl to purchase a car. DI charged her 2 percent interest ($240) on the loan, which Diana paid on December 31. DI would have charged Diana $720 if interest had been calculated at the applicable federal interest rate Assume that tax avoidance was not a motive for the loan. c. Ryan received $2,000 in alimony and $4,500 in child support payments from his former spouse. They divorced in 2016. d. Ryan won a $900 cash prize at his church-sponsored Bingo game. e. The Workmans received $500 of interest from corporate bonds and $250 of…

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