Joseph travels from his home in Massachusetts and flies to Paris to atterid meetings related to his business. He plans to spend 10 days(including 2 travel days) conducting business and 4 days sightseeing for personal pleasure. His trip is primarily for business. Assume hehas the following expenses:Airfare and rail passLodging per dayMeals per day(a)$3,560$325$182x Your answer is incorrect.DeductionHow much can Joseph deduct as a travel expense in 2023? (Round Intermediate percentage calculations to 0 decimal places, eg. 15%and final answer to 0 decimal places, eg. 5,125)3,976

According to the IRS (Internal Revenue Service) rules, if a trip to another country is primarily for…

Answered: Joseph travels from his home in…

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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Abdul works full-time in a bookstore. He earns a take-home salary of $580 a week. His expenses are $770 a month for rent and utilities, $41 a month for his cell phone, $80 a week for groceries, and $150 every two weeks for miscellaneous expenses. How much can Abdul save each month?
Veronica Valentine works as a financial consultant as her sideline which earns her approximately 35,000 a month. She however, has a full time job as a supervisor in one of the big corporations in the City. Her full time job pays her 84,950 per month and has benefits like: rice allowance of 5,000 per quarter; uniform allowance of 8,000 per year; meal allowance of 70 pesos per day(she works 26 days a month); representation allowance of 8900 per month; communication allowance of 3,000 per month. The company pays 14' month pay @100% of her monthly pay and a 15* month pay which is 60% of her monthly pay. Given the above stated data,compute for her. a.Monthly take home pay. b.It was found that at the end of the year,Ms. Valentine has accumulated a total of 15 hours tardiness.With this data in mind,compute for her total income tax to be paid to the government considering both sources of income.
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
Byron is a certified public accountant who is self-employed. He is required to make a 5-day business trip to Salt Lake City for an audit. Since he is going to be in Utah, Byron decides to stay for the weekend and go skiing. His expenses for the trip are as follows: Airfare to Salt Lake City and return $ 480 Hotel while on the audit (5 nights at $165 per night) 825 Deductible portion of meals while on the audit 168 Laundry in Salt Lake City 22 Taxi fares in Salt Lake City 72 Transportation from Salt Lake City to and from Park City ski resort 100 Lodging at Park City ski resort 380 Lift tickets 99 Ski rental 89 Meals at Park City 182 Total $2,417 If Byron has proper records to substantiate the above expenses, how much may he deduct as travel expenses for the 7-day trip?
Mike and BrettBrett are students at Berkeley College. They share an apartment that is owned by BrettBrett. BrettBrett is considering subscribing to an Internet provider that has the following packages available: Package Per Month A. Internet access $60 B. Phone services 15 C. Internet access + phone services 65 ... Question content area top right Part 1 MikeMike spends most of his time on the Internet ("everything can be found online now"). BrettBrett prefers to spend his time talking on the phone rather than using the Internet ("going online is a waste of time"). They agree that the purchase of the $ 65$65 total package is a "win dash win""win–win" situation. Requirements 1. Allocate the $ 65$65 between MikeMike and BrettBrett using (a) the stand-alone cost-allocation method, (b) the incremental cost-allocation method, and (c) the Shapley value method. 2. Which method would you recommend they use and why?
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Jordan 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: Airfare $ 550 Lodging 3,000 Meals 900 Entertainment of clients 750 Required: How much of these expenses can Jordan deduct?
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Jordan 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: Airfare $ 420 Lodging 2,200 Meals 550 Entertainment of clients 440 Required: How much of these expenses can Jordan deduct?
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Give typing answer with explanation and conclusion Louise Gendron’s monthly gross income is $4,800. Her employer withholds $720 in federal and provincial income taxes, $210.68 towards the Canada Pension Plan, and $68.67 for EI contributions. Louise contributes $180 per month to her RRSP. Her monthly credit payments for Visa and MasterCard are $83 and $73, respectively. Her monthly payment on an automobile loan is $465. a. What is Louise’s debt-payments-to-income ratio? (Round your answer to 2 decimal places. Omit "%" sign in your response.) Debt payments–to–income ratio % b. Is Louise living within her means?

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