Kim works for a clothing manufacturer as a dress designer. During 2020, she travels to New York City to attend five days of fashion shows and then spends three days sightseeing. Her expenses are as follows: Airfare $1,500 Lodging (8 nights) 1,920 Meals (8 days) 1,440 Airport transportation 120 Assume lodging/meals are the same amount for the business and personal portion of the trip ($240 per day for lodging and $180 per day for meals). If an amount is zero, enter "0". a. Determine Kim's business expenses, presuming no reimbursement. Airfare $fill in the blank 54c797fed034fc0_1 Lodging fill in the blank 54c797fed034fc0_2 Meals fill in the blank 54c797fed034fc0_3 Transportation fill in the blank 54c797fed034fc0_4 Total $fill in the blank 54c797fed034fc0_5 What amount may she deduct on her tax return? $fill in the blank 54c797fed034fc0_6 b. Would the tax treatment of Kim's deduction differ if she was an independent contractor? The deductible expenses on her tax return would be $fill in the blank 8dfa3603300afc5_1 and the expenses would be classified as .
Kim works for a clothing manufacturer as a dress designer. During 2020, she travels to New York City to attend five days of fashion shows and then spends three days sightseeing. Her expenses are as follows: Airfare $1,500 Lodging (8 nights) 1,920 Meals (8 days) 1,440 Airport transportation 120 Assume lodging/meals are the same amount for the business and personal portion of the trip ($240 per day for lodging and $180 per day for meals). If an amount is zero, enter "0". a. Determine Kim's business expenses, presuming no reimbursement. Airfare $fill in the blank 54c797fed034fc0_1 Lodging fill in the blank 54c797fed034fc0_2 Meals fill in the blank 54c797fed034fc0_3 Transportation fill in the blank 54c797fed034fc0_4 Total $fill in the blank 54c797fed034fc0_5 What amount may she deduct on her tax return? $fill in the blank 54c797fed034fc0_6 b. Would the tax treatment of Kim's deduction differ if she was an independent contractor? The deductible expenses on her tax return would be $fill in the blank 8dfa3603300afc5_1 and the expenses would be classified as .
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Problem 9-26 (LO. 1, 3, 5)
Kim works for a clothing manufacturer as a dress designer. During 2020, she travels to New York City to attend five days of fashion shows and then spends three days sightseeing. Her expenses are as follows:
|
Assume lodging/meals are the same amount for the business and personal portion of the trip ($240 per day for lodging and $180 per day for meals).
If an amount is zero, enter "0".
a. Determine Kim's business expenses, presuming no reimbursement.
|
What amount may she deduct on her tax return?
$fill in the blank 54c797fed034fc0_6
b. Would the tax treatment of Kim's deduction differ if she was an independent contractor?
The deductible expenses on her tax return would be $fill in the blank 8dfa3603300afc5_1 and the expenses would be classified as .
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