Kyle is self employed and uses a space in his home exclusively for work. The space is 500 square feet. What would be his home office deduction if he used the simplified method of calculation? Ignore business income limitations.
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Kyle is self employed and uses a space in his home exclusively for work. The space is 500 square feet. What would be his home office deduction if he used the simplified method of calculation? Ignore business income limitations.
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- Veronica mows lawns during the summer. In 2021 she was paid directly by homeowners for her work, in some case on the basis of the completed job, in other cases at an hourly rate. Her friend Jonathan does the same work. However, he is paid at an hourly rate by a lawn maintenance company. Which of the following statements is correct? Veronica earns business income and Jonathan earns employment income. Veronica will be able to deduct more expenses than Jonathan Veronica and Jonathan both earn employment income Veronica earns business income and Jonathan earns employment income. Their deductible expenses will be the same Veronica and Jonathan both earn business incomeNed is an independent contractor working with Joe remodeling a home, and Joe pays him using cryptocurrency. Ned then took the cryptocurrency and purchased tools for work. How should he report the income and what would be the basis of the amount he received?Sergio operates a sole proprietorship. He has a home office that functions as his principal place of business. He uses the home office regularly and exclusively for his business. The home office is 150 sq. ft. Which of the following are accurate? Select all that apply. a. Sergio can deduct $750/year under the safe harbor method b. Sergio can deduct a portion of his utility bills if he uses the actual cost method c. Sergio can depreciate a portion of his home if he uses the actual cost method d. As of 2018, Sergio is no longer entitled to a home office deduction because of recent changes to the tax laws e. If Sergio uses the safe harbor method, he can deduct a portion of his mortgage payments each year
- Juan, a self-employed medical doctor, maintains an office in his home where he maintains patient records and performs billing procedures. Most of his time is spent visiting patients and performing surgical procedures in the operating room at several local hospitals. Juan in-tends to deduct his expenses of his office in his home. What tax issues should Juan consider?Ekiya, who is single, has been offered a position as a city landscape consultant. The position pays $150,200 in wages. Assume Ekiya has no dependents. Ekiya deducts the standard deduction instead of itemized deductions, and she is not eligible for the qualified business income deduction. What is the amount of Ekiya's after-tax compensation (ignore payroll taxes)? Solve for sub-questions 2, 4, and 6.Julie works as at home and is self-employed. She uses 17% of her home as office space. She has the following housing expenses: Painting of office $600, mortgage interest total $3,200, property taxes $1,800, utilities $2,400, and depreciation (if 100% business use) of $5,000. Ignoring any income limitations, what is Julie's home office deduction? O $13,000 O $1,858 O $2,708 $2,210
- Ekiya, who is single, has been offered a position as a city landscape consultant. The position pays $132, 200 in wages. Assume Ekiya has no dependents. Ekiya deducts the standard deduction instead of itemized deductions, and she is not eligible for the qualified business income deduction. (Use the tax rate schedules.) a. What is the amount of Ekiya's after-tax compensation (ignore payroll taxes)?Candace uses an office in her home exclusively for her business. The business use of the home is 100 square feet out of 2,000 square feet for the entire home. The total expenses to allocate are $3,000. Candace wishes to maximize her deduction in the current year. What is the amount of her home office deduction before any income limitations?Rick, who is single, has been offered a position as a city landscape consultant. The position pays $147,800 in cash wages. Assume Rick has no dependents. Rick deducts the standard deduction instead of itemized deductions and he is not eligible for the qualified business income deduction. (Use the tax rate schedules.) a. What is the amount of Rick’s after-tax compensation (ignore payroll taxes)?
- Which of the following statements regarding deductions for home office expenses is true? A.Deductions may be taken only if the home office is used for the taxpayer’s main business. B.Deductions may be claimed for regular use of a part of the home that is also used regularly by other family members for meals or homework. C.Deductions may be claimed if the taxpayer chooses to work from home in the evenings after spending the day in his office provided by his employer. D.Deductions may be taken if the home office is used regularly for meeting clients or customers in the normal course of the taxpayer’s business.Rita owns a sole proprietorship in which she works as a management consultant. She maintains an office in her home (500 square feet) where she meets with clients, prepares bills, and performs other work-related tasks. Her business expenses, other than home office expenses, total $6,060. The following home-related expenses have been allocated to her home office under the actual expense method for calculating home office expenses. Real property taxes Interest on home mortgage Operating expenses of home Depreciation $ 1,830 5,445 915 1,738 Also, assume that, not counting the sole proprietorship, Rita's AGI is $64,600. Assume Rita's consulting business generated $16,150 in gross income. (Leave no answer blank. Enter zero if applicable.) c. Given the original facts, what is Rita's AGI for the year?Hello, I need help solving this accounting problem.