Paul is self-employed as a dentist. His business expenses are as follows, Advertising $1,200, Professional dues $490, Professional journals for dentists $360, Contributions to employee pension plans $2,000, Malpractice insurance $3,200, Fine for overbilling State of Ohio for work performed on welfare patients $5,000, Insurance on office contents $720, Interest on money borrowed to refurbish office $600, Accounting services $2,100, Miscellaneous office expense $388, Office rent $12,000, Dental supplies used in dental services for patients $7,672, Utilities and telephone $3,360, Wages $30,000, Payroll taxes $2,400 How to compute total deductible business expenses.
Paul is self-employed as a dentist. His business expenses are as follows, Advertising $1,200, Professional dues $490, Professional journals for dentists $360, Contributions to employee pension plans $2,000, Malpractice insurance $3,200, Fine for overbilling State of Ohio for work performed on welfare patients $5,000, Insurance on office contents $720, Interest on money borrowed to refurbish office $600, Accounting services $2,100, Miscellaneous office expense $388, Office rent $12,000, Dental supplies used in dental services for patients $7,672, Utilities and telephone $3,360, Wages $30,000, Payroll taxes $2,400 How to compute total deductible business expenses.
Chapter3: Business Income And Expenses
Section: Chapter Questions
Problem 22MCQ
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Paul is self-employed as a dentist. His business expenses are as follows,
Advertising $1,200, Professional dues $490, Professional journals for dentists $360, Contributions to employee pension plans $2,000, Malpractice insurance $3,200, Fine for overbilling State of Ohio for work performed on welfare patients $5,000, Insurance on office contents $720, Interest on money borrowed to refurbish office $600, Accounting services $2,100, Miscellaneous office expense $388, Office rent $12,000, Dental supplies used in dental services for patients $7,672, Utilities and telephone $3,360, Wages $30,000, Payroll taxes $2,400
How to compute total deductible business expenses.
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