Hh.112. Problem 9-21 (Algorithmic) (LO. 2)Jackson, a self-employed taxpayer, uses his automobile 70% for business and during 2022 drove a total of 16,400business miles. Information regarding his car expenses is listed below.Business parkingAuto insuranceAuto club dues (includes towing service)Toll road charges (business-related)Oil changes and engine tune-upsRepairsDepreciation allowableFines for traffic violations (incurred during business use)Gasoline purchasesWhat is Jackson's deduction in 2022 for the use of his car if he uses:If required, round your answers to nearest dollar.a. The actual cost method?$b. The automatic mileage method?$2702,7003244054322975,4005405,940

Answer:- Automatic mileage method:- In this method, the total mileage logged by vehicles used for…

Answered: Problem 9-21 (Algorithmic) (LO. 2)…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter9: Deductions: Employee And Self-employed-related Expenses

Section: Chapter Questions

Problem 23P

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Problem 9-22 (LO. 2) Jackson, a self-employed taxpayer, uses his automobile 90% for business and during 2020 drove a total of 14,000 business miles. Information regarding his car expenses is listed below. Business parking $ 140 Auto insurance 1,300 Auto club dues (includes towing service) 180 Toll road charges (business-related) 200 Oil changes and engine tune-ups 210 Repairs 160 Depreciation allowable 2,850 Fines for traffic violations (incurred during business use) 320 Gasoline purchases 2,800 What is Jackson's deduction in 2020 for the use of his car if he uses: a. The actual cost method?$fill in the blank 1170da0eafdd00f_1 b. The automatic mileage method?$fill in the blank ff3c7103f04903b_1
A4
Required information [The following information applies to the questions displayed below.] In January of year 0, Justin paid $8,800 for an insurance policy that covers his business property for accidents and casualties. Justin is a calendar-year taxpayer who uses the cash method of accounting. What amount of the insurance premium may Justin deduct in year O in each of the following alternative scenarios? Note: Leave no answers blank. Enter zero if applicable. d. Instead of paying an insurance premium, Justin pays $8,800 to rent his business property from April 1 of year 0 throug March 31 of year 1. Deductible amount
Question 25. In tax year 2021, Max (a single taxpayer who is self-employed) used his car for 16,000 miles of business use and 4,000 miles of personal use. Max incurred the following expenses during 2021 (except for the parking and tolls, all expenses represent the total expense incurred during the year and are allocable between business and personal use): (1) $400 for parking and tolls related solely to business trips (2) $800 for gasoline (3) $1,000 for insurance (4) $10,200 for depreciation (5) $500 for fines relating to speeding tickets and parking violations Compute Max's deduction for transportation expenses in 2021 under both the actual expense method and the automatic (standard) mileage method. A. $12,000 actual expense method; $8,960 standard mileage method B. $12,500 actual expense method; $9,360 standard mileage method C. $9,600 actual expense method; $8,960 standard mileage method D. S10.000 actual expense method; $9,360 standard mileage method
! Required information [The following information applies to the questions displayed below.] In January of year 0, Justin paid $5,400 for an insurance policy that covers his business property for accidents and casualties. Justin is a calendar-year taxpayer who uses the cash method of accounting. What amount of the insurance premium may Justin deduct in year O in each of the following alternative scenarios? (Leave no answers blank. Enter zero if applicable.) a. The policy covers the business property from April 1 of year 0 through March 31 of year 1. Deductible amount
please correct my mistake and show me where i went wrong, this is for a taxation class
Trip Garage, Inc. (459 Ellis Avenue, Harrisburg, PA 17111), is an accrual basis taxpayer that repairs automobiles. In late December 2019, the company repaired Samuel Mosleys car and charged him 1,000. Samuel did not think the problem had been fixed and refused to pay; thus, Trip refused to release the automobile. In early January 2020, Trip made a few adjustments and convinced Samuel that the automobile was working properly. At that time, Samuel agreed to pay only 900 because he did not have the use of the car for a week. Trip said fine, accepted the 900, and released the automobile to Samuel. An IRS agent thinks Trip, as an accrual basis taxpayer, should report 1,000 of income in 2019, when the work was done, and then deduct a 100 loss in 2020. Prepare a memo to Susan Apple, the treasurer of Trip, with the recommended treatment for the disputed income.
67. Subject :- Accounting
Subject: accounting
Subject :-- Accounting Melissa is a mechanic. She runs her own business specialising in repairing electric vehicles, especially cars. This year her company has some expenses. Referring to relevant provisions of the Income Tax Assessment Act 1997 (Cth), Income Tax Assessment Act 1936 (Cth) and case laws, discuss the following amounts are deductible or not: (Maximum 800 words) a) She spends travel cast from her home to her repair centre regularly. In this process, she spent a total travel cost of $3,200 this year. b) A staff who works in the repair centre paid a $1,080 fine for speeding a car that he was driving in the process of servicing and repairing. c) Legal expenses incurred by a company opposing a petition for winding up. The company paid $ 11,000 for lawyers and court fees.
Problem 9-28 (b) (LO. 2) Ricardo, who is self-employed, uses his automobile 85% for business and during 2020 drove a total of 32,200 business miles. Information regarding his car expenses is listed below. Business parking $345 Auto insurance 2,800 Auto club dues (includes towing service) 275 Toll road charges (business-related) 205 Oil changes and engine tune-ups 180 Repairs 1,890 Depreciation allowable 3,600 Fines for traffic violations (incurred during business use) 95 Gasoline purchases 4,125 What is Ricardo's deduction in 2020 for the use of his car if he uses: If required, round your final answers to the nearest dollar. a. The actual cost method? 11,407 x b. The automatic mileage method? 17,227 x $1
Subject: accounting

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