-S Jackie owns a temporary employment agency that hires personnel to perform accounting services for clients. During the year, her expenses for her clients include the following: Cab fare to and from restaurants Gratuity at restaurants. Meals Cover charges All expenses are reasonable. Required: a. How much of these expenses can Jackie deduct? b. How is the deduction classified? Required A Required B $ 390 340 Complete this question by entering your answers in the tabs below. 4,200 290 Cab fare to and from restaurants Gratuity at restaurants Meals Cover Charges Total deduction How much of these expenses can Jackie deduct? Note: Leave no cells blank. Enter "0" wherever required. (Required A Required B >

-S Jackie owns a temporary employment agency that hires personnel to perform accounting services for clients. During the year, her expenses for her clients include the following: Cab fare to and from restaurants Gratuity at restaurants. Meals Cover charges All expenses are reasonable. Required: a. How much of these expenses can Jackie deduct? b. How is the deduction classified? Required A Required B $ 390 340 Complete this question by entering your answers in the tabs below. 4,200 290 Cab fare to and from restaurants Gratuity at restaurants Meals Cover Charges Total deduction How much of these expenses can Jackie deduct? Note: Leave no cells blank. Enter "0" wherever required. (Required A Required B >

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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Jayda, who is self-employed, maintains an office in her home that comprises 16% (370 square feet) of total floor space. Gross income for her business is $44,150, and her residence expenses are as follows: Real property taxes Interest on mortgage Operating expenses Depreciation (based on 16% business use) If required, round your final answer to the nearest dollar. a. What is Jayda's office in the home deduction based on the regular method? $ $4,860 8,100 4,050 6,395 b. What is Jayda's office in the home deduction based on the simplified method?
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Your client A1 Services Ply Ltd has 10 employees and has approached you for advice on the following transactions: a) Payment to an employee for an estimated cost of electricity used in his home workshop. The total amount paid during the Fringe Benefits Tax (FBT) year is $450. b) Loan to an employee at 1% interest. The employee used the loan as a deposit to buy a holiday home with the intention of renting it out. A loan of $45,000 was provided on the 1st of April 2023. c) Payment of an employee's medical bills for a recent heart scare. The total amount paid during the FBT year is $3,500. d) $150 gift card to all employees as a Christmas present e) Payment of Christmas party for all employees to attend, total cost $2,500 Additional Information Refresh the assessment to view updated details after you submit an attempt. I REQUIRED: Advise A1 Services Pty Ltd which of the above items will be subject to Fringe Benefits Tax and determine the taxable value of the benefit provided. Provide…
Jayda, who is self-employed, maintains an office in her home that comprises 26% ( 360 square feet) of total floor space. Gross income for her business is $45,650, and her residence expenses are as follows: Real property taxes Interest on mortgage Operating expenses Depreciation (based on 26% business use) If required, round your final answer to the nearest dollar. a. What is Jayda's office in the home deduction based on the regular method? 9,595 X Feedback $4,764 7,940 3,970 4,715 Check My Work Self-employed individuals are not allowed a deduction for office in the home expenses unless a portion of the residence on a regular basis under certain circumstances. b. What is Jayda's office in the home deduction based on the simplified method? 1,100 X
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your company provides group term life insurance to its employees. you, a newly promoted manager, received $200,000 in coverage, at a cost to your company of $1,900. The IRS Premiums rate used in these calculations (based on your age) is $9 a year. How much of the premiums must you include in gross income? A. $1,350 explain why this is correct answer
B 12. Susan works part-time with an accounting firm while she completes her accounting degree. She hopes to then be offered a full-time position. She also does some waitressing to supplement her income while studying. Which of the following are deductible to Susan under s8-1? Select one: 1 Purchase of a black skirt and white shirt as required for her waitressing job. 2 Cost of travel from home to her accounting job. 3 Cost of travel from her accounting job to her waitressing job. 4 Purchase of suits as required by her accounting firm.
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?
A28
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Milly operates a small business and incurs the following expenses: Annual dues Tampa Bay Golf Club $2,000 Restaurant meals with clients after golf 500 Meals with clients at the Club's diningroom where business was conducted 600 Greens fees (personal and with clients) 700 Meals (personal) 250 Total $4,050 Calculate the portion of the $4,050 that Milly can deduct.