Show calculations - You work as a sales representative for a company and earn$10,000 in commissions during 2020. Your home office is in a 375 square foot den.Your house is 1,500 square feet. How much are you allowed to deduct if your total costsfor 2020 were as follows:$24,000900Mortgage payments (40% principal, 60% interest)Home insuranceOffice suppliesUtilitiesInternetRoof repairProperty taxLong distance telephone – work related3751,5007508005,000250A) $2,675.B) $3,600.C) $5,075.D) $1,475.E) $1,827. Part 1 (ITA 3)Division B Net Income to Division C Taxable Income to Taxes Payable for IndividualsITА 3(a)+ Bin #1- Net Employment - losses carry forward 20 years and carry back 3 years (carrying baskets)+ Bin # 2 - Net Business & Property – losses carry forward 20 years and carry back 3 years (carrying baskets)+ Bin # 4 - Other IncomeITА 3 (b)+ Bin # 3 – Net Capital – losses carry forward for infinity and carry back 3 years (carrying basket)IТА З (c)- Bin # 5 - Other Deductions= Sources of IncomeITA 3 (d)Losses in current year from Bins 1, 2, 4= Division B Net IncomeEquivalent to Capital Gains Deduction for Employee Stock OptionsITA 110Payments included to calculation Division B but not included for Division C (e.g. social assistance)- Losses from other years (carrying baskets Bin #1 & 2)ITA 111Losses from other years (carrying basket Bin #3 limited to Net Capital Income included in ITA 3 (b)= Division C Taxable Incomex Applicable Tax RatesΙΤΑ 118Tax Credits= Division E Taxes Payable for Individuals

Sales commission refers to a fee paid to an individual or an employee as pre decided with the…

Show calculations - You work as a sales representative for a company and earn $10,000 in commissions during 2020. Your home office is in a 375 square foot den. Your house is 1,500 square feet. How much are you allowed to deduct if your total costs for 2020 were as follows: Mortgage payments (40% principal, 60% interest) Home insurance $24,000 900 375 Office supplies Utilities 1,500 750 Internet Roof repair Property tax Long distance telephone – work related 800 5,000 250

Show calculations - You work as a sales representative for a company and earn $10,000 in commissions during 2020. Your home office is in a 375 square foot den. Your house is 1,500 square feet. How much are you allowed to deduct if your total costs for 2020 were as follows: Mortgage payments (40% principal, 60% interest) Home insurance $24,000 900 375 Office supplies Utilities 1,500 750 Internet Roof repair Property tax Long distance telephone – work related 800 5,000 250

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

John wants to do Task A. Task A will take two years and $40,000. $15,000 is paid after the 1st year. Next, $25,000 is paid after 2 years from now. A friend Annie who works at the same company as John wants to make both payments on John's behalf. The condition is that John must make deposits every quarter in Annie's corporate savings account which pays 7.8% yearly interest that is compounded quarterly. Annie will only pay if John agrees to this. John will need to make a total of 9 payments with 1 being made immediately (before time passes). Then, John will make 1 payment every quarter (every 3 months) until Task A is finished in the next 2 years. This amounts to a total of 9 same-sized payments. What is each equal payment John makes? Include cash flow diagrams, complete workings, and assumptions.
Anne Lee and her sister operate in office services company that carries to local small businesses recently they got an opportunity to buy a used new speed copy machine for $8500 which they considered an excellent price to make the purchase quickly they agreed to pay a $1000 now and buy a $7500 from my seller for 60 days and 9.5% simple interest what is the total amount that they will need to repay the seller at the end of the 60 days?
You pay $9.51 for lunch from Chipotle most days during the work week. 1. How much do you pay for these lunches if you get Chipotle 200 times per year? 2. If you would have invested that money in your 401(k) that has a 5% APR, how much money would you have at the end of one year?
You are considering the purchase of new living room furniture that costs $1,140. The store will allow you to make weekly payments of $25.12 for one year to pay off the loan. What is the EAR of this arrangment? Multiple Choice 27.39% 29.41% 32.99% 31.42%
Vipk
if i work for $8.75 an hour for 10 hours a week and the new cars cost is $436, how many weeks including tax would i have to work to meet this goal
Do the task with the excel or manually if possible,thx If a family who owns a food stall is planning to buy a car in the next 3 years for $13920,89. The family is able to set aside 20% of their income from $1392,09/month by saving (1% bank interest/month). Is that money enough to buy a car? If not, how much should the family add?
Ernie Bilko has a business idea. He wants to rent an abandoned gas station for just the months of November and December. He will convert the gas station into a drive-through Christmas wrapping station. Customers will drive in, drop off their gifts, return the next day, and pick up their wrapped gifts. He needs $331,700 to rent the gas station, purchase wrapping paper, hire workers, and advertise. If he borrows this amount at 6.5 interest for those two months, what size lump sum payment will he have to make to pay off the loan? (Round your answer to the nearest cent.) $ _______
Sultan’s Used Cars just sold you a clunker (you need it to get to class on time). You financed the $8,000 purchase price for 48 months. They said your payment would be $250. What interest rate did they charge you (assume monthly compounding)?
You decided to purchase a new appliance by borrowing $1,500 using Home Credit Product Loan which charges 18% compounded monthly. a. What are the monthly payments if the loan needs to be repaid in 3 years? b. How much do you still owe just after making the 20th payment?
fill out the worksheet using the following information: Theoretical Housing Situation: Renting: Monthly Rent: $1,800 Renter’s Insurance: $200 per year Security Deposit: $2,000 After-tax Savings Rate: 5% Buying: Home Price: $250,000 Down Payment: $50,000 Loan Amount: $200,000 Loan Term: 25 years Interest Rate: 3.5% Property Taxes: 1.25% of the home price Homeowner’s Insurance: 0.4% of the home price Maintenance Costs: 1.5% of the home price Closing Costs: $5,000 After-tax Rate of Return: 4% Tax Rate: 25% Estimated Annual Appreciation: 2%